MILPITAS, Calif.--(BUSINESS WIRE)--ABBYY is meeting businesses’ demand for the high-quality data required for fueling effective use of large language models (LLMs) with its redesigned marketplace of AI document skills. With contributions from ABBYY and its robust network of global partners, the ABBYY Marketplace is an online library of purpose-built AI assets used to extend the capabilities of ABBYY Vantage, its low-code intelligent document processing (IDP) platform for highly accurate and efficient extraction of data from documents.
Furthermore, ABBYY Marketplace assists users of retrieval-augmented generation (RAG) systems with skills that serve as instruction manuals for AI models, helping them reference specified data in their knowledgebase rather than generating their own responses that could be vulnerable to hallucinations.
“Retrieval-augmented generation is making enterprise adoption of generative AI more feasible and practical by augmenting LLMs with enterprise data. Integrating IDP with LLMs and generative AI optimizes results by enabling more reliable outputs that are aware of organizations' specific contexts,” Amy Machado, Senior Research Manager at IDC. “Using pre-trained models like those in the ABBYY Marketplace empower businesses and developers to harness GenAI’s capabilities without extensive in-house development efforts.”
“The redesigned Marketplace helps accelerate the conversion of company knowledge to structured and highly accurate formats. This caters to enterprise innovation leaders, developers and partners who want as much flexibility, efficiency, and accuracy as possible to quickly deploy pre-built solutions for their specific business use cases out of the box,” commented Bruce Orcutt, Chief Marketing Officer at ABBYY. “RAG in particular is experiencing a rapid increase in adoption by enterprises as a means to optimize the output of LLMs. We believe this allows businesses to take the next step towards maturity in LLM use cases. We’re excited to support these initiatives through ABBYY Marketplace and ABBYY Vantage so they can be leveraged in critical processes regardless of document type, format, language, or structure. Combined with the largest library of document models available in the market, ABBYY sets itself apart to enable customers to fuel their data needs.”
The Marketplace offers a substantial library of pre-trained AI models and solutions to enable efficient, accurate processing of any document type, as well as connectors to integrate with third-party intelligent automation or line-of-business (LOB) platforms. From invoices and contracts to waybills and loan documents, ABBYY AI skills automate document-centric processes across high-value use cases such as accounts payable, customer onboarding, claims processing, and more. Assets will also be contributed by ABBYY partners and other third-party developers to further increase the diversity of Marketplace offerings and expand the potential for integration with additional platforms. With a newly streamlined interface and plans for direct integration into Vantage, the redesigned Marketplace accelerates time-to-value for ABBYY Vantage users.
Intelligent document processing is recognized as an integral part of ensuring data quality for generative AI platforms, RAG and enterprise systems; the IDP market size is expected to reach $2.09 billion by 2026, according to Gartner. ABBYY Vantage has been recognized as a leader in the IDP market by over 10 analyst firms, including the inaugural 2023-2024 IDC MarketScape Worldwide IDP software assessment. Achieving a 60% increase in new annual recurring revenue (ARR) in 2023, Vantage has proven instrumental in putting enterprises’ information to work and enabling them to generate real business value through LLMs and purpose-built AI.
ABBYY Vantage allows for efficient and accurate extraction, processing, and classification of key business data within documents, enabling straight-through processing of up to 95% of documents with up to 99% accuracy out of the box. As the industry’s first low-code platform for IDP, Vantage reduces reliance on IT departments by empowering developers and citizen developers with an intuitive interface and easy integration of “off the shelf” pre-trained AI skills capable of processing documents of any format, any structure, and any language at any time.
Visit the ABBYY Marketplace to access its library of pre-trained AI skills, connectors and assets from ABBYY and its broad partner network for intelligent automation of document processes. More information about ABBYY AI solutions can be found at www.abbyy.com.
About ABBYY
ABBYY puts your information to work with purpose-built AI. We combine innovation and experience to transform data from business-critical documents into intelligent actionable outcomes in over 200 languages in real time. We are trusted by more than 10,000 companies globally, including many of the Fortune 500, to drive significant impact where it matters most: accelerate the customer experience, operational excellence, and competitive advantage. ABBYY is a global company with headquarters in Milpitas, CA and offices in 12 countries, and is the Official Intelligent Automation Partner of Arsenal Women Football Club. For more information, visit www.abbyy.com/company and follow us on LinkedIn, Twitter, Facebook, and Instagram.
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