Veryfi Announces 750% Year-over-Year Growth in Usage of AI-Based Intelligent Document Processing Platform
SAN MATEO, Calif.–(BUSINESS WIRE)–Veryfi, using artificial intelligence (AI) technology to instantly transform documents into structured data, today announced that the company has achieved 750% year-over-year growth in the use of the Veryfi OCR API platform. This follows a successful Smart Automation Week event in Chicago, where Veryfi announced its momentum to power the world’s leading providers of financial, ERP (enterprise resource planning) and accounting software.
Growth in use of Veryfi’s OCR API platform indicates companies are seeing better ROI with Intelligent Document Processing (IDP), than Robotic Process Automation (RPA) only. Additionally, IDP solutions with pre-trained AI outperform local solutions built using basic OCR and AI tools, in accuracy and time to value. IDP provides the most accurate data extraction technology, delivering the fastest time to value and highest efficiency. Over the past five years, Veryfi’s AI-powered OCR API platform with 1-day accuracy* has been pre-trained on hundreds of millions of documents of all types, for 85 currencies, 39 languages and 110 data fields.
“Our AI-powered IDP solution is the first to promise day-one accuracy without any humans in the loop, and our customers’ growing trust in our platform is a clear sign that we are delivering on that promise,” said Ernest Semerda, co-founder and CEO of Veryfi. “We are absolutely thrilled to have our customers join us in our mission to eliminate manual data entry and see increased efficiency, revenue and time to value, from day 1with our platform.
RPA is not an out-of-the-box AI solution; as a standalone solution, it requires implementation and training that significantly delays a company’s time to value. However, when RPA is paired with Veryfi IDP, customers benefit from pre-trained AI that provides day-1 accuracy and perfectly complements the enhanced automation capabilities of RPA solutions. With Veryfi, companies can speed up financial document processing by 200 times, with far fewer errors than humans realize, and companies can more effectively comply with the growing number of international security and compliance regulations. privacy.
According to the Everest Group, “many organizations are devoting more financial and human resources to deploying intelligent document processing capabilities. The success of forward-looking organizations builds confidence in a market that is expected to grow 70-80% over the next two years to reach US$1.1 billion.
By eliminating manual data entry, Veryfi enables organizations to accurately capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards and W-forms. 9 in structured data, at scale. Veryfi uses advanced AI/ML technology, driven by hundreds of millions of documents over the past four years, to extract data and transform it into a structured format for 85 currencies, 39 languages and 110 defined fields such as supplier, total , bill to /ship to, purchase orders and invoice numbers, any line item (product name, SKU, description), taxes, etc., which can then be viewed for a wide variety of business applications .
Learn more about intelligent AI-powered document processing in this webinar on August 23 at 10 a.m. PT. You can also read this intelligent automation solution overview.
Veryfi enables organizations to capture, extract and transform unstructured documents including receipts, invoices, purchase orders, checks, credit cards and W-2s into structured data at scale. The company’s technology reduces or eliminates manual data entry and unlocks valuable business intelligence in seconds. Trusted by enterprises and software vendors, Veryfi’s AI-powered platform delivers fast, accurate and secure data to hundreds of businesses worldwide. Learn more at www.veryfi.com.
*Day 1 Accuracy is a registered trademark of Veryfi