Intelligent Document Processing | Everest Group Assessment | A Major Contender

Everest Group PEAK Matrix™ for Intelligent Document Processing (IDP) Technology Vendors 2019 | Focus on Parascript

Everest Group recognized Parascript as a Major Contender in its Everest Group PEAK Matrix™ for Intelligent Document Processing (IDP) Technology Vendors 2019. Download your copy of Everest Group's Intelligent Document Processing Products PEAK Matrix™ Assessment 2019 focused on Parascript.

Parascript is a Major Contender on Everest Group’s PEAK Matrix™ for IDP software products in 2019. Its IDP solution leverages proprietary machine learning algorithms for pattern recognition, image preprocessing, classification, and data extraction,” said Anil Vijayan, Practice Director, Everest Group. “Parascript offers pre-trained solutions for documents such as invoices, receipts, and claims. Its ability to process handwritten documents in combination with enterprise-friendly features such as the ability to configure confidence levels, easy to use yet comprehensive learning features, and configurable user access control mechanisms have contributed to its success.”

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.”

Ultimate Objective of Intelligent Automation

“When Everest Group named Parascript a Major Contender in the Intelligent Document Processing space, it was a tremendous validation of our vision,” said Greg Council, VP of Marketing and Product Management at Parascript. “We are focused on providing the highest rates of unattended processes, which is the ultimate objective of intelligent automation. Our efforts to ensure faster time to live through accelerated machine learning while achieving the highest accuracy data results have really distinguished us from our competitors and made a significant difference to our clients.”

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.

“We’re making major advances in data extraction and verification by applying artificial intelligence to document processing automation. Our novel use of deep learning has led to new levels of handwriting recognition accuracy and better than human accuracy and speed in check recognition,” said Bill Johnson, VP of Global Sales. “We have eliminated the need for templates, which tend to become dated quickly in dynamic environments and require regular maintenance to remain relevant. Rules-based approaches—that generally require developers and SMEs—are no longer necessary either. Stay-tuned for more capabilities in the near future.”

To extract data from highly variable, multi-page documents, Parascript software requires only a sample data set and its output to train the capture system for more accurate, immediate results.