Datamatics Named a Technology Leader by Quadrant Knowledge Solutions for a Second Consecutive Year in the SPARK Matrix™ Intelligent Document Processing (IDP), 2021
Datamatics receives strong ratings on Technology Excellence as well as Customer Impact
Quadrant Knowledge Solutions announced today that it has named Datamatics, a global Intelligent Automation Products, Digital Solutions, Technology, and BPM Company, as a 2021 technology leader in the SPARK Matrix analysis of the global Intelligent Document Processing (IDP) market. Datamatics has been recognized for its IDP product TruCap+ for the second consecutive year. TruCap+ is a template-free AI-enabled IDP product that allows enterprises to realize faster time-to-value and achieve greater Straight-Through Processing (STP) with accuracy.
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The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading IDP vendors in its SPARK Matrix, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.
The IDP solution helps organizations automate and streamline the process of capturing, classifying, and extracting relevant information from structured, semi-structured, and unstructured documents for further processing. It typically leverages artificial intelligence (AI), natural language processing (NLP), computer vision, deep learning, and machine learning (ML) for document processing.
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Driven by the dynamics of the COVID-19 pandemic and its impact on business and technology, the IDP solutions and technologies are continuously evolving to offer advanced data processing capabilities. This unprecedented rise in remote work due to the pandemic and the increase in digitalization promoting document conversion into digital formats across multiple industry verticals – is expected to drive the growth in the IDP segment. With the growing maturity and advancements in technologies, IDP vendors are making a significant investment in improving the features and functionalities of their IDP solutions by leveraging ML and AI in automating document processing to enhance process efficiency, resource utilization, and productivity.
“Datamatics, with its comprehensive technology for document processing, offering the TruCap+ IDP platform, has received strong ratings across the parameters of technology excellence and customer impact. The company has been positioned amongst the technology leaders in the 2021 SPARK Matrix of the Intelligent Document Processing (IDP) market,” said Apoorva Dawalbhakta, Senior Analyst at Quadrant Knowledge Solutions. “Datamatics’ TruCap+ offers a template-free data extraction platform powered by AI and ML that offers higher straight-through processing (STP) with accuracy. Additionally, it provides an easy-to-use configurator and engaging UX allowing users to easily accomplish the document automation tasks. Moreover, with its robust technology platform, comprehensive functional capabilities, and compelling product strategy and roadmap, Datamatics is well-positioned to expand its market share in the global IDP market.”
“Enterprises are digitally transforming their processes using Intelligent Automation tools including IDP. TruCap+ has enabled enterprises to process unstructured, semi-structured, and structured documents with speed and accuracy. TruCap+’s template-free feature takes automation to the next level and delivers a high degree of straight-through process, which has a positive impact on ROI, ” said Mitul Mehta, SVP & Head, Marketing & Communications, Datamatics. “We are delighted to be named as the ‘Leader’ in the 2021 SPARK Matrix for Intelligent Document Processing (IDP) by Quadrant Knowledge Solutions.”
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