Datamatics, a leader in Intelligent Document Processing (IDP), recently hosted a webinar to offer insights on their new product ‘Datamatics TruCap+.’ The event was hosted by Nachiket Utpat, Product Specialist, Datamatics, and was attended by Amandeep Singh (Analyst), Pranjal Singh (Analyst), and Apoorva Dawalbhakta (Senior Analyst) on behalf of Quadrant Knowledge Solutions.
Nachiket kicked off the webinar with an overview of Intelligent Document Processing (IDP) solutions wherein he mentioned how the IDP technology automates complex data extraction from unstructured documents. While stressing on the importance of technology, further emphasis was put on the significance of IDP, without which businesses would have to manually categorize, classify, and extract the data from unstructured and semi-structured documents.
‘TruCap+’ is an Intelligent Document Processing solution offered by Datamatics. As digital transformation is the heart of business data, a massive amount of data is in the unstructured format, like business documents, pdfs, images, emails, and more. Datamatics TruCap+ provides end-to-end automation to businesses by converting unstructured and semi-structured data into usable information. It uses Artificial Intelligence, Deep Learning, and Machine Learning to classify, categorize and extract relevant information and validate the extracted data with high confidence.
Furthermore, insights on the benefits of adopting IDP solutions including improved accuracy with minimum manual intervention, increased productivity and efficiency of the digital and non-digital workforce, faster turnaround times due to increased straight-through processing which reduces the overall cost of processing huge volumes of data and streamlining the document tracking process was also stressed upon. Some major highlights of the TruCap+ solution including free templates for a hassle-free approach for unstructured documents, AI/ ML backing, centralized management of all operations, intuitive human in the loop interface, processing of images, multiple Optical Character Recognition (OCR) engines improving accuracy, easy integration with all external systems, and providing business analytics – all made amply clear the wide scope for adoption and usability of ‘TruCap+’.
An overview of the IDP technology functions beginning with the process of inserting the documents, followed by the documents being sent for pre-process identification by utilizing a ‘splitter that separates the document on logical boundaries’. The document is then sent for OCR processing where the data is validated and extracted after it is identified and pre-processed. Furthermore, the human in the loop can then extract the data to various locations as per the organizations’ needs. Various business and technical features of Datamatics TruCap+ include – multiple input sources, database-driven validation and derivation, quality control, confidence level-based validation, multiple document types, user allocation, export scheduler, and productivity monitoring. Some other features like scalable architecture enabler of the product, a self-learning feature keeping track of the documents being processed, cloud-enabled API-based integration, custom based validation, role-based access control, workbench for model training and baselining, and multiple exports and formats methods – are also offered distinctively by the solution.
A product demonstration highlighting other features of TruCap+ such as a template-free solution and lack of need of creating a separate template for each vendor – was held. It justified how Trucap+ is a multichannel IDP product, fully capable of processing data from various channels such as G drive, E-mail, Dropbox, SharedFolder, and REST API, amongst other sources. TruCap+ also seamlessly integrates with the Datamatics RPA product TruBot and supports various file types such as .pdf, .jpg, .png, .zip, and many more, in addition to providing a custom validation function for specific use cases. Other features of TruCap+, such as the ‘Queue Status’ – highlight the current stage the document is in the review system, while the solution’s operations dashboard showcases specific carts that logically segregate documents based on their current processing stage. Additionally, the solution promotes ample – usability, scalability, and flexibility in terms of dynamic operating conditions.
Datamatics has been recently recognized by Quadrant Knowledge Solutions as a leader in the SPARX Matrix: Intelligent Document Processing (IDP) study, 2020. Also, the ‘TruCap+’ has won the ‘People’s Choice Stevie Award’ 2020 for ‘Favorite New Products’, and the ‘Bronze Award’ at the ‘Asia Pacific Stevie Awards’, 2020 – showcasing a strong mix of critical acclaim and popularity backing from the end-users as well as the industry experts, alike.
In my opinion, IDP solutions are being adopted by many organizations to perform document-related analytics processes on a daily basis. The increasing adoption of new technologies is creating new business opportunities for IDP solution providers to offer data analytics solutions and improve data mining, in addition to improving the decision-making process. Against this backdrop, the webinar was very insightful and showed off the potential of Datamatics TruCap+. The capabilities offered by TruCap+, such as a template-free approach, AI-enabled document capture for a greater degree of accuracy and automation, being cloud-enabled to ensure greater flexibility and scalability, and seamless integration with external sources, have attracted a lot of attention in the market to make it stand as a leader in the Intelligent Document Processing solution provider category. Datamatics TruCap+ is focusing on incorporating text extraction for handwritten documents, supporting more specific use cases, adding data extraction capabilities to support different languages and different geographies in the future.
About the Author
Amandeep is a part of Quadrant Knowledge Solutions’ global technology research team and works in the domains of Data Analytics & AI as a Research Analyst. He is responsible for conducting global strategic market research, SPARX Matrix Analysis and client consulting assignments, and holds an MBA in Operations from MIT-WPU, Pune, India.