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In a world where 80% of data is unstructured, effectively extracting data and structuring information is the gateway to automating the lion’s share of business processes that today rely on manual inputs and intervention. We can all admit that the promise of the paperless office was never more than a pipe dream, and today a comprehensive intelligent document processing (IDP) capability is quickly becoming table stakes for a robust intelligent automation program that can deliver growth, reduce costs, and create resiliency.
Pick your favorite flavor of technology research analyst, and it’s a near certainty they will offer a glowing report about the emerging IDP market and prospects for long-term growth. Similar to RPA, which was built on a legacy of business process management tools, IDP evolved from the more traditional OCR market and benefits from a mix of old-line providers and well-funded technology upstarts. Regardless of the source, it’s a big and growing market.
Gartner’s Market Guide for Intelligent Document Processing Solutions** estimates that IDP as a market is projected to reach $4.8 billion in 2022 and is growing 100% annually. The market for IDP has a diverse set of vendor offerings, including those from dedicated solution providers, OCR/RPA vendors, cloud services, semantic platform providers and system integrators. As organizations deal with an ever-increasing volume of documents, it is imperative to use IDP for improving automation and process efficiencies.
Another recent market report is Everest’s IDP PEAK Matrix Assessment 2022.** It notes industry leaders are focusing on delivering broader document-centric automation by forging partnerships or building in-house capabilities for complementary technologies such as RPA, BPM/process orchestration, process mining and conversational AI. Many of the upstart providers are differentiating themselves by investing in R&D to enhance their AI capabilities for extraction as well as reduce implementation time and model training.
Every business wants to deliver a seamless online mobile experience to customers. The ability to verify the identity of an individual is becoming increasingly important. With the new Identity Document (ID) skill, ABBYY’s new Vantage release is delivering the most comprehensive trained model that extracts information from passports, US drivers’ licenses, and many more. In fact, the new ID skill recognizes and extracts information from 10,000 different document types in 248 countries.
Using the Vantage Mobile App, users can snap a photo of the ID (front and back) and submit it along with other trailing documents for processing. This could be part of the process for opening a new account, applying for a new REAL ID in the US, or other client services.
Automating manual work is creating significant services and software opportunities. To help leaders decide which newer hyperautomation-enabling technologies to acquire, and when the technologies will be sufficiently mature to support mainstream programs, Gartner publishes the Emerging Technologies and Trends Impact Radar for Hyperautomation.**
While IDP is not in the bullseye currently, it’s positioned just outside in the 1-3 year impact target range with anticipated widespread adoption. The technology is in good company with process mining/discovery, digital twins and process orchestrators in the same band. The firm expects major forward-looking enterprises plan to allocate more financial and human resources to implement IDP capabilities over the next few years, driven by the expectations of cost reduction, increased productivity, higher accuracy, and improved customer experience.
The Hyperscience Flows SDK enables external users to build entire flows, end-to-end, and upload them to the platform. Flows are powerful because they allow users to combine pre-packaged Hyperscience blocks with custom business logic using Code Blocks. These blocks can be used to interact with third-party systems, databases, or external Python libraries. For example, the address of a vendor can be queried from a database using the invoice number, eliminating the need for a manual supervision step.
Check out our TechTalk for more details on Flows and a broad roadmap for the future of IDP. Note the incredible views from Hyperscience’s NYC office are worth a look as well.
RPA needs intelligence, and AI needs automation to scale. Together, IDP and RPA provide a simple yet effective tool to automate enterprise business processes. By 2025, IDC predicts worldwide data to exceed 175 zettabytes. With most of this information locked in emails, text, PDFs and scanned documents, it poses a real barrier to automation and digital transformation. Companies need to start preparing today to execute tomorrow. If you want to learn more about how IDP helps deliver operational excellence and its value to the enterprise, let’s talk.
** NOTE: The full research reports are available for complimentary download from several vendors.
Have any questions or need more information? Contact our team
Jack Jorgensen, Senior Consultant, based in Melbourne, Australia.
Organizations have been able to successfully scale the business impact of their IA program because they are proactively altering the capabilities and approach of their IA CoEs.
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