In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, podcasts, reports and more.
What we cover in this week’s recap:
Laiye introduces Magic Hat, integrates LLMs into Work Execution Platform IDP vendor Laiye has introduced Magic Hat, a solution that integrates Large Language Models (LLMs) across its Work Execution Platform, further enhancing its product suite. Magic Hat for Intelligent Document Processing leverages pre-trained LLMs to automate document-related processes, eliminating the need for manual data labeling and model training. Magic Hat for IDP thus provides support for multiple document processing tasks such as classification, extraction, summarization, and translation, helping organizations increase operational efficiency and accelerate decision-making processes. Guanchun Wang, CEO and Chairman of Laiye, explained: “With Large Language Models, we can create an even more advanced digital worker with improved abilities and, for the first time, a genuine understanding of the world and the potential to encompass all workplace contexts.”
KnowledgeLake achieves 2023 HIPAA compliance, strengthening enterprise security and privacy standards IDP vendor KnowledgeLake has reaffirmed its commitment to further expand its healthcare capabilities by achieving 2023 Health Insurance Portability and Accountability Act (HIPAA) certification. Achieving HIPAA compliance confirms KnowledgeLake’s cloud-native platform meets the stringent guidelines for securely handling protected health information. Ron Cameron, CEO and Co-Founder of KnowledgeLake, said: “As a leading enterprise content management platform for major cloud providers, such as Microsoft Azure and AWS, our solutions are built on a foundation of strong security and privacy. Earning the HIPAA compliance seal adds an additional layer of trust and confidence in our ability to keep even the most sensitive information safe and secure in the cloud. I’m very proud of our team for earning this impressive achievement to help expand our technology further into this important market.”
Parashift and tangro enter into a technology partnership IDP vendor Parashift has announced a technology partnership with tangro, a provider of inbound document management solutions. tangro has a strong focus on SAP ERP and S/4HANA. The main purpose of this technology partnership is to integrate Parashift’s IDP platform with tangro’s document processing capabilities. In doing so, an even higher level of automation will be achieved through intelligent data extraction, providing customers using Parashift with a better way to automate the invoice processing process in conjunction with SAP. Stefan Wagner, Head Partner Management at Parashift, commented: “We are proud that our technology is being used by tangro and thus in the SAP environment. With our expertise in document classification and data extraction, and tangro’s experience and competence in automating document processes in SAP, we are convinced that this collaboration can generate a lot of value for customers.“
Hyperscience wins 2023 AI Breakthrough Award IDP vendor Hyperscience has been named the winner of the ‘Best Handwriting Recognition Solution’ in 2023 by market intelligence organization AI Breakthrough. In its annual AI Breakthrough Awards, AI Breakthrough recognizes the world’s most innovative companies, technologies and products in AI and ML related categories, including Deep Learning, Natural Language Processing, Computer Vision, and more. Hyperscience wins its 2023 Award in the category Computer Vision. James Johnson, Managing Director of AI Breakthrough, said: “Hyperscience understands that legacy technologies struggle to reliably identify, read, and transcribe the diverse layouts, text inputs, and degradations that make up modern, real-world documents. Messy handwriting or crossed-out lines require time consuming manual intervention. Hyperscience’s platform is able to seamlessly process unstructured, semi-structured, and structured documents, turning complex and difficult-to-read forms into decision-worthy data that modern organizations need.”
BP3 acquires DigiBlu and strengthens intelligent automation capabilities Business process automation solutions provider BP3 has announced the acquisition of intelligent automation consultancy DigiBlu. The synergies between BP3 and DigiBlu aim to provide both companies’ customers with a broader portfolio of intelligent automation solutions and expertise to accelerate the impact of their own automation programs. With this acquisition, BP3 intends to pursue its goal of becoming the world’s leading provider of hyperautomation services.
Vic.ai releases autonomous PO matching AI finance platform Vic.ai has announced the general availability of autonomous purchase order (PO) matching, which leverages advanced AI to automate intensive AP tasks and elevate finance and accounting teams. Alexander Hagerup, CEO of Vic.ai, explained: “With Autonomous PO Matching, our customers will now be powered by Vic.ai’s best-in-class AI throughout the entire invoice processing lifecycle.”
Point of view:
UiPath with new vision, drops its RPA label? Read this article by HFS’ Phil Fersht and Ashish Chaturvedi to get their take on how UiPath is transitioning from Robotic Process Automation to a more comprehensive automation approach.
The evolution of document management Watch this 30-minute podcast (with a view!) to learn, among other things, how document management has evolved over the past decade and now, with the advent of AI, into intelligent information management.
See you next week!
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