The 7 Mission Critical Elements of Intelligent Document Processing
This is a follow-up to our blog “How Digital Workers Help Overcome Everest Group’s 5 Key Challenges in Adopting IDP Solutions.” This time we’re focused on breaking down Everest Group’s recent white paper Seven Must-Have Innovations in Intelligent Document Processing.
Now, let’s discuss what to look for in a solution to ensure a smooth IDP adoption process.
Mission critical element 1: Packaged solutions
The first element mentioned by Everest Group is the need for packaged solutions.
WorkFusion’s AI-enabled Digital Workers are a whole new type of packaged digital employee. Digital Workers are 100% digital, pre-built, usually industry-specific, ready-to-hit-the-ground-running type of worker. They can handle multiple languages, multiple complex document types (including unstructured), and the heaps of mundane work that plague document-heavy businesses today. Like traditional employees, these Digital Workers get smarter and get even better over time, learning from their past and increasing their efficiency. However, unlike traditional employees, they work 24/7, don’t take vacations, and are available with an on-premise, SaaS, or managed services deployment.
Everest Group is not shy about the trend towards digital workers, saying “Certain packaged solutions offer high levels of document understanding in such a manner that they are closer to being digital workers rather than traditional software programs.” WorkFusion Digital Workers have officially entered the chat.
Mission critical element 2: Complex document processing capabilities
Obviously, a large element of an IDP solution is…document processing. Specifically, complex document processing capabilities. As Everest notes, IDP solutions largely have this down, but “some IDP solutions have expanded their capabilities to process more complex unstructured documents such as contracts, loan documents, emails, and annual reports.”
WorkFusion prides itself on being a leader in Intelligent Automation, with abilities to process unstructured documents in multiple languages using advanced machine learning capabilities, several elements specifically called out by Everest Group. As a matter of fact, we were named a leader (for the fourth consecutive year) in Everest Group’s PEAK Matrix® Assessment for Intelligent Document Processing (IDP) 2022.
Read more about our IDP abilities here.
Mission critical element 3: Continuous model improvement
Everest Group points to the demonstrated ability to update, improve, and excel as a key element for a good IDP solution. Specifically highlighting frequent model updates, great user interface, controls, and federated learning to improve the model.
In WorkFusion’s 10.2.5 release of its Digital Workers, a main priority was HITL optimization, which streamlines the user experience through simple drag and drop UI, increasing the overall efficiency of the process. The 10.2.5 release also improved admin controls to review re-training datasets, models, and controls.
WorkFusion also prioritizes continuous learning by utilizing their proprietary cloud-federated learning technology, which helps all models stay up-to-date and continue getting smarter.
Mission critical element 4: Enhanced data enrichment
Another crucial part of an IDP solution is enhanced data enrichment, according to Everest Group. This serves as a key solution to integration problems, highlighting the importance of pre-built integrations with third-party data sources, as well as industry benchmarking.
Pre-built integrations and third-party sources are important components of WorkFusion Digital Workers. Additionally, WorkFusion Network provides the best solutions to all vendors without compromising data privacy, giving clients the opportunity to monitor models’ performance and compare against industry peers, making it easier than ever to ensure you’re getting the best possible results. All of that AND no awkward small talk with the new coworker?! Sounds like a win-win to me.
Mission critical element 5: Flexible deployment models
Remember when Netflix was just a DVD rental service? But then streaming became a thing and now every Tom, Dick, and Harry is starting their own streaming services (podcasts, too, but that’s for another day)? The flexibility of choice is what first appealed to customers, and the expanded options phenomenon has spread to IDP as well.
First, it was just about on-premises. But, just like Netflix, people are moving more toward digital options. So, cloud, and then SaaS came along. This evolution is what companies are looking for, and Everest Group agrees this is very important for a vendor to have to ensure a smooth adoption process. Not just the introduction to SaaS (which WorkFusion has, by the way) but also CI/CD opportunities (which WorkFusion also supports in Open Development Framework).
Not only do these options for deployment help the customer have a choice, but they also can lower TCO.
Mission critical element 6: Advanced data management
Managing data through machine learning (ML) control is key, according to Everest Group. This means capabilities of end-to-end machine learning controls to ensure the solution is learning the right things the right way. That makes sense! These controls ensure the models get the process and answer right.
WorkFusion’s 10.2.5 release also introduced ML Lab, which features Digital Worker–accelerated training. This simplifies the training of models with a no code UI for data review, labeling, and training of Digital Workers. This helps ensure the Digital Workers are doing their right work the right way.
Mission critical element 7: Model monitoring and explainability
Ok, ok. So, models are great. But how great are they if you can’t see how well they are doing? Everest Group urges vendors to have a way to track progress and benchmark against the industry.
As previously mentioned, the WorkFusion Network allows clients to monitor their models and compare them to others in the industry and allows clients to access models right there, tested within the industry. They also receive updates to algorithms and automation periodically, keeping them in tip-top shape. No need for PTO for these Digital Workers, after all. And not to mention this all helps with the overall problem of implementation of the solution. How’s that for full circle?
Is WorkFusion right for you?
We tackled a lot: all 7 mission critical elements Everest Group urges clients to prioritize when choosing their IDP vendor. So, if you find yourself looking for the perfect IDP vendor and have questions, comments, or concerns, schedule a demo today and see if WorkFusion is the right choice for you.
of Intelligent Automation
of Intelligent Automation