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
