Future of Work News

Intelligent Document Processing Accelerates Veryfi Growth


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

Future of Work Contributor

Related Articles

RingCentral DaaS: Hardware Management via Single-Vendor Procurement

By: Alex Passett    1/25/2023

The new Device-as-a-Service (DaaS) offering from RingCentral provides a plethora of benefits to customers, including lower upfront hardware costs from…


Kroger Better Utilizes Associates' Talents with Google Cloud and Deloitte Assistance

By: Greg Tavarez    1/25/2023

Kroger is working with Google Cloud and Deloitte to create two purpose-built applications to enhance associate productivity.


Responsible Technology Becomes Pressing Need

By: Greg Tavarez    1/23/2023

Almost three-fourths of business leaders believe that "responsible technology considerations will eventually come to equal business or financial consi…


Unified Office to Exhibit at Future of Work Expo Florida 2023

By: TMCnet News    1/23/2023

Future of Work Expo explores how artificial intelligence and machine learning can improve business applications, communications, collaboration, contac…


Windstream Partners with AWS for Better Virtual Meeting Experiences

By: Stefania Viscusi    1/20/2023

Windstream Communications, has partnered with Amazon Web Services, Inc. (AWS) to provide users of its Enterprise OfficeSuite Live with a way to meet s…