Everest Group PEAKMatrix™ for Intelligent Document ... · IDP Independent Software Vendors (ISV)...

Copyright © 2019 Everest Global, Inc.This document has been licensed for exclusive use and distribution by Parascript

EGR-2019-38-E-3127

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Everest Group PEAK Matrix™ for Intelligent Document Processing (IDP) Technology Vendors

Focus on ParascriptMarch 2019

2Copyright © 2019, Everest Global, Inc.EGR-2019-38-E-3127

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Introduction and scope

Everest Group recently released its report titled “Intelligent Document Processing (IDP) – Technology Vendor Landscape with Products PEAK Matrix™ Assessment 2019.” The report provides a detailed view of the IDP technology vendor landscape and a thorough assessment of the various IDP technology solutions across several key dimensions.

As a part of this report, Everest Group presented a comparative assessment of 16 leading IDP technology vendors across their market impact and vision & capability using Everest Group’s proprietary framework, the Products PEAK Matrix™. The vendors have been classified into the PEAK Matrix categories of Leaders, Major Contenders, and Aspirants.

Based on the analysis, Parascript emerged as a Major Contender. This document focuses on Parascript’s IDP capabilities. It includes: Parascript’s position on the Everest Group IDP Products PEAK Matrix 2019 Detailed IDP profile of Parascript

Buyers can use the PEAK Matrix to identify and evaluate different IDP technology vendors. It helps them understand technologyvendors’ relative strengths and improvement areas. However, it is also important to note that while the PEAK Matrix is a useful starting point, the results from the assessment may not be directly prescriptive for each buyer. Buyers will have to consider their unique situation and requirements, and match them against technology vendor capability for an ideal fit.

Source: Everest Group (2019) unless cited otherwise

https://www2.everestgrp.com/reportaction/%20EGR-2019-38-R-3101/toc


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Understanding Intelligent Document Processing (IDP) solutionsIDP software solutions blend the power of AI technologies to efficiently process all types of documents and feed the output into downstream applications

IDP is any software product or solution that: Captures data from all types of documents (e.g., email, text, PDF, and scanned documents) Classifies the documents into categories Extracts relevant data for further processing

Incoming documents

IDP solution

Data capture Classification Extraction of relevant data

Generates report on processed data for human verification

Powering AI technologies

Computer vision and OCR

Text mining andmachine learning

NLP and machine / deep learning

Integrated applications

ERP, CRM, and SAP legacy systems

Robotic Process Automation (RPA)

Feeds output (structured data) into downstream

applications

Integrated appsvia APIS


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The IDP supplier landscape consists of multiple players that play varying roles

Source: Everest Group (2019)

NOT EXHAUSTIVE

IT-BPS service providersIDP Independent Software Vendors (ISV)

IDP landscape

Technology vendors that offer IDP solutions as a stand-alone

product/solution; typically available for independent licensing

Service providers that provide IDP solutions in their services portfolio –

may or may not be available as stand-alone products/solutions

Focus of this research


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®Everest Group PEAK Matrix™Intelligent Document Processing (IDP) Products PEAK Matrix™ Assessment 2019 | Parascript positioned as Major Contender

Mar

ket I

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ct(M

easu

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impa

ct c

reat

ed in

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mar

ket)

HighLeaders

Major Contenders

Aspirants

Low

Vision & capability(Measures ability to deliver products successfully)

HighLow

WorkFusionKofax

AntWorksParascript

Automation AnywhereInfrrd

HyperScience

EdgeVerve

Datamatics

Hyland

Extract Systems

Celaton

HCL TechnologiesIkarus

Rossum

LeadersMajor Contenders

Aspirants

1 PEAK Matrix specific to IDP software products using proprietary evaluation methodology given on slide 10

Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix™ Assessment 20191

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Parascript | IDP technology vendor profile (page 1 of 2)Everest Group assessment – Major Contender

Vision & capability Market impact

Vision & strategy

Product capability

Monitoring and improvement

Implementation and support

Commercial model Overall Market success Portfolio mix Value delivered Overall

Strengths Areas of improvement

Parascript has a vision to enable enterprises process a wide variety of unstructured data efficiently with less manual intervention. Through its advanced capture solution, it focuses on providing end-to-end unstructured document processing solutions leveraging its proprietary technologies and significantly accelerate training and implementation for enterprises

It has a keen focus on research and development, with a large percentage of data scientists and machine learning engineers within its advanced capture solution team. Parascript has also developed its proprietary OCR solution to read all types of data and machine learning algorithms for pattern recognition, image pre-processing, classification, and extraction. Reference clients are highly satisfied with its technology and machine learning capabilities

Parascript’s advanced capture solution has three main modules that include a form definition studio for establishing classification and extraction rules, a control panel for enterprise administrator, and review windows with controlled view for operators based on access controls. It also has image pre-processing capabilities that enhance the image quality, automate, and adjust the algorithms based on the optimized images

Through its own OCR and machine learning capabilities, the platform has the capability to accurately read, classify, and process handwritten documents. Reference clients were able to automate multiple business use cases that involve extensive handwritten fields with high accuracy and opine that it is one of Parascript’s key strengths

It could expand its pre-trained offerings beyond the current use cases such as invoices, receipts, and claims to provide more verticalized solutions leveraging its domain expertise, especially in the BFSI industry for use cases such as mortgage processing

In our opinion, providing the flexibility to access all modules of its IDP solution including configuration console, administrator GUI, and verification interface from on-premise, cloud, or web could further enhance its value proposition

There is much scope for Parascript to increase the awareness about its product capabilities in the IDP market. Increasing focus on thought leadership and marketing its Advanced capture solution can help to create more awareness among enterprises with IDP requirements

Adopting an aggressive approach by investing more in direct selling as well as sales, solutioning, and other professional services can help Parascript to significantly increase its revenue and growth

There is opportunity for Parascript to expand its partnership ecosystem, especially with complementary technology vendors such as RPA vendors –which might provide Parascript access to their wide client base and increase its revenue from Continental Europe, United Kingdom, and Asia Pacific

Developing NLP capabilities to recognize the intent and context of the text in documents would help in enhancing the accuracy of its extraction for unstructured documents

Measure of capability: High Low


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Parascript | IDP technology vendor profile (page 2 of 2)Everest Group assessment – Major Contender

Vision & capability Market impact

Vision & strategy

Product capability



Commercial model Overall Market success Portfolio mix Value delivered Overall

Strengths Areas of improvement

Its advanced capture solution has robust software learning features such as the ability to classify documents through clustering, train the software for extraction by ingesting a sample set of labeled documents with historic data, and user-based training through continuous feedback loop. Further, these features are exposed to enterprises via form definition studio, which can be managed without specialized machine learning or coding expertise

Its proprietary algorithms and classifiers (FormXtra.AI Capture) have the ability to quickly learn from Excel files with sample data and efficiently classify documents and extract the fields. This has helped enterprises to accelerate the training time and achieve high accuracy rates. Reference clients are highly satisfied with its ability to train the system in limited time

The form definition studio is simple and easy to use for enterprises, with features such as the ability to set the confidence thresholds for classification and field-level extraction. The control panel for user review also highlights the fields with errors or below confidence thresholds

The control panel for enterprise administrator has security features such as the ability to create multiple operator roles with full views or access to a partial set of fields for verification. It also provides the feature to send the extracted data rejected by the operators for final queue to ensure that the rejected data is valid

Reference clients are highly satisfied with its product vision and roadmap and cognitive features

While it has partnerships with many service providers and system integrators, it can further leverage such partnerships to build its client base from key IDP verticals such as healthcare, CPG, and retail

Parascript’s advanced capture module does not currently provide the ability for business users to configure business rules on extracted fields directly from within its user interface. Enabling this capability could further improve its value proposition, which is also opined by its reference clients

There is opportunity to improve its user interface by creating groups of extracted fields and highlighting them with different color codes according to the defined thresholds and a feature to display error messages to business users for fields that require manual review

Based on client feedback, there is scope for Parascript to improve its product training and support capabilities. Expanding its training and support team could remedy this situation

There is scope for Parascript to improve its analytics and dashboards by improving its look and feel, adding more intuitive graphs, unified view of automated and manual processing performance by batch, document, and field level

Reference clients indicated that Parascript could provide the flexibility to download the extraction output in xml and other formats. They would also appreciate the flexibility to obtain the values added manually, in addition to the extracted values in the final extraction output

Measure of capability: High Low


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Appendix


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Everest Group PEAK Matrix

Vision & capabilityMeasures ability to deliver products successfully

High

LowLow High

Leaders

Aspirants

Mar

ket i

mpa

ctM

easu

res

impa

ct c

reat

ed in

the

mar

ket

Major Contenders

Everest Group PEAK Matrix™ is a proprietary framework for assessment of market impact and vision & capability


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®Products PEAK Matrix™ evaluation dimensions

Measures impact created in the market –captured through three subdimensions

Market success

Number of clients, revenue base, YOY growth, and no. of pages processed annually

Portfolio mix

Diversity of client base across industries, geographies, environments, enterprise size class

Value delivered

Value delivered to the client based on customer feedback and other measures

Vision and strategy

Vision for the client and itself; future roadmap and strategy

Product capability

Software learning, product functionalities, flexibility, interoperability, and security and compliance


Analytics and reporting capability

Commercial model

Progressiveness, flexibility, and client adoption of available commercial models


Hosting options, image quality requirements, training, maintenance, partnerships with resellers/system integrators, partnerships with complementary technology vendors

Mar

ket i

mpa

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Measures ability to deliver products successfully.This is captured through five subdimensions

Vision & capability

Major Contenders

Leaders

Aspirants


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Principles of Service Delivery Automation (SDA)

Automation – at its most basic level – must utilize technology to replace a series of human actions. Correspondingly, not all technologies provide automation, and replacing a single human action with technology (e.g., a mathematical equation in a spreadsheet) is not automation. At the same time, automation can be done by degrees, but some steps will still require human interaction.1Much automation is already embedded in software systems (e.g., linking client information across marketing and supply chain systems); however, because it is part of the normal feature-functionality of a system, it is generally not considered automation, but simply a more powerful system(s).2Automation for IT is very different than for business processes: In IT, automating is generally addressed by improving the core functionality and is handled by the IT system

management tools. Further, these activities are owned by central IT, which is naturally incented to create more efficient IT operations

In business processes, system limitations are generally much more difficult to overcome, and they stretch across many systems in the organization. As such, the business case for significant system change is generally unappealing. Finally, the benefits of improved processes accrue to the business and are hard to quantify with an ROI that can motivate central IT groups to invest their resources

3Service delivery automation can be accomplished by combining multiple technologies. For example, traditional Business Process Management (BPM) technologies can be further enhanced by combining them with newer User Interface (UI) / robotic process tools. Cognitive computing, although in its infancy, represents the next horizon, as automation not only replicates human behavioral characteristics while executing judgment-intensive IT and business processes, but also creates the potential to spawn new businesses for IP-owners and enterprises.

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Everest Group’s Service Delivery Automation (SDA) spectrumSDA includes a spectrum of automation solutions for delivering global services

Note: In this report, we have referred to rules-based/deterministic SDA solutions (i.e., RDA, RPA, and autonomics) collectively as RPA

High Low

Inte

llige

nce

Hum

an in

volv

emen

t

Futu

re te

ch

Mat

urity Robotic Desktop

Automation (RDA)

Robotic Process Automation (RPA)

Autonomics

Narrow Artificial Intelligence

General Artificial Intelligence

Ability to handle input data type

Structured only

Structured and semi-structured

Structured and semi-structured

All types of data including unstructured

All types of data including unstructured

Processing approach

Deterministic

Deterministic

Deterministic

Probabilistic

Probabilistic

Ability to learn

No

No

No

Yes, but limited to a particular area

Yes, across multiple areas

Context awareness

Minimal

Minimal

Yes, but limited to its computing environment

Yes, but limited to a particular domain

Yes, across multiple domainsand similar to human brain

Approach

Humantriggers

Orchestrated process automation

Distributed computing

Cognitive computing(machine learning, deep learning, and NLP)

Not available


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FAQs

Does the PEAK Matrix™ assessment incorporate any subjective criteria?Everest Group’s PEAK Matrix assessment adopts an unbiased and fact-based approach (leveraging service provider / technology vendor RFIs andEverest Group’s proprietary databases containing providers’ deals and operational capability information). In addition, these results are validated /fine-tuned based on our market experience, buyer interaction, and provider/vendor briefings

Is being a “Major Contender” or “Aspirant” on the PEAK Matrix, an unfavorable outcome?No. The PEAK Matrix highlights and positions only the best-in-class service providers / technology vendors in a particular space. There are a number of providers from the broader universe that are assessed and do not make it to the PEAK Matrix at all. Therefore, being represented on the PEAK Matrix is itself a favorable recognition

What other aspects of PEAK Matrix assessment are relevant to buyers and providers besides the “PEAK Matrix position”?A PEAK Matrix position is only one aspect of Everest Group’s overall assessment. In addition to assigning a “Leader”, “Major Contender,” or “Aspirant” title, Everest Group highlights the distinctive capabilities and unique attributes of all the PEAK Matrix providers assessed in its report. The detailed metric-level assessment and associated commentary is helpful for buyers in selecting particular providers/vendors for their specific requirements. It also helps providers/vendors showcase their strengths in specific areas

What are the incentives for buyers and providers to participate/provide input to PEAK Matrix research? Participation incentives for buyers include a summary of key findings from the PEAK Matrix assessment Participation incentives for providers/vendors include adequate representation and recognition of their capabilities/success in the market place,

and a copy of their own “profile” that is published by Everest Group as part of the “compendium of PEAK Matrix providers” profiles

What is the process for a service provider / technology vendor to leverage their PEAK Matrix positioning and/or “Star Performer” status ? Providers/vendors can use their PEAK Matrix positioning or “Star Performer” rating in multiple ways including:

– Issue a press release declaring their positioning. See citation policies– Customized PEAK Matrix profile for circulation (with clients, prospects, etc.)– Quotes from Everest Group analysts could be disseminated to the media – Leverage PEAK Matrix branding across communications (e-mail signatures, marketing brochures, credential packs, client presentations, etc.)

The provider must obtain the requisite licensing and distribution rights for the above activities through an agreement with the designated POC atEverest Group.

Does the PEAK Matrix evaluation criteria change over a period of time?PEAK Matrix assessments are designed to serve present and future needs of the enterprises. Given the dynamic nature of the global services market and rampant disruption, the assessment criteria are realigned as and when needed to reflect the current market reality as well as serve the future expectations of enterprises

https://www.everestgrp.com/research/peak-matrix/peak-matrix-citation-policy/

About Everest Group

Everest Group is a consulting and research firm focused on strategic IT, business services, and sourcing. We are trusted advisors to senior executives of leading enterprises, providers, and investors. Our firm helps clients improve operational and financial performance through a hands-on process that supports them in making well-informed decisions that deliver high-impact results and achieve sustained value. Our insight and guidance empower clients to improve organizational efficiency, effectiveness, agility, and responsiveness. What sets Everest Group apart is the integration of deep sourcing knowledge, problem-solving skills and original research. Details and in-depth content are available at www.everestgrp.com.

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Everest Group PEAKMatrix™ for Intelligent Document ... · IDP Independent Software Vendors (ISV)...

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Transcript of Everest Group PEAKMatrix™ for Intelligent Document ... · IDP Independent Software Vendors (ISV)...