Last week, HFS researchers published an Intelligent Document Processing (IDP) market overview, titled “Unlock the data in your documents to transform processing“, in which they help business leaders understand the challenges of IDP and make the right choice among all solution providers.
The HFS team includes top analysts, experienced and respected, who have a well-earned reputation for providing honest and insightful commentary on key innovations impacting business operations (Process Automation and Intelligence, Blockchain, Metaverse, Web3). This market overview therefore facilitates companies that need to be oriented towards relevant and effective IDP solutions.
The first point allows companies to understand if their data extraction strategy is mature enough to accommodate an IDP solution. Indeed, a distinction is made between OCR and IDP solutions; The OCR solution “reads” the data of a document. On the other hand, Intelligent Document Processing (IDP) solutions “manage” data, even the most complex and unstructured data, hence the notion of intelligence. By combining Machine Learning (ML) and Artificial Intelligence (AI), the IDP solutions are able to find and understand data regardless of the document and its structure, in order to extract it correctly.
Once the decision to consider an IDP solution has been made, business leaders should be aware that there are more and less advanced IDP solutions available. Depending on the maturity of the data strategy deployed in the enterprise, some IDP solutions are more suitable than others.
In order to choose the most appropriate one that will meet the needs of the enterprises, HFS researchers have listed 42 vendors with their use cases, features and the industries each covers.
As mentioned, Parashift supports every possible use case, in every industry and for every function.
Read the market overview here.
Parashift AG is a technology company focused on transforming the way businesses process documents by adding automated documents to existing processes and business applications for all use cases.
Parashift is headquartered in Switzerland and employs nearly 40 engineers in machine learning, platform development and business development.
Independent software vendors and enterprises use Parashift to categorize document types and easily extract business-relevant data for their applications.