intelligent document processing (idp) – technology vendor

Copyright © 2021 Everest Global, Inc.This document has been licensed for exclusive use and distribution by IBM

May 2021

Intelligent Document Processing (IDP) – Technology Vendor Landscape with Products PEAK Matrix® Assessment 2021

Contents

For more information on this and other research published by Everest Group, please contact us:

2Proprietary & Confidential. © 2021, Everest Global, Inc. | This document has been licensed for exclusive use and distribution by IBM

1. Introduction and overview 5

Research methodology 6

Background of the research 7

Scope of the research 8

2. Summary of key messages 10

3. Overview of IDP software products 12

Understanding enterprise grade IDP solutions 13

OCR vs. IDP 14

Drivers of IDP Solution 15

Types of IDP solution 16

Partner ecosystem 17

4. IDP Product PEAK Matrix® characteristics 18

PEAK Matrix positions – summary 19

PEAK Matrix framework 20

Everest Group PEAK Matrix for IDP 21

Characteristics of Leaders, Major Contenders, and Aspirants 24

Technology vendors’ capability summary dashboard 27

5. IDP market – competitive landscape 32

Anil Vijayan, Vice President

Ashwin Gopakumar, Practice Director

Samikshya Meher, Senior Analyst

Shiven Mittal, Senior Analyst

Utkarsh Shahdeo, Senior Analyst

mailto:[email protected]





Contents


6. Profiles of 27 technology vendors 39

Leaders 39

– ABBYY 40

– AntWorks 42

– Automation Anywhere 44

– IBM 46

– Kofax 48

– WorkFusion 50

Major Contenders 52

– BIS 53

– Celaton 55

– Datamatics 57

– EdgeVerve 59

– Evolution AI 61

– HCL Technologies 63

– Hypatos 65

– Hyperscience 67

– Indico 69

– Infrrd 71

– JIFFY.ai 73

Contents


– Nividous 75

– Parascript 77

– Rossum 79

– Singularity Systems 81

– UST SmartOps 83

Aspirants 85

– GuardX 86

– i3systems 88

– qBotica 90

– SortSpoke 92

– TAIGER 94

7. IDP product capability trends and predictions 96

8. Appendix 102

Glossary 103


Introduction and overview Research methodology

Background of the research

Focus of the research

Summary of key messages

01


01

Robust definitions and frameworksFunction-specific

pyramids, Total Value Equation (TVE),

PEAK Matrix®, and market maturity

02

Primary sources of information

Annual RFIs, vendor briefings & buyer interviews, and

web-based surveys

03

Diverse set of market touchpointsOngoing interactions

across key stakeholders, input from

a mix of perspectives and interests, supports both data analysis and

thought leadership

04

Fact-based researchData-driven analysis

with expert perspectives,

trend-analysis across market adoption, contracting, and

vendors

Proprietary database on Intelligent Document Processing (IDP) capabilities of 27 technology vendorsRepository of existing research in IDP

Dedicated team for IDP researchExecutive-level relationships with buyers, service providers, technology providers, and industry associations

Our research methodology is based on four pillars of strength to produce actionable and insightful research for the industry





Everest Group defines Intelligent Document Processing (IDP) as any software product or solution that captures data from documents (e.g., email, text, PDF, and scanned documents), categorizes, and extracts relevant data for further processing using AI technologies such as computer vision, OCR, Natural Language Processing (NLP), and machine/deep learning. These solutions are typically non-invasive and can be integrated with internal applications, systems, and other automation platforms.

IDP products find a wide variety of use cases from different business functions and verticals. Adoption of IDP solutions can not only help enterprises achieve cost savings, but also improve their workforce productivity and employee & customer experience. These products are also rapidly evolving in the sophistication of their capabilities, features, and functionalities.

In this study, we assess IDP software products that leverage AI/cognitive capabilities and are available for independent licensing. They are offered either as platforms that allow enterprises to deploy out-of-the-box solutions using pre-built modules, or as custom solutions to buyers with the intent of classifying and extracting data from documents.

In this study, we analyze the IDP technology landscape across various dimensions: Everest Group’s PEAK Matrix® evaluation, a comparative assessment of 27 leading IDP technology vendors Overview of IDP software products Competitive landscape of the IDP technology vendor market Everest Group’s remarks on key strengths and limitations for each IDP technology vendor IDP product capability trends and predictions

Geography Products Technology vendorsGlobal Intelligent Document Processing

(IDP)27 leading IDP technology vendors

Scope of this report:



The IDP supplier landscape consists of multiple players that play varying roles

IT-BPS service providersIDP Independent Software Vendors (ISV)

IDP landscape

Technology vendors that offer IDP solutions as a stand-alone product/solution; typically available for independent licensing

Service providers that provide IDP solutions in their services portfolio – may or may not be available as stand-alone products/solutions

Focus of this research

NOT EXHAUSTIVE



Proprietary database of 27 IDP technology vendors The database tracks the vendors’ offering/capabilities for:

– Document processing and software learning features– Interoperability, monitoring, and improvement features– Deployment and hosting options– Partnerships with service providers and other technology vendors

Proprietary operational information database of technology vendors (updated annually) The database tracks the following operational information for each vendor:

– Revenue and number of FTEs– Number of clients – FTE split by different lines of business

Demonstrations and interactions with technology vendors and other industry stakeholders Detailed demos for a comprehensive product view and executive-level discussions with IDP vendors that cover:

– Current state of the market– Vision and strategy– Annual performance and outlook

Buyer reference interviews, ongoing buyer surveys, and interactions Interviews with technology vendors’ reference clients and enterprise IDP buyers to get the buyer perspective around:

– Drivers and objectives for adopting IDP– Apprehensions and challenges– Assessment of vendors’ performance– Emerging priorities / buying criteria– Outcomes achieved – Lessons learnt and best practices

Everest Group’s SOT research is based on multiple sources of proprietary information

Vendors assessed

– Portfolio coverage in terms of industry, geography, process areas, and buyer size

– Opportunities and challenges– Emerging areas of investment

– Product-related training and support services– Availability and adoption of commercial model(s)– IT governance and security

The source of all content is Everest Group unless otherwise specifiedConfidentiality: Everest Group takes its confidentiality pledge very seriously. Any contract-specific information collected will only be presented back to the industry in an aggregated fashion


02 Summary of key messages



Summary of key messages

Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2021

Note: Star Performers are selected based on a relative comparison of vendors’ performance along both the market impact and vision & capability dimensions between our previous and current PEAK Matrix® assessment. Those vendors with the greatest year-over-year improvement are designated as Star Performers

Vision & capability(Measures ability to deliver products successfully)

Mar

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High

LowLow High

Leaders Star PerformersMajor Contenders Aspirants

Everest Group classifies IDP technology vendors on the Everest Group Products PEAK Matrix® into the three categories of Leaders, Major Contenders, and Aspirants:

– Leaders: ABBYY, AntWorks, Automation Anywhere, Kofax, IBM, and WorkFusion

– Major Contenders: BIS, Celaton, Datamatics, EdgeVerve, Evolution AI, HCL Technologies, Hypatos, Hyperscience, Indico, Infrrd, JIFFY.ai, Nividous, Parascript, Rossum, Singularity Systems, and UST SmartOps

– Aspirants: GuardX, i3systems, qBotica, SortSpoke, and TAIGER

Datamatics, HCL Technologies, Hyperscience, Infrrd, and Rossum have demonstrated the strongest year-over-year movement on both market impact and vision & capability dimensions and emerged as “2021 IDP Market Star Performers”

ABBYY, Automation Anywhere, IBM, Kofax, and WorkFusion have the highest license revenue from IDP products

Major Contenders

Aspirants

Leaders WorkFusion

Automation Anywhere

ABBYYKofax

AntWorks

HCLTechnologies

IBM

Hyperscience

InfrrdRossum

DatamaticsHypatosParascript

EdgeVerve

JIFFY.aiSingularity Systems

NividousBISUST SmartOpsIndicoCelaton

Evolution AIqBotica

GuardXSortSpoke

i3systems

TAIGER


03 Overview of IDP software products Understanding enterprise grade IDP solutions

OCR vs. IDP

Drivers of IDP solutions

Types of IDP solutions

Partner ecosystem



Understanding enterprise grade IDP solutionsIDP software solutions blend the power of AI technologies to efficiently process all types of documents and feed the output into downstream applications

An enterprise-grade IDP solution performs the following actions: Pre-processing: Performs image pre-processing to increase the quality of the scanned document and uses OCR/computer vision technology to capture data Classification: Indexes & classifies the documents into categories using text mining & ML/DL capabilities Extraction: Extracts relevant data leveraging NLP and ML/DL capabilities for further processing Post-processing: Validates the extracted data with the help of pre-defined taxonomies, data dictionary, and business validation rules

Incoming documents

IDP solution

Data capture

Computer vision and OCR

Image pre-processing

Auto-crop, noise reduction, etc.

Indexing & classification

Text mining & machine / deep learning

Structured data fed to downstream applications (ERP, CRM, SAP legacy

systems, etc.) via APIs or RPA

Extraction of relevant data

NLP and machine /deep learning

Data validation

Internal / external business validation

rules etc.Poweringtechnologies

Extraction Post-processing

Human-in-the-loop for verification and

correction

Structured data

Pre-processing Classification



OCR vs. IDPIDP solutions are capable of processing documents with greater accuracy and are more resilient to changes in document templates than traditional OCR

Conventional OCR/template-based solution IDP solution

OCR converts images of documents into machine-encoded text and extracts specific fields based on templates

It may use OCR to convert images of documents to a digital format, but extracts specific information using machine learning and/or deep learning

It uses rule-based or template-based extraction. User needs to train the system for each template type

The extraction does not depend on the template but content. User needs to do minimal (if any) training for minor template changes

Cannot process unstructured documents such as contracts and emails

With the help of Natural Language Processing (NLP) capabilities, the system can process complex unstructured documents and can also create summaries

Every converted document needs to be manually reviewed, unless the input documents are standard (in quality, positional

elements, etc.)

Once the system is trained, Straight Through Processing (STP) can be enabled. The percentage of STP achieved can vary



Drivers of IDP solutionsEnterprises look to adopt IDP solutions to unlock insights from semi-structured/unstructured data to improve operational efficiency and strategic outcomes

Reduce the overall cost of processing huge volumes of data

Increase accuracy and speed

Potential synergy that can be achieved through integrating IDP products with RPA and BPM solutions

Enterprises’ intent to improve strategic business outcomes beyond cost reduction (e.g., improved customer experience)

Drivers of IDP adoption

1

2

3

4



Types of IDP solutionsThe IDP software market primarily comprises two types of solutions: package-based and platform-based solutions

Refers to IDP software solutions offered as package or closed solutions, where the vendors or implementation partners will predominantly oversee the customization, configuration, and deployment of the solution

Pros: Dedicated resources and solutioning experts can assist

enterprises in deploying the product across complex use cases Consistency in terms of accuracy and performance

Cons: Inability to build new use cases or tinker with existing ones

Denotes the IDP software solutions offered as platforms, which AI-savvy enterprise users can use to build and deploy specific use cases themselves, or with support from the vendor or implementation partners

Pros: Enterprises can build use cases on their own Allows for experimentation with choosing the best fit models and greater

degree of control

Cons:Given the current state of maturity and scarcity of skilled resources, most enterprises end up having to use external support for new use cases, thereby diluting the promise of a platform solution

Currently, both models are viable in the market. Given the scarcity of skilled resources today, most platform solutions end up acting as package-based solutions, except in the case of mature enterprises with dedicated data science talent.

Platform-based solutionsPackage-based solutionsTypes of

solutions in IDP software market



Partner ecosystemThe partner ecosystem consists of multiple players that support and leverage each other

Specialist system integratorsRPA vendors

Partner ecosystem

IDP and RPA vendors partner with each other and provide their clients a wholesome automation solution

Specialist system integrators offer technical and operation support to service providers, tech vendors, or buyers to implement IDP solutions

NOT EXHAUSTIVE

Source: Everest Group (2021)


04 IDP PEAK Matrix® characteristics PEAK Matrix® positions – summary

PEAK Matrix® framework

Everest Group PEAK Matrix® for IDP

Characteristics of Leaders, Major Contenders, and Aspirants

Technology vendors’ capability summary dashboard



IDP Products PEAK Matrix® 2021 – summary

The Products PEAK Matrix® is a proprietary framework used to assess the market impact and overall vision & capability of technology vendors Based on Everest Group’s comprehensive evaluation framework, the Products PEAK Matrix ®, we segment 27 technology vendors into three categories:

Leaders Major Contenders

Aspirants Star Performers



Everest Group PEAK Matrix® is a proprietary framework for assessment of market impact and vision & capability

Everest Group PEAK Matrix


High

LowLow High

Leaders

Aspirants

Mar

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Major Contenders



IDP Products PEAK Matrix® evaluation dimensions

Measures impact created in the market –captured through three subdimensions

Measures ability to deliver products successfully.This is captured through five subdimensions

Mar

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Vision & capability

Major Contenders

Leaders

Aspirants

Vision and strategy

Vision for the client and itself; future roadmap and strategy

Document processing capability

Software learning, extraction & classification, unstructured document

processing, interoperability, and security and compliance

Implementation and support

Hosting options, training, maintenance, partnerships with

resellers / system integrators, andcomplementary technology vendors

Commercial model

Progressiveness, flexibility, and client adoption of available commercial

models

Monitoring and improvement

Performance tracking, operational analytics, reporting, and integration

with third-party BI tools

Market adoption

Number of clients, revenue base, and YoY growth

Portfolio mix

Diversity of client base across industries, geographies, business functions,

and enterprise size class

Value delivered

Value delivered to the client based on customer feedback and

other measures



Everest Group confers the Star Performers title on vendors that demonstrate the most improvement over time on the PEAK Matrix®

MethodologyEverest Group selects Star Performers based on the relative YoY improvement on the PEAK Matrix

The Star Performers title relates to YoY performance for a given vendor and does not reflect the overall market leadership position, which is identified as Leader, Major Contender, or Aspirant.

Year 1

Year 0

Mar

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Vision & capability

We identify the vendors whose improvement ranks in the top quartile and award the Star Performer rating to those vendors with: The maximum number of top-quartile performance

improvements across all of the above parameters AND

At least one area of top-quartile improvement performance in both market success and capability advancement

In order to assess advances on market impact, we evaluate each vendor’s performance across a number of parameters including: Yearly YoY revenue growth # of new clients Improvement in portfolio mix Improvement in value delivered

In order to assess advances on vision and capability, we evaluate each vendor’s performance across a number of parameters including: Innovation Improvements in product features and functionalities Expansion of product associated consulting, training,

support, and maintenance capabilities Technology/domain specific investments



High

LowLow High

Everest Group PEAK Matrix®

Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2021

Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2021

LeadersMajor ContendersAspirantsStar Performers


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Major Contenders

Aspirants

Leaders WorkFusion

Automation Anywhere

ABBYYKofax

AntWorks

HCLTechnologies

IBM

Hyperscience

InfrrdRossum

DatamaticsHypatosParascript

EdgeVerve

JIFFY.aiSingularity Systems

NividousBISUST SmartOpsIndicoCelaton

Evolution AIqBotica

GuardXSortSpoke

i3systems

TAIGER

Note: Star Performers are selected based on a relative comparison of vendors’ performance along both the market impact and vision & capability dimensions between our previous and current PEAK Matrix® assessment. Those vendors with the greatest year-over-year improvement are designated as Star Performers



IDP Products PEAK Matrix® characteristics

Leaders:ABBYY, AntWorks, Automation Anywhere, IBM, Kofax, and WorkFusion Leaders continue to create new opportunities for the IDP market by investing in R&D to enhance AI capabilities and pre-packaged out-of-the-box solutions. They are also focusing on

localized markets and have expanded support for processing documents in Asian and Middle Eastern regional languages such as Chinese, Korean, and Arabic Responding to the rising demand for a holistic intelligent automation platform, Leaders are integrating their IDP platform with complementary technologies such as RPA, process mining,

and IVA by forging partnerships or developing in-house capabilities

Major Contenders:BIS, Celaton, Datamatics, EdgeVerve, Evolution AI, HCL Technologies, Hypatos, Hyperscience, Indico, Infrrd, JIFFY.ai, Nividous, Parascript, Rossum, Singularity Systems, and UST SmartOps The majority of Major Contenders capitalized on the spike in demand for IDP solutions, created due to COVID-19, by providing pre-packaged out-of-the-box solutions. They focused on

reducing the implementation time and total cost of ownership for enterprises by introducing a SaaS offering of their platform Major Contenders are pushing toward increasing their revenue from indirect sales channels. As part of their GTM, they have been forging partnerships with service providers and SIs for

reselling and implementing the product

Aspirants:GuardX, i3systems, qBotica, SortSpoke, and TAIGER The majority of aspirants are focusing on a particular industry, providing vertical-specific solutions to cater to enterprise needs. They are developing more specialized point solutions to

address specific use cases Aspirants are laying greater focus on processing unstructured documents and developing NLP capabilities to differentiate themselves from the leading and established vendors in the

market



Everest Group has identified Datamatics, HCL Technologies, Hyperscience, Infrrd, and Rossum as the 2021 Star Performers (page 1 of 2)

IDP vendors Star Performers

Distinguishing featuresof market success in 2021

Distinguishing features of capability advancements in 2021

Change in PEAK Matrix®

positioning for IDP product

TruCap+ showed strong YoY revenue growth in 2020, growing at a higher-than-average market rate

Improved its overall client satisfaction score Also experienced significant client growth,

increasing its share of clients in Continental Europe

Developed an out-of-the-box analytics dashboard to track software performance such as accuracy and time for data extraction

Enhanced customer support by constituting an online support forum for users, which is also reflected in its client satisfaction score

Strengthened its Major Contenders positioning


Achieved nearly 300% YoY revenue growth in 2020 More than doubled its client base, strengthening its

foothold in the government and public sector Diversified the platform’s deployments in business

areas such as F&A and healthcare industry-specific

Enhanced NLP capabilities for processing free-flowing text in unstructured documents

Improved document classification capabilities by introducing the ability to group different pages in a document

Introduced SLA-based work queue prioritization of documents

Exacto achieved an above-market growth in revenue in 2020, thus significantly improving its market share

More than doubled its number of clients, expanding its footprint in emerging geographies of APAC, MEA, and LATAM

Expanded data extraction capabilities to also detect and extract barcodes and QR codes

Developed a microservices-based architecture with individual components for digitization, extraction, classification, and configuration; enabled support for containerized deployment





Everest Group has identified Datamatics, HCL Technologies, Hyperscience, Infrrd, and Rossum as the 2021 Star Performers (page 2 of 2)

IDP vendors Star Performers

Distinguishing featuresof market success in 2021

Distinguishing features of capability advancements in 2021

Achieved above-market average YoY growth in terms of revenue and clients in 2020

Diversified its portfolio of clients by acquiring new clients in small and SMB enterprise segments

Improved the platform’s UI to give users greater control for adding new document types and training the ML model

Introduced page and document-level classification models for classifying a mixed documents and applying the appropriate extraction model

Realized more than 200% YoY revenue growth in 2020, thereby significantly increasing its market share

More than doubled its client base, expanding to high-tech & telecom, travel and logistics, and professional services sectors

Enhanced the AI engine to allow customization and training for extraction of data

Improved user interface to incorporate human-in-the-loop feedback for training model

Got ISO-27001 and HIPAA compliance to adhere to security standards



Change in PEAK Matrix®

positioning for IDP product




Summary dashboard | Market impact and vision & capability assessment of vendors for IDP 2021Leaders

Technology vendor

Market impact Vision & capability

Market adoption Portfolio mix Value delivered OverallVision and strategy




Commercial model Overall

ABBYY

AntWorks

Automation Anywhere

IBM

Kofax

WorkFusion

Measure of capability: High Low



Summary dashboard | Market impact and vision & capability assessment of vendors for IDP 2021Major Contenders (page 1 of 2)

Technology vendor







BIS

Celaton

Datamatics

EdgeVerve

Evolution AI

HCL Technologies

Hypatos

Hyperscience




Summary dashboard | Market impact and vision & capability assessment of vendors for IDP 2021Major Contenders (page 2 of 2)

Technology vendor







Indico

Infrrd

JIFFY.ai

Nividous

Parascript

Rossum

Singularity Systems

UST SmartOps




Summary dashboard | Market impact and vision & capability assessment of vendors for IDP 2021Aspirants

Technology vendor







GuardX

i3systems

qBotica

SortSpoke

TAIGER




Technology vendor







Datamatics

HCL Technologies

Hyperscience

Infrrd

Rossum

Summary dashboard | Market impact and vision & capability assessment of vendors for IDP 2021Star Performers



IDP market – competitive landscape05



ABBYY, Automation Anywhere, IBM, Kofax, and WorkFusion are the top vendors in terms of IDP license revenue. Datamatics, Hyperscience, and Rossum have witnessed the highest growth rate in the market

ABBYY, Automation Anywhere, IBM, Kofax, and Parascript are leaders in the number of clients in the IDP market. ABBYY, Automation Anywhere, HCL Technologies, Parascript, and Rossum have acquired the highest number of clients

WorkFusion has the highest market share in BFSI and CPG & retail verticals, with ABBYY and Hyperscience dominating in the government and public sector. Kofax and Automation Anywhere are among the leaders in healthcare and manufacturing sectors, respectively

Kofax has emerged as the leader in Continental Europe, followed by ABBYY. WorkFusion leads in the North American market. Emerging markets of LATAM, APAC, and Middle Eastern regions are dominated by Automation Anywhere and IBM

Among business processes, the highest market share comes from F&A processes, closely followed by banking industry-specific processes. WorkFusion and Automation Anywhere lead the market share in banking industry-specific and F&A use cases, respectively

Overall, the IDP market saw a growth rate of around 25-30% in 2020, with acquisition of clients across small, mid-sized, and large enterprises globally

IDP competitive landscape – summary



Industry diversityIBM and Kofax are among the leading players across major industries; ABBYY and Automation Anywhere are other vendors with high market share across industriesTop technology vendors across major industries by revenueTop five technology vendors (arranged alphabetically)

Banking & capital markets Insurance

High-tech & telecom Government and public sector

Healthcare & pharma

Manufacturing

Note: Some assessments may exclude technology vendors’ inputs, and are therefore based on Everest Group estimates, which leverage our proprietary Transaction Intelligence (TI) database, technology vendors’ ongoing coverage, public disclosures, and interaction with buyers




Business functionsABBYY and Kofax are the leading players across major business processes, followed by Automation Anywhere, IBM, and WorkFusion



Top technology vendors across major processes by revenueTop five technology vendors (arranged alphabetically)

Banking industry-specific Insurance industry-specific

HR

Healthcare industry-specificFinance & accounting

Contact centerProcurementMailroom



Major geographiesAutomation Anywhere, ABBYY, IBM, and Kofax have strong presence across major geographies. WorkFusion is among the leaders in North America and Middle East marketsTop technology vendors across major geographies by revenueTop five technology vendors (arranged alphabetically)

North America

Latin America Middle East & Africa

United Kingdom Continental Europe

Asia Pacific





Technology vendor Perpetual licensingSubscription-based

licensing

Periodic subscription

Fixed capacity-based Flexible usage-based (per document)

Flexible usage-based (per page) Per process-based

Leaders

Major Contenders

Aspirants

Vendors are gradually shifting from a perpetual licensing model to subscription-based licensing; usage-based pricing too is becoming more prevalent, compared to fixed-capacity

76%-100% 51%-75% 26-50% 1-25% None

IDP vendors, in general, have started shifting away from perpetual licensing to annual/monthly subscription-based licensing models. Flexible per document usage-based pricing is the most prevalent pricing model

Vendors are offering document-based pricing as compared to charging on the number of pages processed, in response to the downward pricing pressure from market. Document-based pricing lowers the total cost of processing, as it usually does not consider blank pages within a document. This has also led to the emergence of an enterprise-wide licensing model

As the market matures and more organizations look to scale up, we expect market adoption of output-based pricing to increase Vendors are also offering a commitment to minimum Straight Through Processing (STP) rate as part of their SLA with enterprises

Measure of pricing model offered by vendors1

1 Based on licensing models offered by 27 vendorsSource: Everest Group (2021)



Procurement

Leaders offer solutions across all major processes, while Major Contenders and Aspirants are mainly focused on processes specific to F&A and BFSI sector

Everest Group’s view of the spread of respective vendor use cases across processes

Restrictions and the shift to a touchless/digital economy have further amplified the demand for IDP solutions, particularly in BFSI and healthcare sector. Industry-specific processes have been a key focus area for the majority of vendors

Leaders and Major Contenders are also expanding to horizontal use cases, with over 30% of their revenue being generated from document processing in horizontal business areas

Aspirants are primarily targeting industry-specific use cases in the BFSI sector. They are providing specialized pre-packaged solutions to minimize implementation and deployment time

Deployment of IDP for processing unstructured documents such as legal contracts, leases, and summarizing long-form text is also witnessing a gradual rise across industries

32%24%

52%

21%27%

5%13% 19%

26%9%7%

1%4% 2%5% 1%

3%16% 19% 11%

Leaders Major Contenders Aspirants

Banking & capital marketsindustry-specific

Finance and Accounting (F&A)

HR

Others1

Healthcare industry-specific

Insurance industry-specific

1 Others include web-based, e-commerce, self-service, mailroom, document management, IT services, pharma industry-specific, and utilities industry-specific processesNote: Some assessments may exclude technology vendors’ inputs, and are therefore based on Everest Group estimates, which leverage our proprietary Transaction Intelligence (TI) database, technology vendors’ ongoing coverage, public disclosures,

and interaction with buyersSource: Everest Group (2021)


06 Profiles of 27 technology vendors Leaders

– ABBYY

– AntWorks

– Automation Anywhere

– IBM

– Kofax

– WorkFusion



ABBYY (page 1 of 2)Everest Group assessment – Leader

Strengths Limitations

ABBYY has a vision to empower organizations to access insights from their business documents and processes through its technology solutions. Its portfolio of offerings includes proprietary OCR engine FineReader, FlexiCapture & Vantage for IDP, and ABBYY Timeline for process mining

ABBYY FlexiCapture, the flagship IDP product of ABBYY, provides out-of-the-box pre-trained models for processing invoices, contracts, lease agreements, purchase orders, receipts, and IDs

ABBYY, through its large global clientele, has experience of serving a large number of enterprises across a majority of key verticals including BFSI, government and public sector, healthcare, CPG & retail, high-tech & telecom, and manufacturing

It provides FlexiLayout studio to create layouts of the documents to be processed. Users can define or modify fields to be extracted through the FlexiLayout interface. Further, business rules for validation can also be configured through custom business scripting

In addition to core extraction capabilities, ABBYY FlexiCapture also has NLP competencies for capturing data from unstructured documents such as loans, leases, contracts, and agreements

While the FlexiCapture product can extract data points from unstructured text documents through NLP, it presently lacks NLG capabilities to summarize text from long-form documents such as contracts and legal documents

ABBYY Timeline, its process mining solution, is leveraged for providing process insights to users. However, integrating the task mining / Desktop Process Mining (DPM) capabilities of the solution to FlexiCapture solution is part of the roadmap

Pre-built connectors for leading ERP providers such as SAP, Oracle, and Microsoft Dynamics are currently not available, and users need to write custom export scripts or integrate through a web services API. This could lead to a longer time to implement and set up the product for enterprises

While Vantage 2.0 is developed on a cloud-native architecture and can be deployed in a containerized form, ABBYY FlexiCapture is not containerized



Market adoption Portfolio mix Value delivered OverallVision and

strategy







ABBYY (page 2 of 2)Everest Group assessment – Leader


ABBYY FlexiCapture supports over 200 languages for document processing and extraction. It can also process handwritten documents in around 130 languages. User interface is available in 13 languages to serve the needs of a global customer base

It offers an out-of-the-box administration and monitoring console for users to monitor processes, employee productivity, and system workload. Users can also create custom reports based on their requirements

ABBYY has a wide network of partners consisting of resellers and implementation and training partners, which can be leveraged by enterprises during the various phases of deployment. It also partners with a variety of vendors for complementary technologies such as RPA, cloud hosting, BPM, and analytics

It provides an online training and certification portal for developers, analysts, and business users along with remote instructor-led training programs. It also has an active online support forum, which can be leveraged for general queries around the product

Referenced clients have indicated core data extraction capabilities in multiple languages, integration with complementary capabilities, and customer support as key areas of strength

ABBYY’s client portfolio for IDP is slightly skewed toward mid-size and larger enterprises with revenue greater than US$1 billion, with relatively lower presence in the small and SMB enterprise segments

While ABBYY has deployed its IDP solution for a majority of key business processes such as F&A, procurement, contact-center, and BFSI industry-specific, its capabilities are somewhat untested for use cases in healthcare provider and utility vertical-specific business processes

A free community version of the IDP product is part of the roadmap for Vantage release and only free trial licenses are offered for the FlexiCapture product, which could limit the user base and support community of the product

Clients have indicated a need for improvement in the initial product training provided to users during the implementation phase. They also highlighted that better training support can improve the ease of use of the software, enhancing employee experience




strategy







AntWorks (page 1 of 2)Everest Group assessment – Leader


AntWorks envisions to provide an AI-based multi-lingual IDP platform for capturing data from structured, semi-structured, and unstructured documents. It also offers RPA and task mining / DPM technologies to augment its IDP capabilities. Its IDP platform – Cognitive Machine Reading (CMR) –leverages image recognition techniques to extract data from documents

It has leveraged fractal science-based proprietary algorithms for AI/ML and can process documents in Japanese, Thai, and Korean in addition to Latin languages. The platform can also detect stamps, logos, check boxes, and signatures, which can be verified as well against a specimen sample

It allows users to add and configure new fields and business rules for validation through the user interface. Users can hover and click on the data point within the document to fill the missing extracted information

It has made significant improvements in its analytics and reporting capabilities and provides insights around accuracy rates, STP, and human workforce analytics. It also provides pre-built connectors with third-party BI tools such as Tableau and Power BI

While the BFSI vertical has been a key focus area for its IDP platform, it has relatively less experience of serving enterprises in other key industries such as high-tech & telecom, manufacturing, and CPG & retail

The platform’s ability to serve enterprises in certain business process areas such as mailrooms and vertical-specific use cases for healthcare provider, pharma, and utilities industries is still somewhat untested

The majority of AntWorks’ clients are based out of North America, APAC, and MEA, and it has relatively low presence in other geographies such as Continental Europe and LATAM

The platform lacks the ability to work on mobile devices. Developing an application for uploading and processing documents from mobile is part of the roadmap

The CMR platform lacks processing capabilities for documents in Chinese, Arabic, and Cyrillic languages, which could inhibit its adoption by some global enterprises




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AntWorks (page 2 of 2)Everest Group assessment – Leader


It provides pre-packaged solutions for some of the common document processing use cases including checks, invoices, bill of lading, financial statements, mortgages, and email classification

The platform also offers NLP capabilities and can perform sentiment analysis for blogs, tweets, emails, and other text documents to generate insights

AntWorks has rearchitected the product based on microservices architecture to enable partners to customize it based on customer requirements. It also supports containerized deployments for flexibility

AntWorks has constituted an online training portal offering training and certification courses for developers and business users. It also offers training via classroom mode in India, the US, Japan, and Australia

Referenced clients appreciate its AI/ML models for extraction and the learning abilities of the platform. They have also lauded its customer support services and the speed of execution of the platform

It does not provide pre-built connectors for leading information systems such as SAP, Oracle, and Salesforce and has to be integrated via API calls. This could lead to longer implementation and integration time for enterprises

The ability to auto-redact sensitive information in documents is not available as part of the CMR platform. This could restrict the usage for enterprises seeking to process highly sensitive or confidential documents

AntWorks does not offer its IDP platform in a SaaS model, and currently it is part of its roadmap. Small and SMB segment enterprises, seeking lower TCO and quick implementation time, may find this as a drawback

Referenced clients have highlighted a need to improve the platform user interface to make it more intuitive and easier-to-use. Revamping the UI is part of the roadmap for AntWorks and is expected to be released in 2021

Clients have expressed the need for better visibility and clearer communication of the product roadmap. Ability to integrate with complementary technologies such as RPA of other vendors has also been indicated as key limitation




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Automation Anywhere (page 1 of 2)Everest Group assessment – Leader


Automation Anywhere has a vision to provide a one-stop-shop intelligent automation platform to enable broader process automation through RPA, IDP, process discovery, and analytics capabilities. IQ Bot is its proprietary IDP platform that integrates with its in-house RPA and analytics offerings

It experienced a healthy YoY growth in terms of revenue and number of clients in 2020, and continues to maintain a strong presence across all major geographies

Automation Anywhere has experience in serving enterprises across most of the major industries including BFSI, manufacturing, high-tech & telecom, CPG & retail, healthcare, and public sector

IQ Bot platform offers pre-trained out-of-the-box models for over 100 use cases to simplify the deployment process. Some of the key pre-built use cases include auto-extraction for invoices, purchase orders, insurance claims, Explanation of Benefits (EOB), and financial statements

It supports data extraction for nearly 190 languages and the platform UI is available in 10 different languages to serve a global customer base

A majority of deployments for IQ Bot are focused on F&A, HR, BFSI, and healthcare-payer industry-specific use cases. Its ability to serve enterprises in other key process areas such as procurement, contact center, mailroom, and healthcare provider industry-specific processes is still somewhat untested

While Automation Anywhere supports processing of images from mobile devices, it does not alert users in case the image uploaded is below the threshold quality. Clients have expressed a requirement for the functionality to notify users in case the uploaded images are of low-quality, below threshold level

Clients have indicated a need to improve NLP capabilities and include functionalities to identify and compare intent in documents across multiple languages. It presently does not natively provide capabilities to compare documents based on intent for cases such as comparison of clause in standard contract vis-à-vis individual contract

IQ Bot provides key analytics insights and reporting around STP rates at a process-level. However, tracking of STP rates at a batch-level is presently part of the roadmap




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Automation Anywhere (page 2 of 2)Everest Group assessment – Leader


IQ Bot has been architected as a web-based, cloud-native platform facilitating continuous integration and deployment

IQ Bot provides pre-defined dashboards for measuring STP rates and field-level accuracy. It also integrates with Automation Anywhere’s analytics platform, Bot Insight, which allows users to customize dashboards and generate insights around key business metrics

Automation Anywhere has a wide network of implementation partners and resellers, which can be leveraged by enterprises for support during on-premise deployments

It also offers a free community edition of the IQ Bot platform, which is pre-trained for invoice processing. A free trial version is also available for prospective customers to assess the suitability of the platform for its usage

Clients of IQ Bot have lauded the interoperability capabilities of the platform with complementary technologies such as RPA, product training and support provided by the vendor, and the ease of use

IQ Bot presently provides out-of-the-box integration only with Automation Anywhere’s in-house RPA capabilities. While it is a leading provider of RPA technology, this could pose a challenge for enterprises looking to integrate IQ Bot with other RPA platforms apart from Automation Anywhere

Clients expect the IQ Bot platform to have a lower processing time per page. They have indicated the high processing time per page as a hindrance to scaling up the platform

Ability to auto-redact or mask/blur sensitive information on documents is presently not available and is part of the roadmap for the platform. This could be a concern for enterprises processing documents containing highly confidential data

Referenced clients have also suggested greater flexibility for end-users in selecting the ML model for training documents and defining additional metrics for customized dashboarding and reporting




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IBM (page 1 of 2)Everest Group assessment – Leader


IBM envisions to provide a suite of intelligent automation technologies as part of its Cloud Pak offerings. IDP capabilities are available as part of IBM Cloud Pak for Automation

It has a wide network of implementation and training partners globally across 190+ countries. It also has a robust technology partner ecosystem to complement its technology offerings and enable smooth integration

It supports data ingestion in a variety of document formats including TXT, CSV, HTML, RTF, XLS, PDFs, and images. The platform can also process handwritten documents and detect objects such as stamps, logos, signatures, and embedded photos in documents

The platform provides a mix of in-house and third-party OCR engines to enable users to select the most suitable OCR engine based on document/language processing requirements

In addition to data extraction and document classification, it also delivers AI capabilities through integration with IBM Watson. NLP, sentiment analysis, and summarization of long-form text in documents are offered through IBM Watson libraries

IBM’s IDP platform provides relatively few out-of-the-box pre-built use cases, as compared with peers, for processing documents. Including new pre-trained models for some of the common use cases, such as processing utility bills and tax forms, is part of the roadmap

The platform presently cannot automatically generate training data batch for manual review or alert users to retrain the data. Updating the extraction model based on human-in-the-loop data verification and corrections is part of the roadmap as of October 2020

The platform supports most of the common languages for document processing including English, Latin languages, Arabic, Chinese, and Japanese. However, it presently cannot process documents in some regional languages such as Korean and Hindi

It allows users to add and configure business validation rules from the platform; however, the ability to add/configure business validation rules using external data such as a lookup from an external database or system can only be done by admin users




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IBM (page 2 of 2)Everest Group assessment – Leader


IBM Business Automation Insights module allows users to capture and track events and offers visualization and insights. It provides insights into manual worker performance by type of document or task, STP rates, as well as customized reporting capabilities

The platform provides the ability to auto-redact sensitive information on documents, customized role-based access to the system, and also encryption of data in transition and at rest

It also logs key user actions such as login, task steps, and the documents edited by users. These activities are time-stamped and can be used for auditing purposes

It offers flexibility to be deployed on-premise and on public/private cloud. A SaaS version of the product is available, which is hosted on IBM cloud

The analytics and reporting module does not provide pre-defined benchmark metrics for comparison of performances. Although, users can configure their own metrics for benchmarking, providing it out-of-the-box can help in identifying best practices in the industry

A free community version of the platform is not available, which could inhibit its adoption among smaller enterprises who would like to test the platform first before deploying it in production for larger use cases

IBM’s commercial model is not tied to outcome-based pricing and does not commit to providing a minimum level of accuracy in SLAs, which some other vendors have started offering for their IDP solution




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Kofax (page 1 of 2)Everest Group assessment – Leader


Kofax provides a broad-based intelligent automation solution encompassing IDP, RPA, process orchestration, process discovery, and analytics. It envisions to assist enterprises in their digital transformation journey through its technology offerings

It brings a rich experience of serving a large number of enterprise clients globally through its IDP solution across a majority of key verticals including BFSI, government & public sector, healthcare & pharma, and manufacturing

Its IDP platform, Kofax TotalAgility, has been deployed across various horizontal processes such as F&A, HR, procurement, and contact center, and for vertical-specific use cases for BFSI, healthcare payer, and pharma industries

TotalAgility offers pre-built out-of-the-box solutions for invoice and claims processing. The platform can be pre-trained for professional services use cases by Kofax or through its large network of certified partners

In addition to the desktop-based platform, Kofax also offers an application for processing documents on mobile devices. The app can alert users if a low-quality image is captured and comes with pre-built solutions for ID verification, check deposit, and bank cards processing

The majority of Kofax clients are based out of North America, Europe, and APAC, and it has served relatively fewer enterprises in emerging geographies such as MEA vis-à-vis other geographies

While its IDP platform has been deployed across a majority of key horizontal and vertical-specific business processes, the platform’s capability to serve enterprises in some of the lesser prevalent processes such as healthcare-provider industry-specific use cases is still somewhat untested

The out-of-the-box use cases are primarily focused on invoice and claims processing, and it presently does not offer pre-built use cases for processing some of the unstructured documents such as contracts, legal agreements, and mortgage documents

The platform has the ability to detect and capture signatures; however, the ability to detect and extract some other object items such as logos and stamps is presently part of the roadmap




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Kofax (page 2 of 2)Everest Group assessment – Leader


Kofax can process and extract data from documents in more than 200 languages including Arabic and Asian languages such as Chinese, Japanese, and Korean. The platform’s UI is available in seven different languages to meet the needs of a global clientele

In addition to data extraction from documents, the platform also has NLP capabilities and can perform sentiment analysis, entity extraction, and summarization of long-form text and documents

Kofax offers a built-in analytics and reporting capability to provide insights around field accuracy, confidence levels for classification and extraction, human workforce efficiency, and other cost and operational efficiency metrics

Kofax has a wide network of resellers and technology partners, implementation, and training partners

Clients have lauded its customer support, timely responsiveness, and incorporation of customer feedback into product roadmap

The commercial model of Kofax’s IDP platform is based on usage-based pricing on the number of pages/documents processed. It currently does not tie its pricing to outcomes achieved such as accuracy levels or STP rates

Referenced clients have also indicated that there is scope to make the licensing cost and commercial model of the platform more progressive and flexible

Clients also expect Kofax to provide better training support at the time of purchase of the product. Business users have indicated that it requires training and in-depth knowledge of the platform to unlock the maximum value out of it

Enhancements in debugging capabilities and ease of integration with complementary technology products of other vendors are the two key areas where clients would like Kofax to focus




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WorkFusion (page 1 of 2)Everest Group assessment – Leader


WorkFusion has a vision to provide a unified automation platform through its Intelligent Automation Cloud (IAC) offering that combines RPA, IDP, analytics, AI/ML, and BPM capabilities to automate processes

It is further investing in developing pre-built industry-specific use cases for IDP. It also plans to empower business users to leverage the platform in a self-service manner by expanding its educational content and enablement program

WorkFusion provides around 200 pre-built solutions for use cases such as negative news search, identity verification, and invoice processing. Customers can access these solutions through the WorkFusion Use Case Navigator online portal

WorkFusion’s Automation Studio enables users to define and edit automation steps. Users can also define and add fields through the manual task editor and configure business rules validation through UI in Control Tower module of the platform

It offers NLP capabilities including sentiment analysis and classification capabilities for online news articles

WorkFusion experienced below market average YoY growth in terms of IDP revenue and clients in 2020. It also has a low presence outside North America

Its client portfolio for IDP is skewed toward the large buyer segment, thereby making it relatively less experienced in serving mid-size and small enterprises

While WorkFusion has a strong presence in the BFSI sector and also has client base in healthcare and retail industries, its ability to serve enterprises in some other key verticals such as manufacturing, high-tech & telecom, and government & public sector is somewhat untested

WorkFusion’s web-based modules such as Control Tower, WorkSpace, and analytics can be accessed via mobile devices through mobile-web. It does not offer a dedicated mobile application for capturing and processing documents

It presently supports processing of handwritten documents only in the English language. This could be a deterrent for enterprises looking to deploy IDP solutions for processing handwritten documents in other languages




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WorkFusion (page 2 of 2)Everest Group assessment – Leader


It supports document processing and data extraction in more than 30 different languages including Asian and Middle Eastern regional languages such as Chinese, Japanese, Korean, and Arabic. The UI of the platform is also available in five different languages

WorkFusion offers out-of-the-box customizable analytics and reporting capabilities. It delivers insights around field-level accuracy rate and confidence levels along with batch-level STP rates and human workforce analytics. It also includes pre-built connectors for third-party BI platforms such as Tableau and ELK

The IAC platform is also available as a SaaS offering for enterprises seeking lower TCO. It supports a distributed deployment model based on microservices architecture, allowing customers to deploy on-premise and on public/private cloud

It has constituted an online training academy to offer training programs and certifications to users. The online portal also has separate modules catering to the needs of business users and developers

Clients appreciate WorkFusion’s broader automation platform capabilities, customer-centric approach to product development, and the online training academy

WorkFusion presently has very few technology partners for complementary technologies such as RPA, BPM, and IVA. While it has in-house RPA and BPM capabilities, lack of pre-built connectors to third-party solutions may lead to longer implementation and integration time for enterprises

Clients have highlighted a need to reduce the implementation time of the platform. They also expect better management of infrastructure requirements of enterprises where the software is deployed on-premise

Clients have mentioned the pricing of the product as slightly on the higher side and more suitable for larger enterprise-wide deployments. It may be perceived as expensive for enterprises looking for small-scale deployments

Business users perceived the platform to be slightly complex to use due to the vastness of product capabilities. They felt that proper training is required to set up the product and make it operational

Referenced clients have highlighted dedicated customer support, especially for geographies outside North America, as one of the key limitations for WorkFusion




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05 Profiles of 27 technology vendors Major Contenders

– BIS – Hypatos – Parascript

– Celaton – Hyperscience – Rossum

– Datamatics – Indico – Singularity Systems

– EdgeVerve – Infrrd – UST SmartOps

– Evolution AI – JIFFY.ai

– HCL Technologies – Nividous



BIS (page 1 of 2)Everest Group assessment – Major Contender


BIS’ IDP platform, Grooper, captures, classifies, and extracts data from unstructured documents in various input formats including PDF, TXT, JPG, XLS, and CSV files

It can process different data types including free-flowing text, handwritten text, bar codes, logos, stamps, signatures, and checkboxes

Grooper provides flexibility to enterprise users to add, modify, and edit fields to be extracted. Users can also add new document types for extraction

The platform indicates confidence levels of the data extracted from documents. Further, enterprise users can configure and set confidence threshold for straight through processing of documents

Grooper allows users to configure and add business rules for validation of extracted fields. The software can also look into external database for validations

In addition to data extraction and document classification capabilities, Grooper also provides NLP capabilities for extracting data from free-flowing text with the help of regular expressions

BIS currently serves clients based out of North America; its experience in serving clients in other geographies such as Continental Europe, the UK, and APAC is untested

Its clientele is skewed toward government & public services, energy & utilities, professional services, and high-tech & telecom industries. Its experience of serving clients in other key verticals such as insurance, healthcare & pharma, and travel & logistics is relatively limited

BIS relies heavily on a direct sales channel and has scope for further expanding its partner network to serve its clients better

BIS provides few pre-trained models for invoice processing; however, it does not offer pre-packaged solutions for common use cases such as KYC documents, employee onboarding, and claims processing

While the solution is capable of processing documents in multiple Latin-based, Greek, and Cyrillic languages, the ability to process documents in Arabic and Asian languages such as Chinese and Japanese is very limited. Moreover, currently the user interface is available only in English




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BIS (page 2 of 2)Everest Group assessment – Major Contender


Grooper comes with built-in integration with multiple OCR including Transym 4, Transym 5, Google Tesseract, Azure OCR, ABBYY, and Prime OCR engines for digitization. It also performs image pre-processing to improve the accuracy of the OCR it integrates with

BIS offers training through both classroom programs and online training portal. The portal provides self-paced instructor-led training modules and separate certification courses for business users and developers

BIS provides flexible deployment options as it can be deployed on desktop/laptop, cloud, and on-premise. It is also delivered as a SaaS offering

Ability to detect and redact PII, flag documents containing PII, and restrict access to documents and batches based on Access Control Lists (ACLs) strengthen its security features

Clients appreciate the scalability of the product, its ability to process complex documents, and the overall product support offered by BIS

The software lacks advanced capabilities such as text summarization and the ability to compare different free-flowing text within unstructured documents

The solution lacks out-of-the-box integration with leading BPM solutions as well as third-party BI platforms, while the integration with RPA tools is in the roadmap, limiting its current ability to seamlessly integrate with existing systems

Presently, BIS does not provide native mobile application for its Grooper IDP platform. This limits the utility of the platform for enterprises

Grooper provides reports for basic performance metrics such as batch performance, processing time, and tasks processed. However, it lacks visual dashboards for a unified view of analytics around worker performance and benchmark metrics

BIS currently offers usage-based and process-based pricing and does not yet offer progressive commercial models such as outcome-based pricing

Clients expect a more detailed product documentation, better quality assurance of new releases, and faster resolution of bug fixes in the product




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Celaton (page 1 of 2)Everest Group assessment – Major Contender


Celaton aims to provide IDP capabilities through its cloud-based inSTREAM™ platform, with major focus on Accounts Payable (AP) automation. It leverages AI/ML, OCR, ICR, NLP, and cognitive computing to deliver IDP capabilities to its clients

The inSTREAM™ platform allows document ingestion in a variety of formats (such as TXT, CSV, PDF, JPG, PNG, and XLS) and extracts information from various data types including free-flowing text, bar codes, logos, and signatures

It comes with pre-built models for use cases including invoice processing, sales order processing, freight bill and audit for logistics business, and delay repayment claims

inSTREAM can be trained using past data as well as supervised learning, wherein it highlights errors and exceptions for operators to make corrections through its point-and-click interface

The platform performs image pre-processing to enhance the quality of documents. It can also alert users in case the image quality is below minimum acceptable threshold

Its NLP capabilities allows the platform to perform sentiment analysis and search through a repository of scanned documents

Celaton’s clientele is based out of the UK, Continental Europe, and North America. Its experience of serving enterprises in other geographies such as LATAM, MEA, and APAC is relatively limited

It is relatively less experienced in serving clients in major industries including BFSI and healthcare & pharma

Celaton primarily caters to business processes in F&A, HR, and contact center and has limited experience in procurement and other industry-specific processes

It is currently capable of extracting documents in Latin-based languages and lacks the ability to extract documents in Middle Eastern and Asian languages such as Arabic, Hebrew, Chinese, Japanese, Korean, and Cyrillic languages

The inSTREAM platform lacks the ability to extract data from complex data formats such as nested tables and free-flowing handwritten documents

Currently, it does not facilitate enterprise users to define, add, or modify fields to be extracted. Business users also cannot add, configure, or manage validation rules in the platform. This is managed by Celaton resources at the back-end




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Celaton (page 2 of 2)Everest Group assessment – Major Contender


Using NLP, inSTREAM can generate suggested responses such as a template that needs to be sent to the supplier for incorrect or non-compliant invoices based on the issue identified through document extraction and validation

The reporting capability includes metrics on batch-level STP rates, process-level SLAs, field-level accuracy, as well as manual worker performance

It allows role-based access control to the system with a provision to add unlimited roles. It also allows auditing and time-stamping of every possible action to ensure better governance and compliance

The platform is built on microservices architecture and supports containerization that allows easy scaling of the platform

Clients appreciate Celaton’s service support and operational teams’ responsiveness to client needs. They also appreciate the master data validation capabilities of the platform

While it can integrate with third-party applications via APIs, SOAP and REST web services, and CSV and XML file transfer, it lacks pre-built connectors with leading enterprise applications (such as SAP, Microsoft, and Oracle), RPA products, and BPM tools

The analytics dashboard is in the roadmap and the performance data is currently available through reports created for customers through the inSTREAM Web Portal

The platform is currently offered only as a SaaS offering, limiting its flexibility for users looking for on-premise or private cloud-based deployments

Celaton only offers usage-based pricing model; hence, the solution is not suitable for clients looking for progressive pricing constructs such as outcome-based models

Clients expect greater visibility into the product roadmap and a higher sense of ownership for implementation and delivery from Celaton. Some clients also expect improvement in the accuracy of the solution




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Datamatics (page 1 of 2)Everest Group assessment – Major Contender


TruCap+ is a component of Datamatics’ Intelligent Automation platform that combines its RPA platform TruBot, IDP solution TruCap+, and AI platform TruAI to deliver an overarching automation solution

TruCap+ comes with pre-trained models for various document types, which can be used out-of-the-box. These include invoices, claims, letter of credit, check processing, salary slips, and vehicle registration, among others

It has an in-house OCR but can also integrate with third-party OCR engines. It uses a multiple OCR approach to improve accuracy, wherein multiple OCR engines extract an information element, and upon comparison, the most accurate one is passed through for processing

The platform uses a combination of NLP and neural networks for extraction, correction, and validation of data from documents, including semi-structured and large format unstructured documents

The platform can identify and extract various data types such as tables, free-flowing text, handwritten text, barcodes, logos, and stamps. It can also detect signatures

Datamatics’ portfolio primarily includes clients from BFSI, healthcare & pharmaceuticals, travel & logistics, and manufacturing sectors; hence, its ability to serve clients in other sectors such as CPG & retail, public sector, and high-tech is untested

Clients have deployed TruCap+ largely for F&A and banking and healthcare payer industry-specific processes. Therefore, the platform’s capabilities in areas such as HR, contact center, and mailroom are relatively unproven

While it has experience in serving clients in North America and APAC, its experience in Continental Europe, LATAM, and MEA is relatively low. Also, it has limited experience serving small enterprise and SMB clients (revenue < US$1 billion)

The platform does not have the ability to identify/classify documents or pages within the same document into different document types automatically, and this is currently done manually by the user

The platform presently does not have NLG capabilities for text summarization. It also does not have the ability to search through a repository of scanned documents based on entity or intent




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Datamatics (page 2 of 2)Everest Group assessment – Major Contender


It provides role-based access to the system, which can be segregated between development, test, and production environments. It can also time-stamp and audit every document stage

A native dashboard allows users to monitor operations and quality-related metrics such as documents processed, STP rate, manual interventions, and queue status. The platform can also be integrated with Datamatics’ proprietary BI product “TruBI”

It provides flexible deployment options such as physical or virtual desktop, on-premise, and on cloud

It offers a variety of training methods including direct training by the vendor, via partners, classroom training, as well as through online training courses. It also provides certification courses with separate courses for different roles

There is an embedded help tool in the platform as well as an active online user community

Clients are overall satisfied with the product and have appreciated the technical expertise of the vendor, the ability to understand business processes, and a partnership approach

The platform only supports Latin languages for extraction and comes only with an English user interface. Lack of support for other regional languages from an extraction and user interface standpoint limits its use

While the platform can integrate with Datamatics’ RPA product “TruBot” and other applications via APIs, it currently does not have pre-built connectors for other third-party enterprise applications, legacy information systems, RPA tools, or BPM tools

Currently, it offers volume-based pricing linked to the number of pages processed along with a licensing fee. Lack of other progressive output-based pricing models and flexibility in the commercial model may be a deterrent for certain enterprises

It is currently not offered in a SaaS model, which could limit its adoption by small enterprises and SMBs

Clients have indicated that it can improve the time taken to implement the solution by reducing the number of pre-deployment iterations and pre-empting likely issues




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EdgeVerve (page 1 of 2)Everest Group assessment – Major Contender


EdgeVerve is a wholly owned subsidiary of Infosys that develops intelligent automation solutions for RPA, IDP, and DPM / task mining. It envisions to empower enterprises to accelerate their digital transformation initiatives through its technology offerings

Nia DocAI is its AI and NLP-based IDP platform. It comes with pre-built solutions for processing insurance claims receipts, checks, LIBOR contracts, and master-service agreements. The platform also has pre-trained AI models for field-value extraction from standard documents such as invoices

It supports ingestion of documents in different formats including TXT, PDF, JPG/JPEG, PNG, and multi-page TIFF files

Objects such as stamps, logos, barcodes, and signatures can be detected through the platform. Custom models for detecting and extracting other objects can also be created using Nia DocAI’straining and deployment workbench

In addition to data extraction and document classification, it also has NLP capabilities and can perform intent classification, phrase detection and matching, and sentiment analysis. It can also perform abstractive and extractive summarization of text

EdgeVerve’s client base is primarily based out of North America, Europe, and APAC, with limited presence in LATAM and MEA

Nia DocAI has been deployed primarily for BFSI industry-specific use cases and for processing contracts and other legal documents. Therefore, the robustness of the solution for some other major business areas such as F&A, HR, contact center, and mailroom is somewhat untested

A majority of EdgeVerve’s IDP clients belong to high-tech & telecom, BFSI, and healthcare and pharma sectors, and it has limited experience of serving enterprises in other verticals such as public sector, manufacturing, and CPG & retail

While the platform can detect and extract signatures, the ability to verify signatures against a specimen sample is currently not available

EdgeVerve lacks dedicated IDP application and support for mobile platforms. Therefore, it cannot be accessed through mobile devices, which could impede adoption of the platform among enterprises for mobile use cases




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EdgeVerve (page 2 of 2)Everest Group assessment – Major Contender


Nia DocAI provides a data validation and data resolution UI and API that can be used by admin users to select existing validation rules or define new rules and apply them to fields. Users also have the option to add or configure new fields for extraction

The platform provides an out-of-the-box analytics dashboard to measure and display performance metrics around accuracy of the extracted fields, throughput time, and workforce analytics such as average number of corrections made by the reviewer per document

Nia DocAI has pre-built connectors for some of the leading enterprise applications such as SAP, Oracle, and Microsoft Dynamics. It tightly integrates with EdgeVerve’s in-house RPA AssistEdgeRPA and its DPM offering AssistEdge Discover

EdgeVerve offers training and certification courses through both online and classroom mode. Online courses provide self-learning and instructor-led training modules

Nia DocAI can digitize documents in nearly 50 languages; however, support for document processing has been tested for only English. The platform’s accuracy is yet to be proven for languages other than English

While Nia DocAI tightly integrates with RPA and DPM offerings of EdgeVerve, it lacks partnerships and pre-built connectors with RPA tools of other leading vendors, which could lead to longer implementation and integration time for enterprises

Nia DocAI lacks features to auto-redact sensitive information or mask/blur confidential data in documents. This could inhibit the adoption of the solution among enterprises processing documents with highly sensitive information

EdgeVerve does not offer a free community version of the software and also does not have an online community forum for users. This could lower the reach of the software and may lead to longer issue resolution time




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Evolution AI (page 1 of 2)Everest Group assessment – Major Contender


Evolution AI aims to support enterprise IDP needs through its managed services offering, Evolution Catalyze, in addition to its software offerings, Evolution Transcribe and Evolution NLP. It has also released a self-service product, funded by UK Research and Innovation, to increase IDP adoption among SMEs

The solution leverages its proprietary OCR, NLP, computer vision algorithms, and neural network-based models for classification and extraction of fields and tables from electronic documents in various formats including emails, images, website, and PDF documents in more than 40 languages

It comes with pre-trained models on common use cases prevalent in the BFSI sector including invoice, quarterly reports, shareholder lists, balance sheets, profit and loss statements, trade finance, and consumer price index reports

Its point-and-click interface enables enterprise users to train new models for extraction of fields as well as tables; users can also configure workflows, create teams, and edit roles of the users within the platform to ensure quality checks

Evolution AI mainly focuses on the BFSI market and, hence, its ability to serve enterprises from other industry verticals remains untested

While it has experience of serving clients in North America, Europe, and the UK, it lacks presence in emerging geographies such as APAC, MEA, and LATAM

It currently caters to large enterprises (revenue > US$5 billion) and SMBs (revenue < US$50 million); its experience of serving mid-sized enterprises is limited

The solution can identify signatures; however, it lacks the ability to extract other complex data types such as bar codes, logos, and stamps

It lacks the flexibility to allow enterprise users to add, configure, and manage business rules using the platform; this is currently performed by Evolution AI staff

While the solution provides pre-built connectors to widely used RPA platforms, integration with BPM tools and BI platforms is available only through REST APIs




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Evolution AI (page 2 of 2)Everest Group assessment – Major Contender


The self-learning capability of the software enables annotators to train and fine-tune the model as they perform corrections during production. Users can perform validations through an online interface, which is accessible on any mobile device

The software can perform various image pre-processing actions on low-quality images, without the need of operator involvement. It also notifies the user in case the image quality drops beneath a defined threshold

The company has recently released Evolution Metrics, which provides a new interface layer for post-processing, enabling enterprise users to perform validations on the extracted data

The software provides NLP capabilities such as intent detection, sentiment analysis, as well as text search within long-form documents such as agreements

Evolution AI offers flexible hosting options including SaaS, private cloud, and on-premise deployment

Clients appreciate the robustness of the ML models and support provided to resolve issues; clients also appreciate the emphasis on providing enhanced user experience

Currently, the system offers reports to track error rates and throughput details. However, it does not provide visualizations for enterprise users. Enterprise clients also expect better dashboarding and analytics capabilities to monitor software and workforce performance

Evolution AI currently offers a usage-based pricing model; hence, the commercial model may seem less flexible for enterprises looking for outcome-based progressive models

While it leverages partnerships with RPA vendors for smoother integration, there is scope to further strengthen its partnership with resellers and system integrators to cater to a broader enterprise audience

Clients expressed the need for higher flexibility to enable business users to customize the solution without depending on the vendor




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HCL Technologies (page 1 of 2)Everest Group assessment – Major Contender


EXACTO™ is an AI-based information extraction product designed specifically for reading and classifying handwritten and typed fax/image-based documents. It uses ML techniques to extract information from semi-structured and unstructured documents

It comes with pre-trained models for various document types including annual reports, invoices, claims, KYC and ID proofs, checks, home loan forms, contracts, and bank transaction statements, among others

Clients have deployed the platform for a variety of process areas such as F&A, procurement, HR, and mailroom, as well as various industry-specific use cases such as BFSI and healthcare & pharmaceuticals

It has a broad clientele across small, mid-size, and large enterprise buyer segments

It provides flexible hosting options on desktop, server/on-premise, or on cloud platforms such as AWS and Azure. It is also directly offered by the vendor in a SaaS model

HCL’s portfolio includes clients from BFSI, manufacturing, and healthcare & pharmaceuticals sectors. Its ability to serve clients in other verticals such as CPG & retail, public sector, high-tech & telecom is untested

It primarily caters to clients in North America, Europe, and APAC regions, with relatively fewer clients in the emerging markets of LATAM and MEA

While it supports Chinese and Latin languages, it currently does not support other Asian languages such as Japanese and Korean, which limits is ability to expand in these markets

While the platform can integrate with information systems via APIs, it currently does not have pre-built connectors for common enterprise applications such as SAP, Oracle, and other legacy information systems. This could lead to a longer implementation and integration time for enterprises




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HCL Technologies (page 2 of 2)Everest Group assessment – Major Contender


The platform can input documents across most formats such as PDF, JPG/JPEG, XLS, and CSV. It can extract various data types such as tables, free-flowing text, handwritten text, bar codes, logos, and stamps. It can also detect and verify signatures against a specimen sample

Confidential data such as credit card details can be masked/redacted by the system, which enables the platform to be deployed for use cases involving sensitive information. It also allows role-based access to the system and generates audit trails for clear usage tracking

It has out-of-the-box integration with various third-party RPA and BPM tools

It offers flexible commercial models including progressive outcome-based pricing, where the client is charged only for the documents where accuracy matches with the agreed upon values

Clients have appreciated its focus on creating business value and taking the relationship beyond the contract. They recognize the strong relationship between the development team and the business unit in an offshore model as one of its strengths

While it provides classroom training and has an embedded help tool, it does not have any online training portal or certification courses, which could restrict the accessibility of the trainings

Clients have highlighted the scope to improve data extraction from poor-quality images

Clients indicated that scaling of the product to multiple languages and the ability to translate non-English information to English will help support global implementation

Clients have also highlighted planning of the testing phase and time-to-market as potential areas of improvement




strategy







Hypatos (page 1 of 2)Everest Group assessment – Major Contender


Hypatos focuses on providing broad-based document processing automation including content validation, master data matching, and attribute enrichment, in addition to document classification and extraction capabilities, for back-office processes

Hypatos offers a variety of pre-trained models for common use cases such as invoice-to-pay processing, order processing, travel report processing, and P&C and health claims. It also provides custom models based on client requirements

The software can ingest documents in various formats such as TXT, JPG, PDF, PNG, XLS, XML, JSON, and CSV files to extract data from free-flowing text as well as handwritten text, including extraction of bar codes, logos, and stamps

The Hypatos Studio interface allows operators to annotate document images to create training data for new document type models or apply an existing base model and validate results to create training data for model training

It integrates with generally available OCR engines and applies various pre- and post-processing techniques to ensure better extraction accuracy

Hypatos mostly serves clients in Continental Europe, APAC, and North America. It is yet to establish its footprint in other geographies including the UK, MEA, and LATAM

It has primarily deployed IDP solutions in F&A and HR processes and has limited experience in other key functions and industry-specific processes

The solution lacks advanced capabilities such as the ability to recognize and validate signatures, compare unstructured documents, and conduct sentiment analysis – which may be a deterrent for clients looking to handle complex unstructured documents such as agreements

Validation rules integration, master data matching, and validation look-ups can only be configured by a technical user in the back-end. Addition of this feature in the user interface for business users without any technical background is currently in the roadmap

Similarly, user interface to allow business users to configure confidence level / accuracy threshold for classification and extraction is also in the roadmap




strategy







Hypatos (page 2 of 2)Everest Group assessment – Major Contender


The platform calculates a risk score (based on statistical confidence, heuristics, and value-at-risk) for validation of extracted results and determining straight through processing. It highlights fields with low-risk score, missing information, and business rules violation in the review GUI for corrections by business users

Hypatos offers a comprehensive monitoring and analytics service, built on Grafana platform, that includes system-related metrics (such as up-time and CPU usage), processing metrics (such as pages processed and average processing time), and business KPIs (such as accuracy and STP rate per document)

The platform can be hosted on private/public/hybrid cloud and on-premise, providing deployment flexibility to enterprises

Clients are highly satisfied with the performance of the machine learning algorithms and flexibility & ease of deployment of the solution. They appreciate the ease of use of the software and proactiveness in understanding business requirements and continuously updating the solution

While it has partnerships with RPA vendors, the solution lacks pre-built integrations with leading enterprise applications such as Microsoft, SAP, and Oracle, and BPM tools – which may be a deterrent for clients looking for quick integration with their existing business applications and automation ecosystem

The user interface is available only in English and German, rendering it unsuitable for clients looking for UI in regional languages

The solution does not lend itself well for clients looking for embedded help tool, online user community and support forum, or online training support for business users

Hypatos has limited partnerships with service providers and system integrators, which might be a deterrent to serving a broader set of enterprises

It mainly offers subscription-based fixed capacity and usage-based pricing constructs and lacks experience in offering progressive pricing models such as outcome-based models

Clients expect Hypatos to develop direct interfaces with leading BPM and workflow tools, enabling easier development and integration




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Hyperscience (page 1 of 2)Everest Group assessment – Major Contender


Hyperscience has a vision to provide AI-enabled document processing software focused on assisting enterprise employees in data entry tasks from different types of documents such as handwritten, printed, and images into enterprise IT systems

It provides an automated training platform for the ML model, which runs in the background of the software. Users can enhance the accuracy of the model through human-in-the-loop review and feedback on extracted fields

Hyperscience experienced strong YoY growth in terms of revenue and clients in 2020, driven primarily by BFSI and government and public sector in the North American market

Its IDP platform comes with pre-built models to identify intent and process documents with printed and handwritten text including cursive text to extract fields. It also offers out-of-the-box models for document types such as invoices, paystubs, and checks

Documents can be ingested in a variety of formats including TXT, PDF, JPG/JPEG, PNG, XLS, and DOCX. It can also detect objects such as bar codes and does signature extraction and verification

The majority of clients are based out of North America, and it has low presence across some mature markets such as Europe and emerging economies such as APAC and MEA

BFSI, government and public sector, and professional services have been the key focus industries for Hyperscience, and it has limited experience in serving enterprises in other verticals such as high-tech and telecom, manufacturing, and CPG & retail

Its IDP platform has been predominantly deployed for F&A, BPO, and BFSI industry-specific use cases; the robustness of the platform for business areas such as HR, procurement, contact center, and other vertical-specific processes is somewhat untested

Clientele of Hyperscience is skewed toward large enterprises and it has relatively lower experience of serving enterprises in mid-size, small, and SMB segments

It presently supports document processing in only four languages – English, French, Spanish, and German. Therefore, it may not be the best option for enterprises looking to process documents in Asian and Middle Eastern languages




strategy







Hyperscience (page 2 of 2)Everest Group assessment – Major Contender


Hyperscience provides an out-of-the-box analytics and reporting capability. It allows users to set their own SLA accuracy metrics for tracking software performance. It provides insights around field-level accuracy, STP rates, and human workforce performance

The platform has built-in capability to auto-redact sensitive information when new layouts are being created based on populated documents. To further match enterprise standards for security, it offers data encryption and role-based access control

The product architecture is developed on microservices and also supports multi-tenant deployments. The application can also be deployed as a containerized solution using Docker

Referenced clients have lauded customer support and the clarity of communication of the marketing team. They have also highlighted the promptness of the team in listening to customer feedback and incorporating changes

Clients appreciate the platform’s user interface, the accuracy of document processing, and the overall product roadmap and enhancements made by the company

While the platform has NLP capabilities and can also classify emails and documents into different categories, it presently lacks NLG capabilities and may not be well-suited for summarizing long-form text in documents

Hyperscience partners with some of the leading RPA vendors for integrating its IDP platform with RPA technology; however, it lacks pre-built connectors to enterprise IT systems such as SAP, Oracle, and Microsoft Dynamics, which could lead to longer set-up and integration time

It presently does not provide any online portal for training or certification of users. Additionally, it also has relatively few service provider partners, which could be a constraint in accessing training resources for enterprises

Clients have indicated the commercial model and cost of the product as an inhibitor for adoption, especially for enterprises in the small and SMB segments. SaaS version of the software is also presently part of the roadmap, which could lower the TCO for enterprises

Clients have also voiced a need for product documentation and constituting an online community and support forum to empower users to solve product queries




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Indico (page 1 of 2)Everest Group assessment – Major Contender


Indico aims to provide strong AI/ML models for document extraction and also facilitates a human-in-the-loop validation capability for high accuracy through its IDP platform

In addition to data extraction from semi-structured and unstructured documents, it is capable of processing data from multimedia formats such as images and videos

Enterprise users can build custom machine learning models on the platform and orchestrate multiple models in a workflow through a browser-based point-and-click interface for classification and extraction

The platform comprises broadly three modules: the Teach module enables users to upload training samples and label them; the Review module allows users to define workflow queues and provides human-in-the-loop interface for review and validation during production; the Explain module enables users to understand and improve performance of the developed custom models

The Review interface displays both the extracted data and document and highlights exceptions in the corresponding fields for easy correction and validation

Indico currently serves clients in North America and lacks presence in other key geographies such as Continental Europe, the UK, and APAC

Its portfolio is heavily skewed toward clients in BFSI, manufacturing, and professional services sectors. Its ability to serve enterprises from other industry verticals is untested

Indico does not provide pre-packaged solutions and only offers pre-trained models that users can leverage for building custom models

Currently, the platform supports English language; support for other Latin-based languages, Chinese, and Japanese is in the roadmap

While the platform provides integration support via webservices, it lacks pre-built connectors for leading enterprise applications such as SAP, Oracle, and Microsoft as well as third-party BPM tools

The reporting feature provides statistics on metrics such as the time taken per task, STP at the field level, and exception rates. However, the platform lacks visualization and analytics dashboard for tracking and monitoring the software as well as workforce performance




strategy







Indico (page 2 of 2)Everest Group assessment – Major Contender


Indico offers out-of-the-box integrations with leading RPA solutions such as Automation Anywhere, Blue Prism, and UiPath to enable easier deployment within client systems

The platform can be deployed on client server as well as on private and public cloud, based on client data and security requirements; the solution is also delivered as a SaaS offering for enterprises seeking a lower TCO

It provides SSO/SAML integration that enables information security, user authorization, and role management. Users can also build redaction models to automatically redact confidential and sensitive information in documents

Clients appreciate the accuracy of extraction for unstructured documents, the ability to cater to customer needs, and its speed of innovation

Clients have also expressed a high level of satisfaction with cognitive features of the software such as machine learning models, computer vision, and NLP

The platform lacks flexibility to allow enterprise users to add and configure business rules for validation of extracted field and it is currently in the product roadmap

At present, it does not provide NLG features for text summarization in unstructured documents and long-form text such as legal contracts and news articles

Enterprise users require some basic data science knowledge to build custom models and leverage the full potential of the platform

Indico provides common pricing models such as usage-based, fixed capacity-based, and process-based models; however, it does not offer progressive models such as outcome-based pricing structure

Clients highlighted that training and documentation for business users can be improved for better support; clients also indicated lack of clarity on the roll-out plan for new features as a limitation




strategy







Infrrd (page 1 of 2)Everest Group assessment – Major Contender


Infrrd offers a low-code AI-based IDP platform, which allows business users to build and train models across semi-structured and unstructured documents. It provides pre-trained solutions for faster time to deployment as well as self-service controls to allow the flexibility to build custom models

It provides pre-built out-of-the-box solutions for various use cases / process areas such as bank & wealth management statements, claims processing, forms extraction, handwritten forms, insurance documents, invoices, mortgage documents, and receipts, among others

Ingested documents can be classified into different document types at a document or page level. A patented technique using NLP and CNN is used to classify documents by understanding contextual relationships between documents/pages

It also has a managed services offering, wherein the human-in-the-loop validation is also managed by it

Business users can create custom documents, add new document types to the platform, and train models without any ML expertise in a low-code environment

Infrrd’s clientele is primarily based in North America and its experience of serving enterprises in other key geographies such as the UK, Continental Europe, and APAC is limited

The majority of its clients use the platform for F&A, BFSI industry-specific, and web-based processes. Therefore, its capability to serve enterprises in other process areas / business functions is somewhat untested

The platform can integrate with third-party complementary technology solutions via APIs and comes with out-of-the-box integrations with third-party RPA tools; however, it does not have any pre-built connectors for other enterprise applications (SAP, Oracle, Microsoft, etc.) or BPM tools

While API integration with third-party BI platforms is available for generating insights, users cannot generate custom reports using the native dashboards within the platform




strategy







Infrrd (page 2 of 2)Everest Group assessment – Major Contender


The platform allows business users to define and monitor queues to correct and validate extracted data based on configurable field-level confidence thresholds. They can also define validation rules for the extracted data

An analytics dashboard is available to monitor performance at a model- and corrections- level. The model dashboard allows the user to track key metrics such as STP rate, model confidence score, and processing time, whereas the corrections dashboard allows managers to track user performance, corrections made, and correction time

It offers an outcome-based commercial model tied to field-level accuracy

Clients have expressed an overall high level of satisfaction with the product, appreciating its extraction capability, scalability, and cognitive features such as NLP and computer vision

Clients also appreciate the quality of the people across different teams such as IT, sales, and management, their ability to understand the client's business, and the responsiveness of the customer support teams

The platform does not have the ability to auto-redact information nor does it allow the user to mask/blur confidential data, which limits its use when dealing with sensitive information/documents

It currently supports 16 languages for extraction; however, it cannot process multiple languages within the same document and the user interface is available only in English, which may limit its ability to serve enterprises that need broader language support

It provides virtual classroom training to users. However, lack of training via partners as well as online training and certification courses limits the accessibility of its training program

Clients have indicated scope to provide better clarity on its product vision and roadmap, and have also pointed out a need for better communication on the infrastructure requirements of the platform




strategy







JIFFY.ai (page 1 of 2)Everest Group assessment – Major Contender


JIFFY.ai aims to provide intelligent self-service capability to process structured, semi-structured, and unstructured documents through its JIFFY.ai Automate platform. Its vision is to provide a configurable IDP solution that allows configuration of the key components needed for straight through processing

The platform can classify and extract data from various input file formats and data types including handwritten text, bar codes, logos, and stamps

It provides in-built models for various use cases including invoice processing, financial statements, mortgage documents, and service ticket automation. Custom models for extraction and classification of documents can also be generated based on client requirement

The ML models can be trained using historical data as well as by business user using the point-and-click interface. Any correction done by the user on the user validation interface is also recaptured for reinforced learning

JIFFY.ai has enabled its partners and customers to build browser-based HyperApps to solve industry-specific problems such as invoice processing, trade finance, and mortgage. The HyperApps and automations developed are available on a centrally managed library

While JIFFY.ai serves clients in North America, Continental Europe, MEA, and APAC, it lacks experience in serving clients in other geographies such as the UK and LATAM

It has deployed the solution in F&A and BFSI industry-specific use cases and has limited experience in other key processes including contact centers, mailroom, and healthcare industry-specific processes

It has a relatively low number of implementation and training partners, which could limit its ability to serve a broader client portfolio

The company currently offers a usage-based commercial model, rendering it unsuitable for clients looking for outcome-based progressive pricing constructs




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JIFFY.ai (page 2 of 2)Everest Group assessment – Major Contender


The system is bundled with commonly available OCRs including ABBYY, Tesseract, V7, Ephesoft, and Google Vision. However, it is an OCR-agnostic platform and can work with any OCR available with the customer

Its task designer is a web-based, drag-and-drop interface that allows developers to configure complex workflows across multiple systems and interfaces in a low-code environment

It provides standard rule sets as well as allows users to configure business rules for data transformation and validation

JIFFY.ai provides its own analytics and visualization layer to help track and monitor SLAs, extraction accuracy, and manual worker performance

The solution can be hosted on private/public cloud as well as on-premise. It is also available as a SaaS offering, providing flexibility of deployment to its clients

Clients appreciate the company’s flexibility and responsiveness in providing customer support and services

The platform lacks the ability to auto-redact or allow users to mask/blur confidential information –which can be a roadblock for clients with high data security requirements. However, this is in its roadmap

NLP capabilities are offered for documents only in English. Moreover, the out-of-the-box user interface is also available only in English. This can be a deterrent for clients looking for IDP solutions to process unstructured documents in regional languages

Clients expect a more robust product roadmap, faster implementation timeline, and better performance and stability of the solution

Clients also cited focus on user experience and interfaces as other areas of improvement




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Nividous (page 1 of 2)Everest Group assessment – Major Contender


Nividous aims to expedite enterprises’ digital transformation journey through its integrated automation offering that encompasses RPA, IDP, process mining, BPM, and insights from analytics. It started offering its IDP solution in 2018

Nividous leverages its proprietary OCR and computer vision techniques for extracting data from documents. It has a layer of ML model for classification and extraction of data from unstructured documents, which can be trained through past data or continuous feedback

It also natively offers NLP capabilities based on deep learning algorithms for text classification, entity recognition, and sentiment analysis. It also allows users to choose from a list of ML models available OOTB for processing documents

The platform offers pre-trained models for processing standard templates such as identity cards for KYC verification. It combines other technology components such as RPA and BPM with IDP to offer pre-packaged solutions for standard processes such as accounts payable, medical coding, service desk automation, and insurance processing

On-device processing of documents on mobile devices is supported through a dedicated application to upload and process documents

Nividous is relatively new to the IDP market and launched its IDP offering in 2018. Its ability to maintain the robustness of customer support and meet product requirements as its clientele expands is somewhat untested

Nividous’ IDP client base primarily belongs to BFSI, healthcare, and manufacturing verticals in North America and APAC regions. It has relatively low experience of serving enterprises in other geographies and verticals

While its IDP platform has been deployed for some key processes such as F&A, contact center, and vertical-specific use cases for insurance and healthcare-payer industries, the robustness of the platform is somewhat untested for procurement, HR, mailroom, and banking industry-specific use cases

It presently supports only English language for document extraction. This could be a deterrent in adoption for global enterprises looking to deploy IDP solution for regional languages such as Arabic, Chinese, Japanese, and Cyrillic languages

Nividous does not offer the platform as a SaaS offering. This could deter adoption by smaller enterprises looking for lower upfront infrastructure investments and deployment time




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Nividous (page 2 of 2)Everest Group assessment – Major Contender


The platform allows users to add, configure, or modify fields to be extracted. Enterprise users can also configure and manage business validation rules for the extracted fields. It also highlights fields based on low confidence scores or violation of business rules

It provides key insights around the extracted documents such as confidence level, STP rates, field-level accuracy, and workforce performance metrics. It also displays confidence levels of extracted fields and allows users to configure the threshold for extraction

Enterprise users can develop custom reports for monitoring and analytics. Further, user actions are also logged in audit trails with time-stamps

Enterprises can create tailored roles for accessing the platform based on their requirements. It also provides capability to mask/blur sensitive information in documents to ensure confidentiality

Referenced clients have highlighted a flexible licensing model, customer support, and an integrated platform out-of-the-box as key areas of strength for Nividous

While the platform provides out-of-the-box dashboard for analytics and reporting, it presently does not offer pre-built connectors for third-party BI platform providers (Tableau, Power BI, etc.). This could be a constraint for enterprises in gathering insights from the platform

Training to enterprise users is provided through classroom mode and only in India and the US. Online training and user community portal with self-paced training modules is part of the roadmap for 2021

It has very few technology vendors and service providers in its partner ecosystem. This could limit the reach of the product and make it less attractive for enterprises looking to integrate with best-of-breed vendors of complementary technologies such as RPA, IVA, process mining, and BPM

Clients have indicated the need for a smoother implementation and deployment process by providing more out-of-the-box models and better managing the infrastructure requirements for deployment




strategy







Parascript (page 1 of 2)Everest Group assessment – Major Contender


Parascript’s FormXtra.AI uses cognitive technologies to classify and extract data from documents in a low-code environment. Its Smart Learning module is a self-learning module that automatically chooses the ML models needed for optimized results

FormXtra.AI uses reinforcement learning for its human-in-the-loop training, which works on background data verification to curate the learning data set, compares the results of learning with past performance, and automatically sets document, page, and field-level thresholds. It also allows bulk import of historic data to train the system in an unsupervised mode

The platform provides a software learning system that can automate various aspects of document processing such as image pre-processing, document classification, splitting the document, and data extraction across various document and data types

It can process various data types within structured and semi-structured documents such as free-flowing text, handwritten text, bar codes, and logos, and also has the ability to detect and verify signatures against a specimen signature

A large part of Parascript’s clientele is based out of North America, the UK, and Continental Europe, and its experience of serving enterprises in other geographies such as APAC is limited

It provides solutions for the BFSI and government sector; however, it lacks experience of serving firms in other sectors such as healthcare and pharma, high-tech & telecom, media and entertainment, and professional services

Its current client portfolio is slightly skewed toward large enterprises with revenues greater than US$5 billion. Therefore, its ability to successfully cater to small enterprises and SMBs is somewhat untested

Currently, the platform is not offered in a SaaS model, which could deter adoption in enterprises looking for a lower total cost of ownership, especially enterprises in small and SMB segments

The platform currently has limited capabilities in processing of unstructured documents with long-form text such as contracts, lease agreements, letters, and news articles




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Parascript (page 2 of 2)Everest Group assessment – Major Contender


It comes with pre-built models that can be used out-of-the-box for various use cases such as claims, invoices, checks, signature location and verification, and mortgage document classification

It offers services such as data collection, quality assurance, and model training based on customer-specific needs. It can also use synthetic data when there are issues related to data accessibility

Enterprise users can define business validation rules at a field-level through a GUI as well as validate extracted fields using external data

The solution is flexible in terms of hosting options as it can be hosted both on-premise as well as on public/private cloud

Clients have appreciated the platform’s ability to process handwritten documents and its self-learning capabilities

Clients have also indicated pricing of the product and technical support provided by the team as major strengths of Parascript

While it has the capability to extract English and other Latin languages, the platform does not support processing of documents in Asian or Middle Eastern languages. The UI is currently available only in English language

Clients have indicated integration with other complementary technologies as one of the limitations. FormXtra.AI can currently integrate with third-party platforms via APIs and comes with out-of-the-box integrations for some RPA tools, however, it does not have pre-built connectors for other enterprise applications or BPM tools

Clients have highlighted that availability of analytics capabilities would help generate better insights from the platform. FormXtra.AI currently does not have a native analytics dashboard and also does not offer pre-built integrations with third-party BI platforms

Clients have also expressed a need for higher flexibility in the available commercial models. Parascript currently offers a usage-based model with scope to offer more progressive models that are tied to outcomes




strategy







Rossum (page 1 of 2)Everest Group assessment – Major Contender


Rossum’s vision is to automate document-related enterprise communications with IDP as a key component, leveraging deep learning to enable template-independent document extraction

The platform uses a proprietary OCR, deep learning-based neural networks, and computer vision to perform image pre-processing, classification, and extraction of semi-structured documents

The platform comes with pre-trained models for documents such as invoices and purchase orders, which can be further extended to other document types such as delivery notes, packing lists, and bills of lading

It offers a "Dedicated AI Engine" as an add-on service, which enables business users to fine-tune the engine for their specific use case and deploy a customized data extraction model. It also allows users to add and train custom fields for extraction and continuously trains the AI models on production data via a human-in-the-loop

While Rossum’s portfolio presently includes clients from travel & logistics, high-tech and telecom, professional services, and manufacturing sectors, its ability to serve firms from other sectors such as BFSI and healthcare is somewhat untested

While it serves clients in North America, the UK, and Continental Europe, its experience in APAC, LATAM, and MEA is relatively low. Also, it has relatively lower experience serving large enterprise clients (revenue > US$5 billion)

The platform does not offer flexibility in deployment. It is currently offered only as a cloud-based SaaS platform and cannot be deployed on-premise, which could inhibit the adoption for enterprises looking for an on-premise solution

It presently lacks NLP capabilities such as named entity recognition, sentiment analysis, and text summarization, which may deter clients looking for processing of unstructured documents and long-form text




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Rossum (page 2 of 2)Everest Group assessment – Major Contender


The platform comes with a native analytics dashboard, which tracks metrics such as worker performance, field level accuracy, and process-level SLAs

Over 20 languages are supported by the platform for extraction including most Latin languages, Arabic, Korean, Greek, and Hindi. The UI of the platform can also be configured in four languages –English, German, Czech, and Slovakian

Clients have appreciated the intuitiveness of the user interface and have called out its proactiveness in communicating its product vision and roadmap, while continuously developing new features and functionality based on client requirements

Clients have also indicated the quick implementation time of the solution and the customer support provided as strengths

While the platform allows integrations with other systems through APIs and comes with pre-built connectors for SAP/Oracle applications and third-party RPA tools, clients feel that the quality of the existing connectors and their approach toward integrations can be improved

The platform allows roles-based access to the system; however, it currently does not have the ability to auto-redact or allow masking of data, which limits its use when dealing with sensitive information

Configuring business validation rules within the platform requires some technical know-how, necessitating editing of schema or code which may not be suitable for enterprise business users

The platform does not detect and verify stamps and signatures, and ingestion of documents in CSV, TXT, and XLS formats is currently not supported

Clients have indicated that there is scope to increase the accuracy of its pre-trained models, which would help them realize a faster return on their investments




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Singularity Systems (page 1 of 2)Everest Group assessment – Major Contender


Singularity Systems applies deep neural networks to extract data from unstructured documents and images. It aims to provide an intuitive software that allows regular business users with no data science background to build custom solutions in a no/low-code environment

The SinguAI platform comprises four engines – SinguTXT (NLP solution), SinguIMG (computer vision solution), SinguOCR (customer OCR solution), and SinguPREDICT (predictive analytics solution) – that work in tandem to extract data from documents and images in multiple formats

It offers packaged out-of-the-box solutions for classification and extraction of business contract information, bank statements, medical reports, customs declaration, identity documents, and financial statements

The software can gather training data from databases, PDF/text archives, and any existing data repositories in addition to human-in-the-loop training that enables real-time AI. The OCR is trained through the "Automatic Feeding Machine" that crawls text online and feeds it into the training module with no supervision

Singularity Systems serves clients in APAC and North America; it is yet to establish its presence in other geographies. Hence, its ability to serve clients in LATAM, Continental Europe, MEA, and the UK is somewhat untested

Its clientele primarily includes buyers from BFSI and manufacturing industries; thus, it has limited experience in catering to some high-growth industries such as healthcare, high-tech and telecom, and travel & logistics

Its client portfolio is heavily skewed toward large enterprises having annual revenue greater than US$5 billion, with limited experience of serving small and medium-sized enterprises

Currently, the solution supports extraction of documents only in English and Chinese – this can be a roadblock for enterprises looking for multiple language processing

While end-users can manage and configure validation rules from the platform, validation using external data sources can be performed only at the back-end – limiting the flexibility for business users

Presently, it lacks a robust partner ecosystem and primarily relies on direct sales channels, which may limit its capability to cater to a broader set of enterprises




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Singularity Systems (page 2 of 2)Everest Group assessment – Major Contender


The solution comes with a front-end labeling tool and administrator user interface to enable data labeling and manage projects in production. The user interface also highlights the fields with errors and exceptions for review by enterprise user

It performs various pre-processing techniques (such as greyscale binarization, blurring, skew correction, and dilation) to adjust the quality of captured images and documents

It allows business users to configure the confidence threshold for classification and extraction, providing them the ability to control the exception queue

The product is built on microservices architecture, supporting multi-tenant deployment. It can be hosted on cloud and on-premise and is also offered as a SaaS offering

Clients highlighted the accuracy and turnaround time of the machine learning models, the ability to train the model in real-time, and ease of use for non-technical business users as key strengths

It lacks pre-built integration with third-party BI platforms, RPA tools, and BPM tools, which may deter clients looking for an IDP solution that readily integrates with their existing systems

The solution tracks sensitive data within documents; however, it lacks the ability to auto-redact the information. The ability to mask/blur confidential data by enterprise user is available only on demand

The analytics dashboard currently provides metrics around accuracy rates and process-level SLAs. Clients looking for comprehensive dashboards with drill-down options for tracking operator performance besides other metrics may find this solution unsuitable

Singularity Systems offers training only via classroom programs. Lack of training via partners, online training portal, and online community forum limits its ability to train and increase adoption among a broader set of enterprises

Clients stated that there is scope to improve the solution to cater to highly complex business scenarios. Few clients also stated that model configuration is not very easy and there is scope for improvement




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UST SmartOps (page 1 of 2)Everest Group assessment – Major Contender


UST SmartOps envisions to help enterprises in transforming disparate data from unstructured documents into valuable information using a combination of computer vision, AI, and ML techniques through its SmartVision™ platform

The platform comes with pre-packaged solutions, which can be used out-of-the-box for various use cases such as KYC, invoices, contract management, check extraction, and annual stakeholder reports

The platform uses NLP capabilities to perform sentiment analysis, entity extraction, and intent detection from emails and plain text

A native analytics dashboard is available, which tracks various performance metrics such as field-level accuracy and manual time spent for document review. Integration with Grafana enables users to build custom dashboards. It also keeps records of each batch of documents processed for the purpose of auditing

The platform comes with a skills workflow designer where enterprise users can edit existing workflows or create new ones using a drag-and-drop interface

UST SmartOps’ current client portfolio for IDP is skewed toward the healthcare and pharma sector; therefore, its ability to serve enterprises in other industries such as banking & capital markets, public sector, and professional services is somewhat untested

A large part of its clientele is based out of North America and APAC. Its experience of serving enterprises in other geographies such as the UK, Continental Europe, LATAM, and MEA is limited

The platform can integrate with third-party tools via REST APIs; however, it does not have pre-built connectors for various enterprise applications, legacy information systems, or BPM tools

The platform can currently process handwritten documents via partner integrations; however, it does not have the ability to extract logos, stamps, and signatures

While the platform operates via a browser interface and is compatible on mobile devices, a native mobile application is not available

The user interface only supports two languages – English and Spanish – which may limit its application across different geographies




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UST SmartOps (page 2 of 2)Everest Group assessment – Major Contender


The platform allows role-based access control, which can be configured based on the business requirements. The roles can be segregated into development, test, and production environments

It also provides out-of-the-box integration with UiPath’s RPA tool, which allows enterprises to integrate with their existing UiPath platform and trigger automation

The platform is offered through a PaaS model, which reduces time to implementation. It has the flexibility to be deployed via any public cloud. It is also offered on-premise, albeit as a lighter version

It offers high flexibility in terms of commercial models and pricing. Apart from usage-based pricing, it also offers outcome-based pricing and a gainshare model where the customer has no upfront cost, enabling a faster ROI

While the platform supports various languages for extraction, it currently cannot process multiple languages within the same document without manual intervention. It also supports only English language for handwritten documents

It has limited partnerships with service providers and system integrators, which might be a deterrent to serving a broader set of enterprises

While the vendor provides training to users based on requirement, lack of training via partners and online training modules limits the accessibility of its training programs

It currently does not have NLG capabilities that can be used to summarize long-form text from documents




strategy






05 Profiles of 27 technology vendors Aspirants

– GuardX

– i3systems

– qBotica

– SortSpoke

– TAIGER



GuardX (page 1 of 2)Everest Group assessment – Aspirant


GuardX envisions to provide an enterprise-grade platform to help individuals and organizations extract data from unstructured documents, through its IDP platform – Foreseer AI

It provides pre-packaged solutions to process documents focused on financial institutions. Pre-built out-of-the-box use cases provided by the platform include data extraction from US public finances, loan agreements, and real estate deals

The platform leverages OCR engines of ABBYY and Tesseract along with its in-house OCR. The extraction model can be trained based on inputs received from users as part of the human-in-the-loop process

Some of the key IDP capabilities of the platform include extraction of data from nested tables, classification of pages, and GUI with drag-and-drop features to define/edit the process. Additionally, it also provides NLP capabilities for analyzing free-flowing text

It offers an out-of-the-box analytics and reporting tool to measure the software’s performance on broadly two categories – quality of data extraction and processing time

Foreseer AI is a relatively new product in the IDP space and has limited experience of serving enterprise clients. It primarily focuses on the BFSI segment within North America and has low presence beyond these domains

The platform can presently extract data from structured, semi-structured, and unstructured documents. However, it does not have the capabilities to detect and extract data types such as stamps, logos, and signatures

It also has limited capabilities in processing handwritten documents, with the primary focus being vertical-specific printed financial documents

Presently, it does not provide an option for users to add/modify or configure a new field for extraction. Configuring business validation rules based on external databases and lookups is also part of the roadmap

While the platform has NLP capabilities, it lacks sentiment analysis of text and comparison of documents based on intent and meaning. NLG functionalities to summarize long-form text is part of the roadmap and is expected to be made available in upcoming releases




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GuardX (page 2 of 2)Everest Group assessment – Aspirant


It provides insights such as accuracy levels of fields extracted, percentage of false positives, and modified and missed data points. Further, users can also drill down for more granular analysis for the time spent by users on data validation based on a geography or document type

Developed on a microservices architecture with support for containerization, Foreseer AI can be deployed on-premise, on private cloud, and through managed services-based models. Public cloud deployment is presently part of the roadmap

Foreseer AI offers a flexible commercial model where customers have the options to choose from an enterprise-wide licensing and usage-based pricing. It also offers variable price based on the volume of pages processed

Referenced clients have overall expressed a high level of satisfaction with the vendor, appreciating the flexibility and ease of deployment of the solution, customer support, and the understanding of financial domain and enterprise requirements of the vendor

Although the platform provides an out-of-the-box analytics and reporting capability, it does not allow users to generate custom reports by defining KPIs based on enterprise requirements

It lacks features to auto-redact sensitive information or mask/blur confidential data in the documents. This could inhibit the adoption of the solution among enterprises processing documents with highly sensitive information

Foreseer AI has very few service provider and technology partners. Enterprises, especially with centers in remote locations, could face challenges in implementation and support as the vendor expands its global footprint

GuardX does not offer an online training and certification portal and courses are offered only through classroom mode in North America and India for IDP. This could restrict the accessibility of the training program for its clients

Clients have indicated a need for improvement in NLP capabilities and a more holistic and broader approach for intelligent automation to better serve enterprises




strategy







i3systems (page 1 of 2)Everest Group assessment – Aspirant


i3systems has built an integrated product that augments IDP with cognitive AI decision models to automate business processes along with data capture

It can process both semi-structured and unstructured documents with free-flowing text for medical claim-related documents such as discharge summaries

The platform comes with pre-trained models for use cases such as financial/medical adjudication, medical underwriting, invoices, and structured documents such as IDs and forms

The solution provides flexibility in terms of deployment options. It can be hosted by the client on-premise, on desktop/laptop, or over public/private cloud. It is also offered in a SaaS model, which reduces the total cost of ownership for small enterprises and SMBs

It can classify documents into different document types using language models. It leverages NLP capabilities to extract phrases and numerical data from free-flowing text, as well as semi-structured documents

i3systems’ portfolio only includes clients from the insurance sector and its solution has been deployed only for insurance-specific use cases. Hence, Its ability to serve clients in other sectors such as banking & capital markets, healthcare & pharmaceuticals, and manufacturing as well as other use cases such as F&A, procurement, and HR is untested

A majority of its clients are based out of the APAC region. It does not have experience serving clients in other geographies such as North America and Europe

Currently, it only has experience serving small enterprises and SMBs, and its ability to serve mid-size and large enterprises with revenues in excess of US$1 billion is yet to be proven

The platform currently does not have the capability to process data types such as bar codes, logos, stamps, or signatures. Handwriting extraction is supported via a partner

It does not allow enterprise users to add or modify fields to be extracted. This limits the use of the platform only to fields already available in the platform




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i3systems (page 2 of 2)Everest Group assessment – Aspirant


The platform provides roles-based access to the system and the number of roles can be configured based on business needs. It can also time-stamp each user action to maintain audit trails

It provides different types of roles for users to access the platform based on business process requirements. It also gives users the option to review and mask/blur confidential data in documents

It offers flexible commercial models such as per process-based, usage-based (per page or document), and fixed capacity-based pricing. It can also provide SLAs that are tied to field-level accuracy

Clients have indicated that i3systems has a stable platform and is flexible to accommodate customer requirements in the product roadmap

The level of interoperability with other systems is low. While it comes with APIs to create integrations, it does not currently have pre-built connectors for other enterprise applications, legacy systems, RPA, or BPM tools

It supports only two languages – English and Arabic – for both extraction and from a UI perspective. Lack of support for other languages limits its use for global operations

While users can download operational data from the platform and create MIS reports in CSV format, the platform currently does not provide visualizations within the GUI for tracking metrics such as accuracy levels and time spent manually for document review

Users do not have the ability to configure confidence levels or accuracy threshold for extraction or classification

Clients have indicated that there is scope to reduce the implementation and turnaround time for the solution. They also mentioned that a more streamlined QC process would be beneficial for enterprise users




strategy







qBotica (page 1 of 2)Everest Group assessment – Aspirant


qBotica aims to create digital BPOs through an ecosystem of solutions that automate enterprise functions traditionally performed by humans. Its IDP product, Doqument, can classify and extract data from semi-structured and unstructured documents for a variety of use cases such as invoice processing, resume scoring, and tax forms processing

The platform comes with pre-trained solutions for various use cases such as invoices, purchase orders, W2 forms, and structured handwritten forms

NLP is used for document search capabilities. It can extract, read, and understand document clauses and compare them against a set of clauses to provide a match

It can auto-redact sensitive information as specified by the client and allows users to mask/blur confidential data, which makes it unavailable for any processing downstream. This allows the platform to be deployed in process areas that deal with sensitive information

It supports extraction and processing of documents in over 200 languages for printed text, and four languages for handwritten text

qBotica’s portfolio includes clients from the banking & capital markets, manufacturing, and professional services sectors. Hence, its ability to serve clients in other sectors such as healthcare & pharmaceuticals, insurance, CPG & retail, and public sector is untested

Clients have deployed Doqument for process areas such as legal, F&A, procurement, and HR. The platform’s capabilities in other business areas such as contact center and mailroom as well as other industry-specific process areas such as banking, pharmaceuticals, and utilities are yet to be demonstrated

Currently, all its clients are based out of North America; therefore, its ability to serve clients in other regions such as APAC, Europe, LATAM, and MEA is somewhat untested

While the platform uses APIs for integrations and comes with out-of-the-box integrations for RPA and BPM tools, it currently does not have pre-built connectors for other enterprise applications or legacy information systems

It does not allow enterprise users to add or modify fields to be extracted from a document, nor does it allow users to add a new document type for extraction




strategy







qBotica (page 2 of 2)Everest Group assessment – Aspirant


Errors and exceptions get flagged by the system based on low confidence scores, missing information, or violation of business rules, which are then sent for human verification. Users can also configure the confidence score for extraction at a field level

The platform can be hosted on-premise or can be availed as a SaaS offering hosted on a virtual private cloud. It can also be hosted on laptop/desktop for small scale implementations

A native dashboard is available, which tracks various metrics and can be customized as per client needs

Clients have appreciated the platform for its technological capabilities, design, and ease of implementation

Clients also praised the qBotica team for its flexibility in terms of tailoring the solution to suit customer’s needs, consistent delivery, and customer service

It currently does not have the ability to perform sentiment analysis from the extracted text, or NLG capabilities to summarize text in documents

The UI is currently available only in English, which may limit its use in certain regions

Lack of progressive commercial models such as outcome-based pricing can be a deterrent for certain organizations. Its current commercial model consists of fixed platform fee plus volume-based pricing linked to the number of pages processed

Clients have indicated that there is scope to improve the user training provided by the vendor. Currently, self-paced online training and certification courses are not available. It can also improve its communication around complex AI terminologies for better understanding by users

Clients have also highlighted a need for teams and support in other geographies to ease scaling the platform




strategy







SortSpoke (page 1 of 2)Everest Group assessment – Aspirant


SortSpoke leverages proprietary and patented neural network-based machine learning technology for classification and extraction of semi-structured and unstructured documents. It aims to provide a self-serve IDP solution that is easy to implement, maintain, and integrate – for use cases in mid-market and enterprise operations

The solution has flexibility to use Omnipage OCR, Azure OCR, Google Vision, and AWS Textractfor OCR capabilities, as per customer request

The software can learn to extract data from documents in any Latin-based language by uploading the documents and letting business users label the data using point-and-click interface

Supervised machine learning allows it to automatically learn from human-in-the-loop corrections. It continues to learn in near real-time as every document is processed, allowing it to deal with new variations and new fields without IT involvement

SortSpoke can automatically classify and split a multiple-page PDF that contains multiple document classes

The geographic presence of SortSpoke is currently limited to only North America. Hence, its ability to serve clients in other regions remains untested

It primarily caters to clients in BFSI and professional services verticals. Its experience of serving clients in other industries such as healthcare and pharma, CPG & retail, manufacturing, and high-tech and telecom is low

The solution allows document ingestion only in PDF format, limiting its flexibility for ingestion in other commonly available formats such as JPG, PNG, TXT, XLS, and CSV

While it can extract data from tables, free-flowing text, handwritten text, and checkboxes, it lacks the ability to process bar codes, logos, stamps (non-text), and signatures

The solution currently lacks certain NLP capabilities such as sentiment recognition and text summarization

It lacks pre-built connectors with leading enterprise systems such as SAP, Oracle, and Microsoft Dynamics, which could limit its ability to provide faster time-to-value and shorter implementation time. Integration with third-party BI platform providers is currently in its roadmap




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SortSpoke (page 2 of 2)Everest Group assessment – Aspirant


SortSpoke utilizes deskew, contrast enhancement, noise removal, as well as line removal for pre-processing documents and enhancing image quality to achieve higher OCR accuracy

It allows business users to define workflows for review, add new users, and assign tasks for document review, while facilitating role-based access control

It can perform entity recognition for extraction of data from unstructured documents

Business users can create custom rules or select any pre-defined rule-sets (such as date and currency formats) for validation of extracted data

The platform has pre-built connectors with leading RPA and BPM vendors for easy integration with existing systems and workflows. It is also looking to further expand its network of complementary technology partners

Clients appreciate the intuitiveness of the interface, responsiveness to client needs, understanding of use cases, and effectiveness of the ML engine

Reporting data is currently available in a spreadsheet format. A self-service dashboard for performance metrics is in the roadmap

The solution lacks capability to perform business rules validation through external database lookup

Auto-redaction and manual blurring of sensitive information is currently unavailable and is in the roadmap

The solution can be hosted only on cloud. Thus, it will be an unsuitable option for clients looking specifically for an on-premise solution

As per client feedback, SortSpoke can invest more in proactively conveying its product vision and roadmap to clients

Clients feel that there is scope to improve its ability to extract handwritten text, its reporting and analytics capabilities, as well as support for additional languages (such as Asian languages). Clients also suggest that providing quality scores (on extraction accuracy) through the reporting interface would be helpful




strategy







TAIGER (page 1 of 2)Everest Group assessment – Aspirant


TAIGER is a Singapore-based provider of AI solutions. It leverages semantic and NLP capabilities for extracting information from unstructured documents. Its portfolio of offerings includes OmnitiveExtract, its IDP solution, in addition to a semantic search engine and a virtual assistant

Omnitive studio provides pre-built models out-of-the-box for extracting data from documents such as passports, identity cards, payslips, and bank statements. It also allows users to train new models or improve existing ones based on new data and can classify uploaded documents into different document types

Users can ingest documents in various formats such as TIFF, JPG, JPEG, PNG, BMP, DOC, DOCX, and TXT through the UI itself for processing. The extracted data is highlighted in different colors to indicate the confidence level of extraction or a validation rule

In addition to extracting data from structured and semi-structured documents, Omnitive Studio can also process and extract information from unstructured documents with free-flowing text by leveraging NLP capabilities

TAIGER is a relatively new vendor in the IDP space and currently has few IDP clients. Therefore, it is yet to establish itself as a vendor of choice in the IDP market

It has predominantly served small and SMB segment enterprises in Continental Europe and APAC regions. Hence, the vendor’s abilities to cater to requirements of a global enterprise is not proven yet

Its client portfolio consists of enterprises from the banking sector and the solution has been deployed for banking industry-specific use cases only. The platform’s capabilities to serve enterprises in other industries and use cases is yet to be proven

While it can detect signatures, verifying them against a specimen sample is part of the roadmap. It also does not support extraction of objects such as logos and bar codes and has limited capabilities for processing handwritten documents

ML models for processing of documents and data extraction are pre-configured at the starting of projects. Auto-selecting the best model for a given document type and use case based on benchmarking of results is part of the roadmap




strategy







TAIGER (page 2 of 2)Everest Group assessment – Aspirant


It augments the extraction and classification capabilities of IDP with NLP to search and extract data from documents and also perform sentiment analysis

The platform supports English, Spanish, and Russian languages for processing documents, and adding Japanese is part of the roadmap. The UI of the platform is available in English and Spanish languages

It allows users to add or configure a new field to be extracted from the document. Users can also configure the threshold confidence level for extraction of fields and add new document types

The platform is developed on microservices architecture and supports multi-tenant, containerized deployments. It can be deployed on-premise and on private cloud

It offers a subscription-based commercial model where customers are charged based on usage of pages or documents. Typically, the cost involves a base price and enterprises are charged for including add-ons such as the virtual assistant. TAIGER also guarantees accuracy level as part of the SLA depending on the document types

It does not provide an analytics dashboard and presently only generates performance reports indicating process-level SLAs and field-level accuracy. Offering analytics dashboard out-of-the-box is part of the roadmap for 2021

TAIGER has very few service provider partners for providing implementation and training support. It also does not partner with technology vendors for complementary technologies and does not have pre-built connectors for downstream systems

Owing to its small client base, it provides customer support based on client requirements and in a tiered manner. It does not provide 24/7 support to all clients, and does not have an online user community forum either

Referenced clients have stated that providing greater clarity in technical requirements for product integration could lead to smoother implementation and integration of the product




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07 IDP product capability trends and predictions



IDP products capabilities, features, and functionalities (page 1 of 4)

Pre-trained models Pre-trained out-of-the box solutions with reasonable accuracy (~70-80%). These are generally trained by ingesting a variety of documents for a particular domain or use cases into ML models, which users can further train to match their own needs

Improve low-quality images and handwritten documents with features such as auto-crop, noise removal, background editor, and the ability to configure custom enhancement criteriaDocuments pre-processing

Refers to automatic classification and sorting of incoming documents and the ability to route them to desired destinations. It also identifies different sections within the document (e.g., faxes, letters, or invoices) and classifies them according to categories before extractionDocument classification

Accelerated learning by ingesting a labeled set of sample documents or Excel files with sample data in order to efficiently classify documents and extract the relevant fields Supervised learning

Leveraging the ML models developed by various enterprises for use cases to accelerate the training process. Cross-training is generally performed on specific use cases depending on the willingness of enterprises to share their trained models Cross-training

Learn through corrections performed by business users during manual review by automatically generating training batches in the background Ability for business users to train the software by defining the criteria through anchors, associations, expressions, and lookups by uploading a

set of keywordsUser-based learning




Signature extraction and matching

Refers to extraction and matching of signature within a document, along with displaying the confidence-level of the match. Particularly useful for KYC-related use cases

Tighter integration with complementary solutions including RPA and BPM solutions, either through in-house capabilities or via partners, to enable end-to-end process automation for enterprises

Complementary technologies

Classify and extract unstructured data fields from emails, documents with free-flowing text, images, handwritten documents, etc.Processing unstructured data

Developing mobile applications and websites to process data from images captured through devices such as mobiles and tabs. Users can directly upload the captured image of the document into the app for processingMobile capture

Process documents in multiple languages apart from English such as European, Latin American, Japanese, Chinese, and Arabic languages. Some leading vendors have built the capability to process documents in 100+ languagesMulti-lingual documents

Availability of APIs for faster integration with enterprise systems and applications Pre-built connectors with leading enterprise applications Support for integration with upstream and downstream applications of enterprises such as ERP, CRM, and HCM

Integration withenterprise IT architecture




Learning queue administrationAbility to review and approve the learning data sets that are automatically generated from user-based training

Review or correction GUIfor business users

Categorize documents into different types and display the confidence level for classification or highlight the categorization below the defined accuracy thresholds

Display the confidence level of extracted fields or highlight the extracted fields that failed to meet the defined confidence oraccuracy thresholds

Highlight the fields that violate the business rules or fields with incorrect/missing data Ability for business users to manage the work queue of processed documents Display error messages with user-friendly explanations for the extracted fields that require manual review

Configuration and set-up GUI for enterprise administrators

Modify and customize the confidence level or accuracy thresholds for classification and extraction of desired fields from documents Add new processes or use cases from a set of available domains Ability to define, add, and modify the fields to be extracted Upload the documents by batches and manage the processing Define and manage user access controls Visual tool to adjust the accuracy threshold for documents or extracted fields by evaluating the criticality of processes and the desired

automation rates Add or modify business validation rules such as performing mathematical calculations on extracted fields and looking up data from external

databases for verification

Flexibility to experiment on the best-fit ML algorithms for use cases Workbench for enterprise IT users to manage the workflow of processes, access to machine learning libraries, and integrated

RPA capabilities

Workbench for enterprise IT users




Searching through unstructured documents

Searching a keyword across a repository of scanned images and PDF documents for shortlisting. Useful in use cases where organizations need to search for details in documents to analyze a trend or group them together

Analyze the running text in documents, understand the context, consolidate the extracted data, and map the extracted fields to a defined taxonomy. Further, to also recognize the sentiments from the text (e.g., from emails and other unstructured data) and classify into different categories

Natural language processing

Analytics dashboard provides a unified view of multiple document processing projects and allows tracking of various parameters such as STP rate, process-level SLAs, batch-level & field-level processing accuracy, manual worker performance, number of errors fixed, and time taken to fix the errors

Ability to drill down the metrics by specific classes of documents and reviewers Consolidated view of processed documents and fields that contain exceptions to help in identifying the root causes of lower processing

accuracy rates

Analytics dashboard

Security features of IDP solutions include the ability to encrypt, hide, or redact confidential data fields using various technologies before review and adherence to enterprise IT security standards & regulatory compliance requirementsSecurity and

data protection

IDP solutions can be deployed on cloud, on-premise servers, and on desktops. Cloud is the most widely adopted deployment mode, whereas on-premise and desktop deployment could be considered by industries such as BFSI and healthcare in use cases with stringent data security and compliance requirements

Hosting



What do the latest developments in IDP products mean for enterprises?

Increasing maturity for processing unstructured documents

Vertical-/horizontal-specific pre-trained solutions out-of-the-box; app store-like channels for easy access

Advanced image recognition and processing capabilities using a combination of computer vision and deep learning algorithms

SaaS offering of the solution to lower TCO for enterprises and increase accessibility

Increased configurability of platforms to provide greater control for enterprise users

Enhanced integration with complementary technology solutions including RPA, BPM, and process mining

Dedicated mobile applications to facilitate document processing through handheld devices

Extraction capability for a large set of languages including Asian and Middle Eastern languages

Availability of benchmarking analytics for particular processes such as invoice processing


Appendix Glossary

Research calendar08



Glossary of key terms used in this report (page 1 of 3)

Artificial Intelligence (AI) Ability of machines to use cognitive computing to mimic human intelligence, such as visual perception, speech recognition, decision-making, and language translation

Business Intelligence (BI) Technologies, applications, and practices for collection, integration, analysis, and presentation of business information

Business Process Management (BPM)

BPM solutions help to coordinate tasks and orchestrate the flow of information across disparately designed applications, databases, digital workers, and the human workforce. It includes capabilities of process design, execution (through workflows and orchestration of different BPS technology systems), and monitoring (through analytics)

Buyer The company/entity that purchases outsourcing services from a provider of such services

Classic process mining Classic process mining refers to the ability to leverage specialized algorithms to analyze process-related information that is captured in event logs generated by enterprise systems such as ERP, CRM, and SCM, to discover as-is processes, generate process maps, perform conformance check with pre-defined input reference process models, and generate insights for process improvement

Desktop Process Mining (DPM) / Task Mining

The ability to capture user’s keyboard, mouse, and potentially other system-level activities performed simultaneously on various desktops to virtually reconstruct the processes and generate a process map capturing the different process variants

Cognitive/smart automation

The ability of a system to learn how to interpret unstructured content, such as natural language, and use analytical capability to derive and present inferences in a pre-defined/structured fashion; for example, a system classifying the mood of a person into one of the pre-defined groups based on his/her tone and language

Computer vision A technology that uses AI to enable automatic extraction, analysis, and understanding of useful information from digital images

Deep learning A subfield of machine learning concerned with algorithms and inspired by the structure and function of the brain called artificial neural networks

FTE A way to measure a worker's productivity and/or involvement in a project. An FTE of 1.0 is equivalent to a full-time worker

General AI A machine that can perform multiple intellectual tasks across a variety of domains; essentially, it mimics all activities performed by a human

Horizontal business processes

Those processes that are common across the various departments in an organization and are often not directly related to the key revenue-earning business, such as procurement, finance & accounting, and human resource management

IDP Intelligent Document Processing is a software product or solution that captures data from documents (e.g., email, text, PDF, and scanned documents), categorizes, and extracts relevant data for further processing using AI technologies such as computer vision, OCR, Natural Language Processing (NLP), and machine/deep learning




KPI Key performance indicators for processes, services, products, or solutions

Machine Learning (ML) A type of artificial intelligence that provides computers with learning capabilities without explicit programming

Narrow AI A machine that performs one narrow task; an expert system

Natural Language Processing (NLP)

A machine’s ability to interpret human languages

Natural Language Generation (NLG)

The software process to write text in human languages based on structured data

Optical Character Recognition (OCR)

A technology within computer vision that involves the recognition of printed characters using computer software

POC A realization of a certain method or idea in order to demonstrate its feasibility, or a demonstration in principle with the aim of verifying that some concept or theory has practical potential

ROI Returns attained from an investment

RPA RPA refers to a type of rules-based automation technology that helps automate repetitive tasks by mimicking a user’s activities. It is non-invasive and typically interacts with a computer-centric task/process through the User Interface (UI) of the underlying software applications

Semi-structured data Semi-structured content is one that does not conform to the pre-defined structure of content, but nonetheless, contains tags / other markers to separate semantic elements and enforce hierarchies. In short, it has a self-describing structure. The placeholders of the content can be in varied sequences

Software-as-a-Service (SaaS)

SaaS is a software licensing and delivery model wherein the software is hosted centrally by a third-party provider and is made available to customers over the internet.It is also referred to as on-demand software

Structured data Structured content is one that conforms to the pre-defined structure in terms of tags to separate semantic elements and enforce hierarchies of records and fields. Moreover, the placeholders for the content have a pre-defined sequence

Transaction-based pricing Output-based pricing structure; priced per unit transaction with significant price differences between onshore and offshore




Usage-based pricing Value-based pricing structure; pricing based on per-page or per-document processed

Unstructured data Unstructured content refers to information that either does not have a pre-defined data model or is not organized in a pre-defined manner. Unstructured information is typically text-heavy, but may contain data such as dates, numbers, and facts as well

Vertical-specific business processes

Vertical-specific business processes refer to processes that are specific to a department within an organization and are often directly related to the key revenue-earning business. Examples include lending process in case of the banking industry and claims processing in case of the insurance industry

Virtual agent It is a computer-generated virtual character that can have a conversation with human customers and take decisions. Alternative term for chatbots or virtual assistants



This document is for informational purposes only, and it is being provided “as is” and “as available” without any warranty of any kind, including any warranties of completeness, adequacy, or fitness for a particular purpose. Everest Group is not a legal or investment adviser; the contents of this document should not be construed as legal, tax, or investment advice. This document should not be used as a substitute for consultation with professional advisors, and Everest Group disclaims liability for any actions or decisions not to act that are taken as a result of any material in this publication.

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https://tunein.com/podcasts/Business--Economics-Podcasts/Digital-Reality-p1250410/

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