Future of Work News Free eNews Subscription

Intelligent Document Processing Accelerates Veryfi Growth

By

Intelligent document processing, or IDP, is the next generation of business automation. It enables capturing, extracting and processing data from various document formats. Organizations are devoting more financial and human resources to deploying IDP capabilities as the look to increase operational efficiency and reduce human error. Success by forward-looking organizations is driving confidence in a market expected to grow 70%-80% over the next two years to $1.1 billion, according to Everest Group.

One company that can confirm the market’s growth is Veryfi, which uses AI technology to instantly transform documents into structured data. It saw 750% year-over-year growth in the Veryfi OCR API Platform usage.

Companies are seeing better time-to-value with IDP rather than robotic process automation (RPA). But, RPA combined with with Veryfi IDP will allow customers to benefit from pre-trained AI that delivers immediate accuracy and complements RPA enhanced automation capabilities. IDP solutions with pre-trained AI outperform home-grown solutions built using commodity OCR and AI tooling in terms of accuracy and time-to-value.

“We’re absolutely thrilled that our customers are joining us on our mission to eliminate manual data entry and are seeing increased efficiency, revenue and time to value, starting on Day 1, with our platform,” said Ernest Semerda, co-founder and CEO of Veryfi.

Veryfi eliminates manual data entry. It enables organizations to accurately capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards and W-9 forms into structured data, at scale.

Veryfi uses advanced AI/ML technology to extract data and transform it into a structured format for 85 currencies, 39 languages and 110 defined fields. Enterprises accelerate financial document processing by 200 times with Verify. In the process, there are fewer errors than humans can achieve, and companies can more effectively comply with the increasing number of international security and privacy regulations.

“Our AI-driven IDP solution is the first to promise Day 1 Accuracy with no humans in the loop, and our customers’ growing trust in our platform is a clear sign that we’re living up to that promise,” said Semerda.




Edited by Erik Linask
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

Future of Work Contributor

SHARE THIS ARTICLE

Related Articles

Future of Work Expo 2025: UCaaS Drives the Future of Work

By: Greg Tavarez    2/12/2025

At Future of Work Expo 2025, part of the #TECHSUPERSHOW, a panel session, "Why UCaaS Is the Future of Work," explained why UCaaS is so central for the…

READ MORE

Is the Future of Work Powered by AI? Find Out at Future of Work Expo 2025

By: Alex Passett    2/11/2025

Future of Work Expo 2025 began today at the Broward County Convention Center in Fort Lauderdale, Florida. This story shares some details from the Futu…

READ MORE

Cybersecurity and Privacy Discussed at Future of Work Expo 2025

By: Greg Tavarez    2/11/2025

The flow of sensitive information, both within and outside organizations, is becoming harder to control.

READ MORE

Unified Office Announces Significant Expansion of its TCNIQ AI Analytics Suite of Products at Future of Work Expo 2025

By: TMCnet News    2/11/2025

Leading communications technology company Unified Office announced today the official expansion of its TCNIQTM AI-based business analytics suite of pr…

READ MORE

Beyond the Hype: Unified Office Provides Real AI Solutions for Business

By: Special Guest    2/8/2025

Unified Office is committed to creating practical AI applications that solve real world problems.

READ MORE