Everest Group Recognizes Parascript as a Major Contender in Its Intelligent Document Processing Products PEAK Matrix Assessment 2020

Parascript—which supplies the digital workforce with machine learning-based document automation technology solutions that process over 100 billion documents annually—announced that Everest Group, a leading consulting and research firm, named Parascript a Major Contender in its Intelligent Document Processing (IDP) products PEAK Matrix Assessment.

“We have positioned Parascript as a Major Contender in Everest Group’s 2020 PEAK Matrix for IDP software products due to a combination of factors including FormXtra.AI’s enterprise-friendly features, such as flexibility to add new fields and documents, configurable thresholds for extraction and ability to add validation rules, including complex ones through scripting, which position it well for success,” according to Anil Vijayan, Vice President, Everest Group.

Parascript FormXtra.AI provides a near-zero configuration solution capable of analyzing and classifying a wide variety of documents to support automation workflows and data extraction regardless of content type.

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“We are very pleased to be recognized as a Major Contender by Everest Group. FormXtra.AI Smart Learning provides the broadest document and data type support in the industry,” said Greg Council, VP of Marketing and Product Management at Parascript. “FormXtra.AI provides our clients the ability to easily train and deploy automation capabilities or “skills” to perform a variety of document-oriented tasks enterprise-wide.”

Once deployed, FormXtra.AI Smart Learning curates production data in the background, verifying it and automatically adjusting parameters to optimize data output—continuing to adapt and improve in real-time.

“Parascript’s IDP solution, FormXtra.AI, allows data extraction from a range of document types including machine-print, handwritten documents and signatures. It provides pre-trained models for use cases such as claims, invoices and checks, allowing quick adoption by enterprises that is important across industries,” said Mr. Vijayan.

FormXtra.AI enables control over document processing definitions, routines and output. Highlights of the latest capabilities for FormXtra.AI include the following:

• Handwriting Transcription. Using new deep learning recognition, large blocks of handwritten information such as those in comments fields of all types of forms can be transcribed without the need for context.
• Smart Learning on Handwritten Forms. Smart Learning handles learning on handwritten data in addition to machine-print on forms. This includes the ability to define proper locations for where handwritten values are written, likely formats and values.
• Smart Classification. FormXtra.AI’s automated classifiers are automatically trained through the import and processing of tagged samples to automatically organize documents in the production environment.

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Everest Group’s PEAK Matrix assessments provide the analysis and insights enterprises need to make critical selection decisions about global services providers, locations, and products & solutions within various market segments. Likewise, providers of these services, products and solutions, look to the PEAK Matrix to gauge and calibrate their offerings against others in the industry or market. Leading organizations around the globe trust these comparative assessments because of their unbiased evaluation of factors such as vision, capabilities/functionality, talent availability, market success/impact and cost.

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