Veryfi Reports 750% Year-Over-Year Growth in AI-Driven Intelligent Document Processing Platform Use
Faster time-to-value and increased revenue with pre-trained Intelligent Document Processing – outperforming general purpose Robotic Process Automation tooling
Veryfi, using artificial intelligence (AI) technology to instantly transform documents into structured data, announced that the company has seen 750% year-over-year growth in the Veryfi OCR API Platform usage. This follows a successful Intelligent Automation Week event in Chicago, where Veryfi announced its momentum in powering the world’s leading finance, ERP (enterprise resource planning), and accounting software providers.
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The growth of Veryfi’s OCR API Platform usage signals that companies are seeing better time-to-value with Intelligent Document Processing (IDP), rather than Robotic Process Automation (RPA) alone. Additionally, IDP solutions with pre-trained AI outperform home-grown solutions built using commodity OCR and AI tooling, in terms of accuracy and time-to-value. IDP delivers the most accurate data extraction technology, providing the fastest time to value and greatest efficiency. Over the past five years, Veryfi’s AI-Driven OCR API Platform with Day 1 Accuracy* was pre-trained on hundreds of millions of documents of all types, for 85 currencies, 39 languages, and 110 data fields.
“Our AI-driven IDP solution is the first to promise Day 1 Accuracy with no humans in the loop, and our customers’ growing trust in our platform is a clear sign that we’re living up to that promise,” said Ernest Semerda, co-founder and CEO of Veryfi. “We’re absolutely thrilled that our customers are joining us on our mission to eliminate manual data entry, and are seeing increased efficiency, revenue, and time to value, starting on Day 1, with our platform.”
RPA isn’t an out-of-the-box AI solution; as a standalone solution, it requires implementation and training that dramatically delays a business’ time to value. When RPA is coupled with Veryfi IDP, however, customers benefit from pre-trained AI that delivers Day 1 Accuracy and perfectly complements the enhanced automation capabilities of RPA solutions. With Veryfi, enterprises can accelerate financial document processing by 200 times, with significantly fewer errors than humans can achieve, and companies can more effectively comply with the increasing number of international security and privacy regulations.
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According to the Everest Group, “Many organizations are devoting more financial and human resources to deploy intelligent document processing capabilities. Success by forward-looking organizations is driving confidence in a market expected to grow 70-80% over the next two years to 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-9 forms into structured data, at scale. Veryfi uses advanced AI/ML technology, trained 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 vendor, total, bill to/ship to, purchase order and invoice numbers, any line item (product name, SKU, description), taxes, and more, which can then be accessed for a wide variety of business applications.
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