It is impossible to escape the current economic climate’s impact on all businesses. With the market corrections across the technology sector, I believe it is necessary to clarify our strategy and focus. The Leadership Team and I met with the Board and discussed the opportunities for our business in light of market conditions. We have decided to take the following steps to support Hyperscience’s continued growth in the long term. These actions will allow us to continue to serve our existing customers, onboard new ones and emerge stronger when the macroeconomic climate improves.
Focus on Intelligent Document Processing (IDP)
In our product roadmap, we have been working hard to build a new category for Intelligent Content Processing (ICP). While ICP will remain our long term goal, doubling down on our efforts within the Intelligent Document Processing (IDP) space will be critical to our success. Arup Roy, Research Vice President with Gartner’s Technology and Service Provider, has said, “The intelligent document processing (IDP) market is growing more than 100% and is projected to reach $4.8 billion in 2022, thus representing a growth opportunity for tech CEOs of IDP providers.” With the investments we have made in the Hyperscience Platform, we have the best-performing ML-led automation solution on the market. By leaning into the opportunity in front of us with IDP, we will enable our customers the chance to transform existing processes today and optimize for the business needs of tomorrow. Our focus will be on ease of use and extended IDP capabilities—to put the power of what we have built into the hands of our customers as quickly as possible.
Reorganization and Spend focus
It is unclear how long the economic downturn will last. In talking with my peers across the technology sector, one thing is certain: organizations are being prudent in all areas of spend. Similarly, we will be taking immediate measures to keep our costs in line, so we can preserve valuable funding and make sure we have enough cash on our balance sheet to be able to continue to serve our customers over the long term.
The opportunity ahead of us
At Hyperscience, everything we do ties back to creating value for customers. Our team is continually motivated by the conversations we have with customers on how we are improving the way they support their end customers, every day.
We have an extraordinary opportunity to build a valuable company that is poised to do some incredibly good things in this world—change and improve lives. And I believe this is worth fighting for. It is our team’s collective perseverance and dedication to solving some of the most challenging and complex automation challenges that will take us further, together.