Think about the last time you had to process a large amount of data manually. It’s a challenging and time-consuming task that can be easily automated, thanks to intelligent document processing (IDP). IDP is a technology that uses machine learning, natural language processing, and other AI techniques to understand and process any type of document.
In this blog post, we’re going to delve into what IDP is, how it works, and the advantages of using an IDP system. We’ll also explore the competitive landscape of IDP platform providers in the market, according to Gartner’s research. So buckle up, and get ready to discover how IDP can revolutionize your document processing capabilities.
The Gartner Report on Intelligent Document Processing
If you are into intelligent document processing, you must have heard of the Gartner report. As the oracle of the tech industry, Gartner provides a reliable barometer by which to measure the worth of technological solutions. This report is hailed as the ultimate guide to which solution to go for, and which to avoid.
What is the Gartner Report
For those of you who may not know, the Gartner report is a comprehensive analysis of the vision, strengths, and cautions of vendors in the Intelligent Document Processing market. Gartner does extensive research and analysis to map out the market, vendor offerings, and provide insights on the industry trends.
What Does it Mean for Intelligent Document Processing Vendors
For Intelligent Document Processing vendors, having a favorable mention in the report can be a game-changer. It can attract the right kind of attention, give credibility, and put a vendor ahead of the pack. On the other hand, a negative report can dent a vendor’s prospects and potentially affect their bottom line.
Is the Gartner Report the Ultimate Guide
While the Gartner report is a good source of information, it’s important to note that it is not the ultimate guide. There are other factors that one should consider when exploring intelligent document processing options, such as use-cases, customization options, pricing, and quality of customer support.
While the Gartner report is a great starting point, it shouldn’t be the only factor driving your decision when it comes to implementing an intelligent document processing solution. One must assess all aspects before making a decision. Nevertheless, vendors that earn high marks in the report should be considered seriously, as they have demonstrated an ability to deliver quality solutions that meet the evolving needs of the market.
What is Document Intelligence
Document intelligence is the buzzword you may have heard a lot lately, but what does it mean, and why do we need it? Simply put, document intelligence is a technology that uses artificial intelligence and machine learning algorithms to analyze, process, and extract data from unstructured documents, such as invoices, contracts, and emails.
Why Do We Need Document Intelligence
Let’s be honest; documents can be quite a handful to deal with. They’re time-consuming, prone to errors, and not to mention, boring. Traditionally, extracting data from documents has been a manual, human-intensive process. But with document intelligence, we can automate this process, saving time, reducing errors, and freeing up human resources.
How Does Document Intelligence Work
Document intelligence uses algorithms to extract data from documents in a way that mimics the human brain. These algorithms can identify patterns, recognize text, and even understand the context in which the text exists. The algorithms break down the document into manageable pieces, scan them for relevant information, and then categorize the information based on its type.
What are the Benefits of Document Intelligence
The benefits of document intelligence are plentiful. For one, it saves time and resources. Instead of manually sifting through mountains of documents, the technology can do it for you. This frees up human resources to focus on higher-level tasks.
Document intelligence also reduces errors. Manually extracting data from documents is prone to mistakes, but with technology, the process is streamlined and automated, reducing the risk of human error. Additionally, document intelligence can provide insights and analytics that would be difficult for humans to extract.
In conclusion, document intelligence is an exciting and rapidly evolving technology that is revolutionizing the way we handle documents. It provides benefits like saving time, reducing errors, and providing invaluable insights. As artificial intelligence and machine learning continue to advance, it’s exciting to think about what other possibilities document intelligence could bring to the table.
What is Intelligent Document Processing
If you are one of those people that equate “intelligent document processing” with an advanced robot reading your emails and doing your work for you, you have the wrong idea. Intelligent Document Processing, in simple terms, is just a fancy way of saying “automating boring tasks.”
Breaking it Down: Intelligent
The “intelligent” part of intelligent document processing is all about the automation. When businesses automate tasks like data entry, they save time and money. The automation is so smart that it can identify patterns in the tasks and adjust accordingly. It can also classify, extract, and interpret data to make more informed decisions on how to handle the task.
Breaking it Down: Document Processing
Now, onto the “document processing” part – which, unsurprisingly, is about processing documents. It involves the ingestion of documents in various formats, ranging from PDFs to scans to images. The system then extracts the necessary data from these documents, such as names, addresses, and other important information.
How Does It Work in Practice
The easiest way to imagine it is by thinking of a human administrative assistant. If you were to delegate a task to them, they would know how to approach the task based on their experience – they would know how to extract the necessary data from a document, input it into a system, and know what to do with that data. The only difference is that this process is now automated.
In conclusion, intelligent document processing is about automating tasks that were once done manually. It saves time and money and enables businesses to make more informed decisions. It’s not as scary or sci-fi as it initially sounds, and once you understand how it works, it’s very easy to see how it can make a big impact.
Gartner Competitive Landscape for Intelligent Document Processing Platform Providers
If you’re looking for the best Intelligent Document Processing (IDP) platform provider, you’re probably wondering who leads the competition. Gartner is a leading research company that provides insights into various industries helping businesses make informed decisions.
The Leaders
According to Gartner’s latest Magic Quadrant for Intelligent Business Process Management Suites ”, UiPath, Automation Anywhere, and Blue Prism are recognized as the leaders in the IDP market.
UiPath is a popular IDP provider known for its cutting-edge technology and user-friendly tools. Its platform offers AI-based automation solutions and excellent optical character recognition features. Automation Anywhere is another popular IDP provider that simplifies tasks through its fast and efficient platform. Blue Prism is third on Gartner’s list of IDP platform providers. They offer intelligent automation solutions for enterprises of varying sizes. Their platform is easy to use and requires no coding skills.
The Visionaries
The visionaries, WorkFusion and AntWorks, provide interesting platforms that work on a wide range of industry-specific technologies like HC7, pattern recognition tools, and deep learning algorithms. Workfusion is famous for its scalable and analytics-ready platform that automates workflows. They offer no-code integrations with natural language processing and machine learning capabilities. AntWorks, on the other hand, is a market disruptor with a human-centered approach to IDP. Their platform offers an easy-to-use interface while leveraging AI capabilities to make complex processes more efficient.
The Challengers
The two challengers in Gartner’s list of IDP platform providers are Abbyy and Kofax. Abbyy offers an AI-based platform with content intelligence solutions, which facilitates automation across multiple business processes with a focus on unstructured data. With Kofax, you’ll have access to an end-to-end automation platform that’s modern and user-friendly. Their platform offers features like machine learning, natural language processing, OCR, and process orchestration.
The Niche Players
The niche players, Document Verification Systems (DVS) and Hyperscience, provide IDP platforms that are tailored for specific verticals. Document Verification Systems specializes in delivering personalized IDP services to government agencies and financial institutions. Their platform offers security compliance that meets federal standards. Hyperscience’s platform is designed to help finance and accounting departments automate financial data processes through computer vision and machine learning.
With this Gartner-produced list of leading IDP providers, you have a good foundation of knowledge to help you choose the perfect platform for your business needs.
