ISG Research is happy to share insights gleaned from our latest Buyers Guide, an assessment of how well software providers’ offerings meet buyers’ requirements. The Intelligent Document Processing: ISG Research Buyers Guide is the distillation of a year of market and product research by ISG Research.
Enterprises face a perfect storm of challenges and opportunities. The pace of digital transformation, coupled with increasing customer expectations for personalized
ISG Research defines intelligent automation as an advanced approach to business process optimization that utilizes artificial intelligence, machine learning and automation technologies. Intelligent automation enhances efficiency, reduces errors and improves decision-making across the enterprise. It shifts human resources from simple, repetitive tasks to more complex problem-solving activities while augmenting their capabilities through human-AI collaboration that embraces continuous learning systems and improves over time. ISG Research segments intelligent automation into four areas: Process Automation Platforms, Conversational Automation, Intelligent Document Processing and Process Discovery and Mining.
Intelligent document processing focuses on the automated extraction, classification, analysis and processing of information from various document types, including structured, semi-structured and unstructured formats. It
For chief information officers and IT leaders, intelligent document processing represents a strategic investment in digital transformation, improving operational efficiency, enhancing compliance with regulations, and informing strategy and driving innovation.
Intelligent document processing has become a focal point in enterprise technology discussions, driven by the convergence of several critical factors. The acceleration of digital transformation, catalyzed by the COVID-19 pandemic, has increased the need for operational agility and modernization of legacy systems. This urgency, combined with advancements in AI and machine learning, has expanded intelligent document processing capabilities to handle complex cognitive tasks.
The explosion of data across enterprises has further amplified the importance of this technology, as it offers powerful tools for processing and deriving insights from vast amounts of information, enabling data-driven decision-making at scale. Additionally, intelligent document processing addresses the evolving workforce landscape by automating routine tasks and augmenting human capabilities, allowing workers to focus on higher-value, strategic activities.
When an enterprise CIO or IT leader considers intelligent document processing software, the choice should correlate to the organization’s specific objectives, goals and desired outcomes. Intelligent document processing benefits organization dealing with a large volume of documents. It accelerates document-centric processes, improves data accuracy and enhances compliance. This technology is especially valuable for enterprises in document-intensive industries like finance, healthcare or legal services. It also benefits companies looking to digitize operations, reduce manual data entry and gain faster insights from document-based information.
The choice of intelligent automation software should align with the enterprise’s strategic objectives and operational needs. It is also important to consider factors such as the current process landscape, compatibility and integration with the technology infrastructure, data availability and quality, ROI and financial impact and organizational readiness. A well-chosen automation strategy can drive operational excellence, improved customer experiences and enhanced decision-making.
GenAI and large language model technologies offer valuable capabilities in natural language understanding and processing, content generation and task automation, potentially streamlining operations and enhancing
GenAI and LLMs are revolutionizing IDP software by:
CIOs and IT leaders should approach intelligent automation software incorporating GenAI and LLMs with enthusiasm and caution. While these technologies offer significant benefits, they also come with unique challenges and prerequisites. A holistic evaluation must include technical aspects and also business, ethical and strategic considerations. Other areas of focus include risk awareness, critical infrastructure, organizational readiness, governance and compliance and a long-term perspective on sustainability and scalability of AI approaches.
Our Intelligent Document Processing Buyers Guide is designed to provide a 360-degree view of a software provider’s ability to use enterprise data to standardize and optimize a variety of document types. ISG believes a methodical approach is essential to maximize competitiveness. It is critical to select the right software provider and product to improve the performance of your enterprise’s people, process, information and technology components.
The ISG Buyers Guide™ for intelligent document processing evaluates product capabilities including data extraction and recognition, document classification and categorization, system integration, data export, error reduction, human validation, ML model scalability and adaptability, no-code/low-code/code-first environments and demonstrated investment in product capabilities. To be included in this Buyers Guide, software providers must meet or exceed the inclusion criteria and have commercially available products in intelligent document processing.
This Buyers Guide report evaluates the following software providers that offer products addressing key elements of intelligent document processing: ABBYY, airSlate, Appian, Automation Anywhere, Datamatics, Fortra, HCLTech, Hyperscience, IBM, Microsoft, MuleSoft, Nividous, OpenText, ProcessMaker, Rossum, ServiceNow, SS&C Blue Prism, Tungsten Automation and UiPath. Software providers that provide process automation platforms, conversational automation or process discovery capabilities are represented in separate Buyers Guide research reports.
This research-based index evaluates the full business and information technology value of intelligent document processing software offerings. We encourage you to learn more about our Buyers Guide and its effectiveness as a provider selection and RFI/RFP tool.
We urge organizations to do a thorough job of evaluating intelligent document processing offerings in this Buyers Guide as both the results of our in-depth analysis of these software providers and as an evaluation methodology. The Buyers Guide can be used to evaluate existing suppliers, plus provides evaluation criteria for new projects. Using it can shorten the cycle time for an RFP and the definition of an RFI.
The Buyers Guide for Intelligent Document Processing in 2024 finds ServiceNow first on the list, followed by UiPath and Automation Anywhere.
Software providers that rated in the top three of any category ﹘ including the product and customer experience dimensions ﹘ earn the designation of Leader.
The Leaders in Product Experience are:
The Leaders in Customer Experience are:
The Leaders across any of the seven categories are:
The overall performance chart provides a visual representation of how providers rate across product and customer experience. Software providers with products scoring higher in a weighted rating of the five product experience categories place farther to the right. The combination of ratings for the two customer experience categories determines their placement on the vertical axis. As a result, providers that place closer to the upper-right are “exemplary” and rated higher than those closer to the lower-left and identified as providers of “merit.” Software providers that excelled at customer experience over product experience have an “assurance” rating, and those excelling instead in product experience have an “innovative” rating.
Note that close provider scores should not be taken to imply that the packages evaluated are functionally identical or equally well-suited for use by every enterprise or process. Although there is a high degree of commonality in how organizations handle intelligent document processing, there are many idiosyncrasies and differences that can make one provider’s offering a better fit than another.
ISG Research has made every effort to encompass in this Buyers Guide the overall product and customer experience from our intelligent document processing blueprint, which we believe reflects what a well-crafted RFP should contain. Even so, there may be additional areas that affect which software provider and products best fit an enterprise’s particular requirements. Therefore, while this research is complete as it stands, utilizing it in your own organizational context is critical to ensure that products deliver the highest level of support for your projects.
You can find more details on our community as well as on our expertise in the research for this Buyers Guide.