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:
Altilia and Gardant join forces to harness the potential of LLMs in transforming documents into business knowledge (IT only) IDP vendor Altilia has announced a partnership with financial services provider Gardant. Gardant will leverage Altilia’s intelligent automation platform to automatically process and classify large amounts of documents. Moreover, Gardant’s proprietary machine learning models will be trained, refined and applied to existing models. In addition, a new evolved document database will be structured to support Altilia’s IDP platform for semantic search of documents and information, laying the foundation for new projects based on generative algorithms. Massimo Ruffolo, CEO of Altilia, explained: “The partnership with Gardant makes us very proud because it confirms the ability of the Altilia Intelligent Automation platform to create value in those business contexts where it is necessary to process large volumes of documents with accuracy and efficiency. Our technology will be an AI assistant always alongside Gardant’s team and will help people to obtain precise and relevant answers to their specific questions, allowing Gardant to fully exploit the potential offered by Large Language Models (LLMs) in converting documents into data and knowledge to be used in their business processes.” Alberto De Maggi, Group COO of Gardant, further explained: “Thanks to the agreement with Altilia, we can offer our team of professionals innovative tools, mainly for the purpose of collecting new data, which will expand and refine the capacity for portfolio analysis.”
TCG Process partners with Inspektlabs to optimize claims processing through AI image and video analysis IDP provider TCG Process has announced a technology partnership with Inspektlabs. Computer vision technology platform Inspektlabs uses AI to analyze photos and videos of damaged vehicles, enabling quicker automation of claims assessments as well as better fraud detection. By adding Inspektlabs’ capabilities to DocProStar, TCG Process increases the platform’s efficiency to comprehensively automate claims processes, enabling insurers to streamline their claims processing. Patrick Ulrich, CTO of TCG Process, explained: “Our integration with Inspektlabs was extremely efficient thanks to their REST interface and webhooks, and DocProStar’s integration readiness. Our platform is truly extensible, giving our customers the flexibility they require.”
JPMorgan Chase develops its own Large Language Model called DocLLM Financial institution JPMorgan Chase has announced that its AI research team has developed its own Large Language Model (LLM) called DocLLM, which focuses on document understanding. The research paper reveals that DocLLM is a “layout-aware Generative Language Model for multimodal document understanding, a light-weight extension to standard LLMs that excels in several visually rich form understanding tasks. Unlike traditional LLMs, DocLLM models both spatial layouts and text semantics, and therefore is intrinsically multi-modal.” Elena Christopher, Chief Research Officer at HFS Research, commented: “This is notable as a departure from using image encoders to determine doc types and is purported to be much faster and less expensive. It offers the potential of better document understanding in the financial services domain for docs like statements, invoices, receipts, SEC filings. We’ll see more domain-specific models from enterprises and service providers in the quest for greater functionality and better results.”
Kodak Alaris and Carahsoft join forces to deliver data capture and workflow automation solutions to the Public Sector IDP provider Kodak Alaris has announced that it has partnered with the trusted government IT solutions provider Carahsoft. Thanks to this partnership, Carahsoft will serve as Kodak Alaris’ Public Sector Distributor, making its products available to the Public Sector. Rod Hughes, Americas Sales Managing Director at Kodak Alaris, explained: “The U.S. Government has recognized that strong records management is critical to ensuring the security of the nation’s digital assets and has established the transition to an electronic environment for Federal agencies as a top priority. Kodak Alaris is proud to partner with Carahsoft and its reseller network to provide the Public Sector with the solutions it requires to safely and efficiently complete the shift to electronic records management systems.”
Laiye wins Sands Innovation Challenge for its IDP technology IDP provider Laiye has announced that it is one of three companies to win the “Sands Innovation Challenge” by BEYOND Expo and Sands China Limited. Laiye won the award for its IDP technology. The Sands Innovation Challenge focuses on high-end technology solutions for digital applications and digital transformation of enterprises to drive innovation and technological development in Macao.
AI adoption in 2024 predicted by ABBYY’s Senior Director of AI Strategy Read this interview with Maxime Vermeir, ABBYY’s Senior Director of AI Strategy, to get his take on the AI adoption in 2024, his view on AI ethics and safety, and more.
Generative AI revolution in banking and financial services Watch this 44-minute panel discussion titled “The generative revolution: where are the opportunities presented by foundational models?” recorded at the Evident AI Symposium and featuring Vahe Andonians, Founder, CPO and CTO of IDP vendor Cognaize, among others. You will gain expert insights into the potential of generative AI in banking and financial services, the challenges of integrating AI into existing financial systems, data usage and privacy concerns, the importance of humans in the loop and the ROI of AI technologies.
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