Everest Group Recognizes Parascript as a “Major Contender”

Intelligent Document Processing Products PEAK Matrix™ Assessment 2020 | Parascript

Everest Group recognized Parascript as a Major Contender in its 2020 Intelligent Document Processing (IDP) Products PEAK Matrix™ Assessment. Download your copy of Everest Group’s Intelligent Document Processing Products PEAK Matrix™ Assessment 2020 focused on Parascript.

Parascript is a Major Contender on Everest Group’s PEAK Matrix™ for IDP software products in 2020. Its IDP solution leverages proprietary machine learning algorithms for pattern recognition, image preprocessing, classification and data extraction.

The Parascript vision is to enable enterprises to process a wide variety of unstructured data efficiently with less manual intervention. Its advanced capture solution has software learning capabilities that include document classification via clustering, automated training through ingesting a sample set of labeled documents with representative data sets and machine learning through a continuous feedback loop behind the scenes during document processing operations.

The Everest Group PEAK Matrix™ is a sophisticated framework developed by Everest Group to assess market impact, company vision and product capabilities. Everest Group defines Intelligent Document Processing (IDP) as “any software product or solution that captures data from documents (e.g., email, text, pdf, and scanned documents), categorizes and extracts relevant data for further processing using AI technologies such as computer vision, OCR, Natural Language Processing (NLP), and machine/deep learning.”

In the past, organizations had to integrate multiple platforms and spend a significant amount of effort to optimally configure a system to accomplish high levels of automation. Today, organizations can leverage Parascript advanced capture, ICR/OCR, handwriting including cursive, signature verification and fraud detection from a single platform and with less upfront and ongoing costs.