Strong demand confirmed for solutions facilitating efficient process communication
Enterprise cloud provider Retarus has been recognized as a “Representative Vendor” in the 2022 Gartner “Market Guide for Intelligent Document Processing Solutions” report, released for the first time this year. Gartner has listed Retarus Intelligent Capture Services in the OCR/Capture category.[1]
Companies are now faced with the growing challenge of processing an ever-increasing number of documents, such as invoices, orders and contracts. It has therefore become essential for companies to use Intelligent Document Processing (IDP) to increase the degree to which their processes are automated, while simultaneously also significantly boosting the efficiency of those processes. According to Gartner, “Intelligent document processing (IDP) solutions extract data to support automation of high-volume, repetitive document processing tasks and for analysis and insight. IDP uses natural language technologies and computer vision to extract data from structured and unstructured content, especially from documents, to support automation and augmentation.”[2]
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Gartner “estimates that intelligent document processing as a market is projected to reach $5.8 billion in 2022.”[3]
Efficient process communication via Intelligent Capture Services
“With our Intelligent Capture Services, companies are able to process inbound unstructured data by way of a centralized cloud solution. We achieve this by employing methods such as AI technologies and machine learning,” comments Martin Hager, founder and CEO of Retarus. “As we are equipped with nearly 30 years of EDI experience, we not only know the processes thoroughly but also how to integrate them seamlessly and effortlessly into ERP systems. In this way, we ensure that automation truly takes place. We are pleased that Gartner is shining its spotlight on this fast-growing market which opens up huge opportunities for companies.”
By means of Retarus Intelligent Capture Services, unstructured data can be converted into structured data in an automated way. Through intelligent document recognition, multiple OCR engines, AI technologies, and an optional human-in-the-loop feature, documents can be made 100 percent machine-readable. This puts companies in the position to fully automate their purchase-to-pay or order-to-cash processes and facilitates efficient and reliable process communication throughout the supply chain. The automated processing of business documents ultimately leads to a more streamlined cashflow and enables costs to be reduced by approximately 60 percent when compared with manual order processing.