2023 is just a few days away. It is therefore time to take a look back at the events of the last 12 months in the area of Intelligent Document Processing (IDP). A lot has happened: compared to 2021 and USD 860 million, the market volume in 2022 has increased to USD 1.1 billion. And it will continue to grow significantly, with projected growth to USD 5.2 billion by 2027.
- Interest in Intelligent Document Processing has increased significantly in 2022
- A- Why has the interest increased?
- What benefits have companies gained from IDP?
- A- Cost reduction
- B- Improved operational efficiency
- C- Increased employee and customer satisfaction
- D- Flexibility and scalability
- The successes of the Parashift IDP platform in 2022
- A- Many companies in different industries with many different types of documents
- B- Awards
- C- Features and Document Swarm Learning
- D- ESG
- E- Information source for Intelligent Document Processing
- F- IDP Podcast
- What does Parashift have planned for 2023 in terms of IDP?
1. Interest in Intelligent Document Processing has increased significantly in 2022
As a founder or CEO, you want to optimize your company’s business processes. Most of these business processes involve documents and data somewhere.
However, at least 80% of this data is unstructured. This means that a massive portion of this data remains unused because you simply don’t have access to it (the iceberg). This in turn means that your employees have to manually capture and process this data. Most certainly if you don’t have a powerful automated document processing solution built in. Not yet familiar with the term Intelligent Document Processing (IDP)? These are a few facts about the emerging technology:
- IDP is sometimes also referred to as AI OCR, i.e. Optical Character Recognition (OCR) based on Artificial Intelligence (AI).
- The system is based on AI, combining technologies such as Machine Learning, Natural Language Processing, Deep Learning and Optical Character Recognition in one system.
- The technology therefore has the power to automatically capture and process unstructured data from complex documents, without templates.
- This not only frees your employees from manual work, but also opens up new data sources. This makes end-to-end automation possible in your company.
A- Why has the interest increased?
For virtually all of your business processes, you rely on data from documents in some sub-process.
You depend on the data that is relevant to you in structured form. That means you need to have the exact data in the exact place at the exact time. AI OCR enables that, which companies have increasingly caught on to. This has led to increased interest in the technology over the last 12 months.
An additional factor for the increased interest of AI OCR has to do with the digital transformation that companies around the world are in right now. Because of the capabilities seen previously, IDP is ideally suited to successfully navigate the digital transformation journey.
IDP is an integral part of intelligent automation, necessary for digital document processing and therefore also essential for digitization.
2. What benefits have companies gained from IDP?
By integrating AI OCR into business applications, companies have seen benefits including the following this year:
A- Cost reduction
Automating document processing with AI OCR meant that companies had to spend fewer resources in the form of employees. This reduced costs and allowed them to be deployed elsewhere. In addition, access to structured and relevant data from a variety of document types has reduced process costs in general.
B- Improved operational efficiency
IDP has provided companies with relevant data with high accuracy throughout the year. The high level of data accuracy has led to more straight-through processing (STP) and thus more end-to-end automation. This has enabled companies to increase operational efficiency while significantly reducing turnaround times.
C- Increased employee and customer satisfaction
Enterprises were able to free their skilled workers from tedious work and use them for value-adding work instead. This was a benefit for both companies and employees. On the other hand, customer satisfaction was also increased, triggered by the faster processes.
D- Flexibility and scalability
Compared to legacy solutions, IDP solutions have been integrated into companies’ existing system landscapes within a very short time. AI OCR has always offered companies a high degree of flexibility in uncertain times, as the solution could be scaled very easily and quickly if required. Additional requirements in process automation projects could also be implemented quickly and without major hurdles. Furthermore, no-code applications contributed significantly to ease of use in any business context and reduced the burden on organizations’ IT departments.
3. The successes of the Parashift IDP platform in 2022
Of course, in this year in review, we also want to briefly touch on a few successes of the Parashift IDP platform:
A- Many companies in different industries with many different types of documents
Parashift 2022 has helped numerous companies in various industries, including insurance, banking and real estate processing documents. And not only in reducing costs, but also in reducing turnaround times. A wide range of use cases were covered: invoice processing, claims processing, the financing & mortgage process and many more. In numbers: With the Parashift IDP, companies achieved around 50% cost savings after 6 months of operation, and the trend is rising.
Parashift’s technology enables organizations to reduce their document processing costs by more than 80% while solving new, previously “impossible” use-cases easily and quickly. And all this without replacing existing business applications. – Fabian Seimer, Head Information Management, Inacta AG
Awards in annual reports from global research companies not only help to establish the company, but are also great endorsements. Parashift has been recognized by the following major market research firms this year:
- Everest Group Intelligent Document Processing (IDP) – Technology Provider Landscape with Products PEAK Matrix® Assessment 2022:Everest Group has positioned Parashift as Major Contender.
- Quadrant Knowledge Solutions SPARK Matrix™ Intelligent Document Processing 2022: Quadrant Knowledge Solutions has positioned Parashift as Leader.
- HFS Research Market Scan Intelligent Document Processing 2022:HFS Research has listed Parashift as one of the best performing IDP solutions in all three areas evaluated (coverage of use cases, functions, and industries).
We are thrilled that Parashift has been named the leader in Intelligent Document Processing just 20 months after the public product launch. We will continue to invest heavily in building the most versatile cloud-native IDP solution based on the fastest growing and most diverse data network in the document space. – Alain Veuve, founder and CEO at Parashift, on the recognition by Quadrant Knowledge Solutions
C- Features and Document Swarm Learning
The Parashift team has released some new features on the platform this year, and thus benefits for you as a user. You can find a detailed overview of them including videos from our Head of Product here.
In addition, Parashift’s unique Document Swarm Learning has continued to improve this year with more data and the global data network. And keeps learning at this exact moment without any intervention.
ESG (Environment, Social and Governance) was again high on the corporate agenda this year. Parashift’s IDP solution played its part by digitizing documents. Not only was the integration ideal for document processes, it also had a positive impact on the environment.
E- Information source for Intelligent Document Processing
With written, audible and visual content, we’ve tried all year to keep you up to date with information around IDP and about use cases. A few fun facts about the content in 2022:
- Written 100+ blog articles, press releases, LinkedIn posts, case studies, and white papers
- Written Intelligent Document Processing or IDP 750+ times
- 12 IDP Podcasts produced
F- IDP Podcast
We welcomed exciting guests and experts in the field of digital transformation on the IDP Podcast. Among the guests were Andy Maier, CIO of AXA, Fabian Seimer, Partner and Head of Information Management at Inacta, Thierry Kneissler, Co-Founder and ex-CEO of TWINT. We’ll be back with a new season in 2023. Until then, you can find all episodes here.
Accurate document extraction is critical for the digitization of business processes. Because Parashift’s solution is not tied to a single use case, we can offer our customers a service that can be integrated into our various specialist solutions. – Ramon Scherrer, Head of Business Development, Abraxas Informatik AG
4. What does Parashift have planned for 2023 in terms of IDP?
Imagine a world where document extraction is completely autonomous, super accurate and pain-free.
Thanks to the advancement of Machine Learning and Deep Learning algorithms, tremendous progress has been made in document extraction over the past few years, including this year. On the road to fully autonomous document extraction, the Parashift team has been working since day 1 on the vision of developing an API that processes all documents and returns the data completely without human intervention. And that’s what the Parashift team will be working on in 2023. In doing so, Parashift will continue to invest heavily in building the most versatile cloud-native IDP solution on the market.
Parashift’s innovative Intelligent Document Processing solution is a perfect complement to our offering and enables complex processes to be automated. By integrating Parashift, metadata can be read with amazing quality and further processed within digital workflow tools. – Bobby Leu, Chief Operating Officer, Secure Link Services AG
You want to take your business to the next level in 2023?