Intelligent Document Processing in 2022: Driving Towards the Unknown -1
2021 has been an exciting year for the Intelligent Document Processing (IDP) space, and we are all participating in this market. Gartner’s latest Competitive Landscape Report on IDP Vendors lists more than 40 solution offerings that meet the entry criteria, and it seems that every day a new startup or solution enables this high demand. Looking to add capabilities. So where are the leaders going and what will happen on the roadmap for 2022? How will it shape the market next year? Here are five trends I’m looking forward to and others that will emerge in the next 12 months.
Trend # 1: HA
Hyper Automation (HA) initiatives will continue to target documentation tasks and relieve end-users of digital headaches, which is the automation of the documentation process. With over 60% of business processes including access to records or documentation, it provides instant wins for focus automation teams, and with the right tools, can deliver significantly better business results. In addition, organizations will continue to develop intelligent document processing capabilities beyond structured and semi-structured documents, providing the ability to extract data of interest (DOI) from non-structured documents.
The unstructured structure will provide a gold mine of insights to the leading organizations run by IDP.
Trend # 2: Head into the clouds
Over the past year, we’ve seen a huge increase in the adoption of our Cloud IDP solution, and for obvious reasons, the demand for cloud availability has increased over the last 2 years. Industries, such as banking and government — cloud holdout stalwarts — are now moving at a slower pace to introduce new services, reduce costs and shape their organizations for the future.
Cloud adoption will continue and the demand for “on-premises” solutions will decrease.
Trend №3: Spreading Taming
IDP is broad, and with the rise of hyper-automation, organizations are often fragmented when it comes to document processing. A department is taking advantage of documented understanding in its RPA tool. The second uses the workflow plugin for Google Vision in the cloud. Another department is still using the ERP suite IDP to process invoices. This “expansion” of IDP capabilities gives rise to nightmares of management, security, and governance, not to mention the lack of standardization and re-qualification throughout the business.
Smart organizations will standardize on a single IDP platform that can centralize basic document processing and meet all of their HA requirements.