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:
Instabase launches conversational AI for cross-document reasoning and also partners with Skan IDP vendor Instabase has announced the launch of conversational AI for cross-document reasoning, the latest capability of its AI Hub. The new feature allows users to ask free-form questions in natural language across documents and quickly receive accurate answers for a variety of use cases, such as contract intelligence, claims processing, background checks, onboarding and auditing. Bastiaan de Goei, Director of Growth Marketing at Instabase, further explained: “The combination of the recently released MultiStep model (we have reported on it here) with this novel MultiDoc model allows for the kind of queries our customers are interested in: auditable, highly accurate queries (summarization, financial calculations, comparisons etc), across large bodies of files and data.” Furthermore, Instabase has announced a partnership with process and operational intelligence company Skan. Together, they aim to help businesses transform operations through AI-powered telemetry of work, driving revenue, and revolutionizing customer experiences. Chris Maertz, Director of Partnerships at Instabase, commented: “We are thrilled to partner with Skan to help businesses unlock the potential of data and identify inefficiencies. Skan’s process intelligence platform provides businesses with unprecedented visibility into how work is actually done. This visibility is essential for identifying opportunities to improve process efficiency. Instabase’s capability along with insights from Skan can help businesses streamline manual processes, make faster and more informed decisions.”
WorkFusion partners with Thomson Reuters to help US organizations combat fraud IDP provider WorkFusion has announced a partnership with content and technology company Thomson Reuters. Through this partnership, WorkFusion and Thomson Reuters aim to help US organizations prevent fraud and detect and manage hidden risks more effectively. To this end, the two companies are combining CLEAR, Thomson Reuters’ investigative solution, with Evelyn, the AI-powered adverse media and sanctions screening alert review analyst (one of WorkFusion’s AI Digital Worker). This joint offering assists financial institutions, manufacturing companies and software & technology organizations by automating screening, reducing false positive alerts, and continuously evaluating their entire customer base. Adam Famularo, CEO of WorkFusion, commented: “We are delighted to partner with Thomson Reuters to amplify the power of Thomson Reuters market-leading adverse media and sanctions data with our AI Digital Worker, Evelyn, an AI-powered adverse media and sanctions screening alert review analyst. Organizations that have implemented Evelyn have seen more than 80% reduction in false positives requiring manual review, and 400% increase in screened subjects of interest without added headcount. It improves the customer experience during onboarding and ongoing account management and provides 3-5x ROI while also satisfying regulators’ expectations.”
Difficulties with LLMs and why they matter for Intelligent Document Processing Read this article by Amit Jnagal, Founder and CEO of IDP vendor Infrrd, to gain insight into some of the limitations and challenges of Large Language Models (LLMs) in the context of Intelligent Document Processing for businesses.
Merry Christmas, happy holidays and see you next week!
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