400 U.S.-based Companies Processing More than One Million Invoices Annually Cite Dramatic Increase in IDP Adoption for Accounts Payable FunctionCompany Recognized as Sample Vendor for Intelligent Document Processing
SAN JOSE, Calif. … August 23, 2022 … Infrrd, a leading provider of Intelligent Document Processing (IDP) solutions, announced today it was named a Sample Vendor for IDP in two recent Gartner Hype Cycle reports. Both reports cite the role of IDP in business process improvement.
The first report, Hype Cycle for Natural Language Technologies, 2022, published on July 11, 2022, discusses how advances in artificial intelligence and (AI) and machine learning (ML) are driving innovation and fostering advances in natural language technologies (NLT)and designates where these new opportunities and methods can prove most beneficial. The report states that, “IDP uses natural language technologies and computer vision to extract data from structured and unstructured content, especially from documents, to support automation and augmentation.”
The second report, Hype Cycle for Digital Government Services, 2022, published on August 1, 2022, presents technology and practices that can aid governments in the services they provide citizens. This report “focuses on technologies and practices that can have a transformative impact on how government delivers services to its constituents. CIOs can use it to inform their current investment plans and to anticipate “what’s next” in citizen services. These insights help government service delivery remain agile and resilient in an increasingly difficult, disruptive and uncertain global context.”
Both reports similarly cite that, “IDP is increasingly important to create operational efficiencies in business processes that need to extract information from semi-structured and unstructured data for further analysis. These processes currently are majorly human centric. IDP caters to a wide variety of use cases — from digitization initiatives to supporting more complex processes such as document-centric taxation processing and pension fund management. IDP is one of the technologies within a spectrum of technologies that enable hyper-automation.”
Furthermore, each cites the business impact as:
- Reducing human labor to process documents and the improvement of document-based workflows.
- Extracting relevant data from different input formats for further analysis, validation and/or automation.
- Preprocessing unstructured data for analysis.
- Automated document and email classification and extraction.
- Discovery and insight.
- Creating workflows to support process automation or integrate with existing automation solutions.
“We believe the power of Infrrd’s patented and proprietary AI and ML solutions are fast-gaining recognition and traction throughout the technology industry and business landscape amongst our client base, due to its proven accuracy in the extraction of data. As business processes continue to automate and advance using applications such as IDP, Infrrd’s solutions stand out as they enhance employee productivity, improve operations, accelerate business scalability, reap cost efficiencies and deliver exceptional customer experiences,” said Amit Jnagal, Infrrd founder and chief executive officer.
[1] Gartner, “Hype Cycle for Natural Language Technologies, 2022”, Bern Elliot, Adrian Lee, July 11, 2022.
[2] Gartner, “Hype Cycle for Digital Government Services, 2022”, Arthur Mickoleit, Alia Mendonsa, Daniel Snyder, August 1, 2022.
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ABOUT INFRRD
San Jose, Calif.-based Infrrd is a leading provider of proprietary and patented Intelligent Document Processing (IDP) solutions, which leverage artificial intelligence (AI) and machine learning (ML) to enable enterprises to extract and manage data from semi-structured and unstructured documents in large volumes. Infrrd offers pre-built, highly configurable solutions for managing complex documents with reliable accuracy, such as invoices, claims, and bank statements, while also allowing organizations to create and train new models. Enterprises across the globe use Infrrd’s solutions to enhance employee productivity, improve operations, accelerate business scalability, reap cost efficiencies, and deliver exceptional customer experiences.
For more information, visit www.infrrd.ai or connect with Infrrd on LinkedIn, Facebook, and Twitter.
