Parashift in the 2021 SPARK Matrix™ for Intelligent Document Processing
Switzerland, December 2, 2021 – Parashift, a leading machine learning-powered Intelligent Document Processing (IDP) software company, today announced it has been positioned by Quadrant Knowledge Solutions in the 2021 SPARK Matrix™ for Intelligent Document Processing research report. Parashift was one of 23 vendors evaluated in this report and for the first time, placed in the SPARK Matrix™ for its ability to innovate.
Parashift takes a radically different approach by building a global data network that enables out-of-the-box capabilities that reduce implementation costs by up to four times. This allows organizations worldwide to automate not only the high-volume document use cases that often represent only a fraction of the documents circulating in the enterprise, but also those that were not previously economically attractive.
“There has been a lot of movement in the Intelligent Document Processing market in recent years. This is mainly because new architectures and technologies are reshuffling the cards, offering even relatively young players like us opportunities to keep up with the industry leaders and offer distinctive solutions. The endorsement from Quadrant Knowledge Solutions encourages us on our path to realize our vision of developing the world’s first truly horizontal universal IDP API, enabling customers to drive digital transformation across business processes,” said Alain Veuve, Founder and CEO of Parashift.
More than 130 companies from FSI, logistics, real estate, and other sectors are working with Parashift to automate digital processes, solve media breaks, and drive enterprise-wide agility while improving customer satisfaction. “An exemplary case of how we create added value for customers can be found in logistics. Using Parashift Platform, customers have been able to reduce the turnaround time between request and order for transport orders from 10 minutes to 2 minutes and realize 40% business growth,” so Thilo Rossa, CPO at Parashift.
Quadrant Knowledge Solutions’ global Intelligent Document Processing (IDP) market research includes a detailed analysis of the global market regarding short-term and long-term growth opportunities, emerging technology trends, market trends, and future market outlook. The study provides a comprehensive market forecast analysis of the global market in various geographical regions. More information about the report can be found here.
Source: Quadrant Knowledge Solutions
Parashift AG, founded in 2018, is a deep-tech company focusing on the autonomization of document extraction through machine learning. Parashift is headquartered in Switzerland and employs close to 40 engineers in the field of machine learning and platform development. Forbes named Parashift 2019 as one of 30 promising AI startups in Europe.
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