Intelligent Document Processing breakout in 2021

Roads? Where we’re going, we don’t need roads.

by Amit Jnagal, on December 17, 2020 1:11:29 PM PST

The definition of work is changing. In the workplace of the future, people will make only the most meaningful decisions. The rest will be done by algorithms

Getting ready for tomorrow

Those algorithms will present you with decisions that need to be made during your workday, and they will keep working when you go home. To do this, they need to be able to learn, and to learn well

We are putting the building blocks in place to realize this future. 

Learning is an integral part of our AI-native solution. Our platform currently learns from documents. It is constantly reviewing, learning from and processing thousands upon thousands of structured and unstructured documents to generate insights that can then be approved by human decision-makers. Feedback makes each iteration better.

Documents and extraction are just the start. Freeing up workers in this arena and beyond to make more creative choices and to broker more big decisions will shift the focus of work and make time for more deliberate innovation.

In turn, business transformation will become more accessible to enterprises big and small. Businesses will gain better control over their prioritization and be able to optimize their processes. 

And, we'll be able to create experiences for our customers that we can only dream of today.

That’s the big picture. 

IDP is the future, today

So, we’re thinking big and starting small. We’ve spent the year working with financial services companies and others, helping digitize processes and moving enterprises toward end-to-end automation. 

We’ve used intelligent document processing, IDP, a next-generation solution for extracting data from complex, unstructured documents across the enterprise. Unlike the technologies that came before it, IDP can handle document complexity and variation with the help of multiple AI technologies and machine learning.

Enterprises are deploying IDP to increase process automation, which is otherwise hindered by manual data entry bottlenecks and OCR limitations.

Intelligent building blocks for tomorrow

We’ve been training our proprietary IDP platform on documents that drive our customers' business processes. This builds an understanding and lets the platform learn from the documents it reads.

In the end, it saves these enterprises time and money, and allows them to improve their ROI. As we help our customers reach higher efficiency, they’re better able to scale.

And then they can put even more AI to work.

Pointers to the future 

This wasn’t the year anybody expected. We came into the year adding customers and on a path for tremendous growth. The pandemic shut down entire economies and left industries struggling to manage workforce and wellness concerns. 

We got through it with the help of a solid team, and a careful eye on our numbers. We focused on improving our technology, positioning for the future, and supporting our diversified customer base as they rode out the same storm. 

Our team developed solutions for leading industry players, and we added a 100% IDP accuracy guarantee to give our customers a worry-free way to take the leap and move toward straight through processing, no matter how complex or messy their data.

We worked with customers to make sure they had what they needed to get through this unprecedented moment.

We emerge humbled, and also recognizing that the pandemic had inadvertently launched automation into its next phase of growth. 

The 2020 intelligence catalyst

Before, companies like ours were explaining to prospects that the world around them was changing, and that they needed to be ready to meet it.

This catalyst has motivated companies around the world to reevaluate the role of their human workforce and to explore how to keep their business running even if the rest of the world stops.

Creating a breakout 2021 for our customers

We’re excited about 2021 - about the new partnerships we’re putting in place, and the ways we can make our machine learning and proprietary technology available to a broader customer base.

And we're excited to work with our customers to help them move past barriers that kept them stuck in legacy ways to get work done.

Our field, IDP, is also expanding rapidly, and the stage is set for it to meaningfully impact the processing of complex documents and unstructured data. As new entrants join the landscape, we remain confident that the lessons we’ve learned in the last five years position us well to differentiate ourselves and our products going forward.

No roads needed

More broadly, we’re seeing more money being injected into the sector as it receives more attention from cloud technology players. With intelligent automation, machines are finally smarter/can be smarter than humans in processing docs.

Before IDP, it was assumed humans had to extract data from complex, unstructured documents. Automation was impossible. Now our IDP platform and our playbook for IDP customer success make it possible for our customers to recalibrate and reimagine how that work gets done. 

There’s nothing more powerful than an idea whose time has come. We have the discipline and the focus, the people and the plan. We have the customers and partners to create that future.

Together, we're changing the rules of business.

And we’re just getting started.

Topics:Intelligent AutomationAI ReadinessBusiness Insights