For the second year in a row, Hyperscience has been named a Major Contender in the Everest Group’s IDP PEAK Matrix® report.
How does Hyperscience stack up?
In this year’s report, Everest names Hyperscience a Major Contender (for the second year in a row) for its ability to automate data entry from all types of documents (hand-filled forms, printed documents, and images) into enterprise IT systems. Hyperscience achieves high levels of accuracy through its core ML algorithm and receives top marks from customers for its ease of use and responsive service and support.
Hyperscience’s IDP solution uses proprietary machine learning models to extract printed and handwritten text from structured and semi-structured documents, such as forms, invoices, paystubs, and checks. Its success is driven by enterprise-friendly features, such as the ability to configure accuracy thresholds, quality assurance capability for measuring the model’s accuracy and improvements, and comprehensive analytics dashboards that provide a unified view of human and machine performance.Anil Vijayan, Vice President, Everest Group
What is an IDP Solution?
Everest Group defines an Intelligent Document Processing (IDP) solution 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.”*
Top IDP Value Props
In its overview of IDP solutions for the enterprise, Everest Group illustrates how IDP solutions “blend the power of AI technologies to efficiently process all types of documents and feed the output into downstream applications.”**
In the first stage of pre-extraction, an IDP product or solution takes incoming documents and commits an action to ingest the desired data. From there, IDP solutions can go on to extraction and post-extraction phases, helping organizations streamline their document processing workflows and improve their overall efficiency.
When considering the main value propositions of IDP, Everest Group four main drivers:
- Reduced costs in processing huge volumes of data
- Increased accuracy and speed
- Potential synergy that can be achieved through integrating RPA and BPM solutions with IDP products
- An improvement in strategic business outcomes such as customer experience
How IDP Solutions Outperform OCR
Another important topic covered in this report is the distinction between Optical Character Recognition(OCR) tech and IDP. For many years, enterprises have implemented OCR in effort to automate workflows; however, these rules-based tools are now being compared to IDP products and seen as simpler, traditional solutions that cannot perform to the same degree. While OCR solutions require pristine conditions in order to deliver accurate results, an IDP solution can handle even the worst document imperfections from poorly scanned documents, to hard-to-read handwriting and mixed entries.
Everest summarizes in the report that “IDP solutions are capable of processing documents with greater accuracy and are more resilient to changes in document templates than traditional OCR.”***
Don’t just take our word for it: Download the focus report to learn why Hyperscience stood out in this year’s assessment.
*Page 2, IDP PEAK Matrix 2020 Report, Everest Group.
**Page 13, IDP PEAK Matrix 2020 Report, Everest Group.
*** Page 14, IDP PEAK Matrix 2020 Report, Everest Group.