Intelligent Document Processing in 2022: Driving Towards the Unknown -2
For Previous Blog- 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 # 4: AI Arms Race
IDP is all about maximizing automated processing and minimizing the need for loops inside humans. The actual value comes from the accuracy of the system when you switch on, or what we call day zero accuracy (DZA). High HDZA equals high straightforward processing (STP) rate, minimal human intervention, and high value for overall solution organization. You can only get there with the best AI models for DZA.
>> IDP vendors will focus on achieving a 100% STP rate with innovative AI models.
Trend # 5: Understanding the unknown
The IDP market has been focusing on the “leading” for the past few years. Types of the known document, expected data, and predictable document flow. But this is not where the real value lies. It is important to have a solution that can use technology to deal with the unknown. I get the question all the time: if I don’t know what I will get when I open a document? What if there is a high probability that the original document would take a lot of time and money to compile? To date, the IDP industry has not been able to properly process the “unknown”. They use static AI, purpose-built for use, or rules to accomplish the purpose. 2022 will change everything.