We recently hosted two webinars discussing the capabilities of the latest release of Ephesoft’s intelligent document processing (IDP) platform, Transact 2022.1. The release features our new, proprietary technology, Semantik AI Engine™, which powers Universal Document Automation as well as a new Document Design Accelerator making new document set-ups a breeze. These two breakthrough advancements were revealed and demonstrated in the webinars. We also asked our audience of 300 business and IT leaders from dozens of industries all over the world about their IDP needs and AI plans.

Let’s see how our attendees weighed in and learn how your organization compares. 

Could you improve your processes, enhance customer experience and/or respond faster to requests if you could access your data faster?

> Yes, by 100% – [40%]

> Yes, by 75% or higher – [15%]

> Yes, by 50% or higher – [35%]

> Yes, by 25% or higher – [10%]

> No, I don’t think processing documents faster will help me – [0%]

The bottom line: Hands-down, without any exceptions, attendees believe that if they could access and find their data faster, a better overall experience would be achieved. In fact, 90% of the audience thought it would be 50% or greater to see improvements. Since we know that transforming documents and information into data is the foundation for any automation or hyperautomation initiative with IDP, the conclusion is that great value can be unlocked with IDP technology.

Does your organization handle “unknown documents”?

> Yes – [70%]

> No – [20%]

> I don’t know – [10%]

The bottom line: After debuting Universal Document Automation, which can pull out key-value pairs in seconds, with no set-up or training involved, the majority at 70% of the audience knew that this would be a feature that applies to their business. The key challenge to unknown documents is that most IDP solutions require some type of recognition of the document type, which is then configured or trained on the system ahead of time. But if you don’t know what type of documents you have, then Semantik AI Engine can take over.

Is AI-based, computer vision technology something that your company is investing in?

> Yes, we are already looking at it – [38%]

> Yes, we are considering it – [39%]

> Not yet, I don’t know much about it – [13%]

> Not at this time – [10%]

The bottom line: Here we see that 77% of the respondents are either considering or already looking into AI-based computer vision solutions to improve their data and their processes. Computer vision applications are gaining popularity because of the need to recognize visual images, videos, documents and other inputs. According to this article in Forbes, the value of the market in computer vision technology is predicted to hit $48 billion by the end of 2022. This AI-based technology should be something to consider as you invest in an IDP solution.

Are you considering using APIs or connectors in your tech stack?

> Yes, we are already looking at it – [38%]

> Yes, we are considering it – [27%]

> Not yet, I don’t know much about it – [24%]

> Not at this time – [11%]

The bottom line: Another exciting feature that was revealed in the launch of Transact 2022.1 was the addition of pre-built integrations and connectors with both MuleSoft and Workato, two of the leading iPaaS solutions and another critical part of hyperautomation. These pre-built integrations enable data flow even faster into any other application. This end-to-end automation enables the flow of data for better and faster decision-making, which 65% of the audience is already considering or looking at the benefits of this technology. 

If you haven’t attended the webinars, you can watch them on-demand by clicking the links below or contact us to schedule a demo or free trial

Watch the Replay: The Future of IDP: Universal Document Automation

Watch the Replay: What’s New in Transact 2022.1: The Future Starts Today