Future of Work News Free eNews Subscription

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
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

Future of Work Contributor


Related Articles

New AI-Enhanced Customer Experience and Relationship Solution by Genesys and Salesforce

By: Greg Tavarez    9/28/2023

Using CX Cloud from Genesys and Salesforce allows companies to enhance customer personalization while relieving the IT and analyst teams of developmen…


MiaRec Enhances Conversational Intelligence with Generative AI

By: Stefania Viscusi    9/28/2023

MiaRec's Auto QA empowers businesses to extract maximum value from their customer interactions.


Hybrid or In-Person Work Over the Next Decade? New Data Points to the Former

By: Alex Passett    9/28/2023

A new Future of Work study from Omdia concludes that, while working in person has its value, a vast percentage of companies' employees favor hybridity…


Infosys and NVIDIA Expand Partnership for 'AI First' Offerings

By: Tracey E. Schelmetic    9/27/2023

Digital services and consulting company Infosys recently announced a partnership with NVIDIA.


Egnyte and Microsoft Reinforce Commitment to Hybrid Work with Collaboration Upgrades

By: Greg Tavarez    9/27/2023

Egnyte strengthened its relationship with Microsoft to provide customers with additional real-time document collaboration and sharing features through…