Parascript Positioned as the Leader in the 2021 SPARK Matrix for Intelligent Document Processing (IDP) by Quadrant Knowledge Solutions

Quadrant Knowledge Solutions announced that it has named Parascript as a 2021 technology leader in the SPARK Matrix analysis of the global intelligent document processing (IDP) market.

The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading IDP vendors in the form of its SPARK Matrix, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.

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The IDP solution helps organizations automate and streamline the process of capturing, classifying, and extracting relevant information from structured, semi-structured, and unstructured documents for further processing. It typically leverages artificial intelligence (AI), natural language processing (NLP), computer vision, deep learning, and machine learning (ML) for document processing.

Driven by the dynamics of the COVID-19 pandemic and its impact on business and technology, the IDP solutions and technologies are continuously evolving to offer advanced data processing capabilities. This unprecedented rise in remote work due to the COVID-19 pandemic and the trend of increase in digitalization promoting document conversion into digital formats across multiple industry verticals – is expected to drive the growth in the IDP segment. With the growing maturity and advancements in technologies, IDP vendors are making a significant investment in improving the features and functionalities of their IDP solutions by leveraging ML and AI in automating document processing to improve process efficiency, resource utilization, and productivity.

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“Parascript, with its comprehensive technology for intelligent document processing offering – ‘FormXtra.ai’, has received strong ratings across the parameters of technology excellence and customer impact; and has been positioned amongst the technology leaders in the 2021 SPARK Matrix of the Intelligent Document Processing market”, said Pranjal Singh, Analyst at Quadrant Knowledge Solutions.” Parascript offers smart learning capability, multiple data support, reliable confidence scores, and automated optimization, automated data curation, and cascade classifier. Additionally, the solution provides multiple classifiers and analyzers that automate the optimization process of both document classification and document separation. Moreover, with its robust technology platform, comprehensive functional capabilities, and compelling product strategy and roadmap, Parascript is well-positioned to expand its market share in the global IDP market”.

“Our solutions can take a large data dump of medical records and automatically identify, separate and parse them at automation rates of close to 90%,” Greg Council, VP of Marketing & Product Development at Parascript, says. “This enables a wide range of applications, such as records data preparation needed for claim review or to support quality-of-care audits where it can be costly to assess medical conditions through manual review.”