Intelligent Document Processing, the New Enterprise Technology Superpower
Last updated on 29 December, 2020
Robotic process automation (RPA) is one of the fastest-growing sectors in business, but it can deliver even more benefit to users with an injection of breakthrough tech. Enter intelligent document processing (IDP), which uses machine learning (ML) to capture, classify and extract the most difficult to automate data: unstructured. IDP fills the wide capability gap left by rules-based RPA, which pulls and pushes structured data — and this capability is finally getting the attention it deserves as an enterprise technology superpower.
Everest Group is among the first firms to map the market and recognize its leaders, and in their latest assessment of the landscape, they have designated WorkFusion a Leader based on Market Impact and Vision & Capability.
We’ve licensed the report — Everest Group’s Intelligent Document Processing PEAK Matrix™ 2020 — which includes the full vendor evaluation of WorkFusion.
Read on for highlights of the report and why WorkFusion was spotlighted.
What is intelligent document processing (IDP)?
According to industry research, about 90% of data within any organization is unstructured, and most of it is locked in documents. Everest defines documents as “email, text, PDF and scanned documents” — which first-generation, rules-based RPA cannot process. IDP has emerged as a critical capability for large organizations because RPA customers have struggled to scale automation programs, most of which require processing a large volume of documents. With Intelligent Document Processing, operations are able to automate data capture, classification, and extraction.
Why is WorkFusion a Leader out of 16 IDP vendors?
Everest Group defines Leaders as those vendors who “command higher overall satisfaction among their clients than Major Contenders and Aspirants. Leaders’ clients are highly satisfied with their product vision & roadmap, IDP product capabilities, and their ability to help them achieve better business outcomes.” Looking beyond the way our products delight our customers, Everest Group offered these main reasons for assessing WorkFusion at this level:
1. A unified platform combining core automation capabilities
In Everest Group’s words, “WorkFusion has a distinctive vision to enable digital transformation for enterprises by providing innovative AI-driven automation capabilities … within its integrated automation platform that brings together RPA, BPM, OCR, analytics, and AI capabilities.”
Yes, it’s a lot of acronyms, but each one of them is a critical capability in enterprise digitization initiatives, and it’s essential they all work in concert. Put simply:
- IDP automates extraction and structuring of document-based data
- RPA automates pulling and pushing of structured data into disparate systems
- BPM orchestrates the business process that contains many data tasks
- AI makes cognitive decisions based on the data
- Analytics says how a process is performing, how it will perform, and what to do to optimize
WorkFusion has created the best iteration of each capability and built them into a unified software platform so that rather than cobble together multiple point solutions, customers only have to buy and learn one great product.
2. Making AI easy and scalable for business people
Not too long ago, AI was complex, expensive and scarce. WorkFusion was founded to make AI easy for business people — and the success that leading banks and financial institutions, as well as large insurance companies and healthcare organizations, have seen using our product suggests we’re meeting that goal.
How? The key is a proprietary native capability called AutoML, which automates the expensive, complex data science work that used to require a team of Ph.Ds to spend months cleansing data, selecting and testing different machine learning models. AutoML watches people do their jobs, finds and learns patterns, and selects and trains the right algorithm to automate the work… within days.
3. Pre-built use cases and user-friendly process design tools
One example of a pre-built package: Anti-money laundering (AML) efforts are complex and expensive, but necessary to ensure banking customers are not performing illegal financial activity. Along with two major services partners, WorkFusion decided to create an off-the-shelf AI-driven automation solution for AML.
Everest Group noticed and rewarded this innovation, writing that our platform “has the capability to leverage pre-built use cases such as invoice processing and anti-money laundering [AML] to quick-start automation or configure a new use case through its built-in visual BPM/workflow with a simple drag-and-drop interface. This provides enterprises with the flexibility to enable end-to-end process automation with RPA, OCR, IDP, and system tasks with human-in-the-loop to handle exceptions.”
Versatile, complete enterprise automation solution
RPA, OCR, BPM and AI have each been around for a while, but our breakthrough automation capability has combined and delivered them as a unified product for customers. This is truly versatile intelligence: making many different tasks in a process more accurate, more measurable and more predictable. Entire functions are not only automated, but also perform better, faster and more efficiently as volume and variability of work increases.
Our recognition by Everest Group as a leader in IDP, in two significant dimensions (Market Impact and Vision & Capability), is proof that one powerful, versatile platform that creatively combines capabilities can outperform specialized, rigid point tools.
Our vision since 2012 has been to for our customers, and we’re grateful to every company who has bet on us and helped us blaze this trail — and those who will continue to leap forward with us.
Also published on Medium.