Rossum recognized as a Major Contender on Everest’s Group’s IDP PEAK Matrix® – for the second time in a row.
We are proud to be recognized in the Everest Group’s PEAK Matrix® Assessment for Intelligent Document Processing 2022!
Intelligent Document Processing solutions use modern AI- and ML-powered software technologies to extract, capture, and categorize the information from documents for analysis, further processing, and workflow automation.
Everest Group’s IDP PEAK Matrix assessment adopts an unbiased and fact-based approach leveraging vendor RFIs and Everest Group’s proprietary databases of Intelligent Document Processing information.
“Rossum is a Major Contender on Everest Group’s Intelligent Document Processing (IDP) PEAK Matrix® Assessment 2022. It was a Star Performer in Everest Group’s Intelligent Document Processing (IDP) PEAK Matrix® Assessment 2021 and has continued its rapid growth. Rossum’s IDP platform can process structured and semi-structured documents across a wide range of document formats. Its intuitive user interface, product enhancements such as the Rossum Store for extensions and enhanced analytics & reporting, combined with its distinctive vision and roadmap position it well for success.”Ashwin Gopakumar, Practice Director, Everest Group
Read on to learn more about why Rossum successfully landed in the Major Contender category of the assessment matrix – for the second consecutive year.
Providing quicker time to value with an ergonomic UI and reduced implementation effort.
Rossum’s intuitive UI allows us to offer an increasingly quick deployment, requiring no certification or expensive training to ramp up. A free trial is available to everyone to try and experience the platform firsthand.
IDP solutions form one of the basic building blocks of the technology spectrum leveraged to enable workflow and process automation. Lately, the category has been evolving from strictly data capture solutions into those tasked with strategic challenges of optimizing complex workflow and creating operational efficiencies within the organization.
“IDP technology providers are increasingly offering a low-code/no-code platform to enable citizen developers to configure the platform without the need for data scientists.”Everest Group
The ability to seamlessly integrate and ingest data into other end systems and ERP providers has become a crucial part of the customer’s experience — starting on day one.
Enter the library of pre-built extensions and 3rd party connectors.
The Rossum Store, a central hub for pre-built connectors and extensions, is a place for third-party vendors and Rossum’s own global services team to create and offer integrations. This allows Rossum to plug in the existing workflows without causing disruption. The extensions can be installed with just a few clicks and fine-tuned to fit specific needs and use cases — just like adding a new app to your phone!
Cognitive, AI-based data capture for improved accuracy.
Rossum’s state-of-art proprietary cognitive data capture engine based on deep learning and computer vision technology sets us apart in the IDP market. The powerful combination of the proprietary AI OCR, layered with a computer vision technology, reduces time spent on implementation and training new AI models, enabling users to reach higher accuracy and automation rates faster.
It also helps Rossum achieve high accuracy with unstructured document types — with unstructured and semi-structured data processing still immature across the rest of the IDP market.
Rossum’s intuitive validation interface was designed with modern UX standards to align with the core extraction engine. As a result, validations can move much faster through the Rossum system.
This dramatically reduces the time spent validating documents (a huge source of cost for you) and also improves the algorithm for future automation. In addition, Rossum’s customers are seeing increasing employee satisfaction with their data entry specialists now able to outsource the heavy lifting of mundane tasks to the AI. Rossum’s AI now learns and improves with every new assignment, interaction and document — delivering powerful results for reducing costs, speeding compliance, and enhancing customer experience.
Extensive automation capabilities for less manual work
“IDP products find a wide variety of use cases from different business functions and verticals. The adoption of IDP solutions can help enterprises achieve cost savings and improve their workforce productivity and employee & customer experience.”Everest Group
To satisfy the market’s demand for a holistic, intelligent automation platform, industry leaders like Rossum focus on delivering broader document-centric automation.
Forging partnerships with providers of key intelligent automation technologies such as UiPath and Blue Prism for RPA, and Celonis for process mining, enables our customers to adopt a best-of-breed approach toward intelligent automation.
In addition to processing documents such as emails, PDFs, and XMLs, Rossum also supports EDI gateways to facilitate direct B2B communication. It allows additional communication capabilities such as automated built-in email workflows and direct supplier connections to the system.
Removing friction from complex B2B Document communication.
Today, there are many ways to communicate between companies: email, Slack, phone, snail-mail, and even fax. No matter the method of communication, official agreements always have to employ some form of a “document.” These documents take a lot of manual effort. There’s even a term for it: paperwork!
According to Rossum’s research, data entry specialists can spend over 4 hours per day on their email clients. While not all this time is spent dealing with the back and forth over the papers, a lot of the effort is spent on the B2B communication trying to obtain missing data on the documents that do not meet the processing threshold for one reason or another.
No doubt important work, this rarely adds to a company’s competitive advantage in the market. At Rossum, our goal is to create effortless collaboration in a world where every business is different and has its own way of doing things.
Rossum’s automated document communication capabilities allow businesses to spend more time working together and less time trying to fit together. Built-in email workflows remove the need to click back and forth between workspaces. Automated emails could be configured for cases in which the document attached doesn’t meet the necessary criteria for processing.
In addition to Rossum’s Intelligent Document Processing solution being recognized as a Major Contender for the second time in a row, Rossum was also awarded a Star Performer title in Everest Group’s Peak Matrix for IDP 2021 based on its YoY improvement.
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The world’s leading companies choose Rossum for its advanced IDP capabilities.
Everest Group’s Peak Matrix for IDP
The PEAK Matrix is a proprietary framework that provides an objective, data-driven, and comparative assessment of vendors based on their market impact and vision & capability.
Each service provider is comparatively assessed on two dimensions: market success and delivery capabilities. Everest Group analysts also interviewed Rossum’s customers.
Rossum – AI-powered intelligent document processing
Rossum is an Intelligent Document Processing (IDP) platform that takes your documents from start to finish, fast. Hundreds of companies across a variety of industries use Rossum to power their document processing operation. Combining advanced, AI-powered data extraction with streamlined validation workflows and automation capabilities, Rossum helps you process documents much faster than traditional solutions.
In 2021, Rossum completed a $100 million funding round with General Catalyst, further solidifying the company’s position as a major innovative force in the IDP industry.