NEW YORK--(BUSINESS WIRE)--Hyperscience, a market leader in hyperautomation, today announced that it has been named a Leader in the IDC MarketScape: Worldwide Unstructured Intelligent Document Processing (IDP) 2024 Vendor Assessment. The inaugural report examines how AI and automation technologies can classify and extract information from unstructured documents, such as contracts, lease agreements, and loan documents. The report noted, “Hyperscience should be considered by customer organizations looking to experiment, learn, or expand their use of unstructured IDP more broadly.”
According to a recent IDC report, 90 percent of data within an organization is unstructured1. Processing this information is becoming increasingly important as organizations seek to leverage this data trapped within their documents to drive innovation, increase efficiency, create positive customer experiences, and establish a competitive advantage.
“Unstructured data is extremely valuable for powering GenAI experiences within an enterprise. However, getting data that is labeled and annotated accurately before it can be understood by machines is even more important – but doing so today is a highly labor intensive task,” said Andrew Joiner, CEO, Hyperscience. “At Hyperscience, we have built models that can process complex document types including structured, semi-structured, unstructured, and human friendly information, with industry-leading accuracy (99.5%) and automation (98%) – disrupting legacy OCR vendors that rely on rules-based templates with AI bolted on top. We believe being recognized as a Leader in unstructured IDP Software by the IDC MarketScape underscores our dedication to delivering cutting-edge solutions that can help organizations create actionable insights from their unstructured data.”
According to the report, “Customers and partners give Hyperscience high marks for use case extraction accuracy in production. This high accuracy performance is driven by a myriad of factors including its supervised model training approaches, tooling flexibility, and intuitive workflow building and orchestration capabilities.”
“Hyperscience’s strong current and future investments in product capabilities, customer support, and partner resources will continue to deliver dividends for its customers as they look to digitize and understand a broader range of document types,” said Matt Arcaro, research director of IDC’s Computer Vision AI Tools and Technology research program.
A complimentary excerpt of the IDC MarketScape: Worldwide Unstructured Intelligent Document Processing 2024 Vendor Assessment is available here.
About IDC MarketScapes
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About Hyperscience
Hyperscience is a market leader in hyperautomation and a provider of enterprise AI infrastructure software. The Hyperscience Hypercell platform unlocks the value of an organization’s back office data through the automation of end-to-end processes, and transforms complex documents into LLM and RAG-ready data to power new enterprise GenAI experiences. This enables organizations to transform manual, siloed processes into a strategic advantage, resulting in a faster path to decisions, actions, and revenue; positive and engaging customer, public, and patient experiences; and dramatic increases in productivity.
Leading organizations across the globe rely on Hyperscience to drive their hyperautomation initiatives, including American Express, Charles Schwab, Fidelity, HM Revenue and Customs, Mars, Stryker, The United States Social Security Administration, and The United States Veterans Affairs. The company is funded by top tier investors including Bessemer Venture Partners, Battery, FirstMark, Stripes, and Tiger Global.
_________________________
1 White Paper, sponsored by Box, Untapped Value: What Every Executive Needs to Know About Unstructured Data, Doc #US50860023, June 2023
IDC MarketScape: Worldwide Unstructured Intelligent Document Processing Software 2024 Vendor Assessment, Doc #US52121324, May 2024
