The market for Intelligent Document Processing is exploding at 70-80% annually over the next 2 years
The Intelligent Document Processing market is rapidly accelerating at 70-80% Compound Annual Growth Rate (CAGR) as enterprises seek to harness the power of AI to improve compliance, governance, and cost-efficiency of processing documents into data. The market size is over $1 billion in 2020, according to the Everest Group.
Some key findings including:
For more information, refer to the Everest Group Report: Intelligent Document Processing (IDP) Annual Report 2019 – Let AI Do the Reading
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We experienced first-hand the immense loss, inefficiencies, and outdated processes in the supply chain, working at or with the industry leaders in supply chain and eCommerce.
Over half of invoices, packing slips, and orders are still sent over paper, email, or PDF. People on the receiving end still do significant manual data entry, increasing labor costs, mistakes, errors, mis-ships, over payments, and loss. Over half of Fortune 500 companies report that late shipments and delayed fulfillment inhibit their customer success, as they try to keep up with the "Amazon effect" in eCommerce fulfillment. These issues are due to inaccurate inventory data, which in large part stem from inaccurate inbound receiving, inventory inspections, and invoicing.
We then sought out to solve this problem once and for all. Equipped with state-of-the-art computer vision and natural language processing, we amassed one of the largest datasets of industrial invoices, packing slips, receipts, and other trade documents, and built partners with industry leaders around the globe.
Allied with experienced execs who automated Amazon, Boxed, and other eCommerce unicorns, we're positioned to make distribution, fulfillment center, logistics provider, import, transportation, and tech businesses as efficient as Amazon.
Our vision is to enable any business to share, collaborate, and communicate around data seamlessly, starting with supplier data, eventually building a bridge to customer data.