Ground-breaking lab test of document cognition platforms provides an invaluable tool for buyers looking to transform operational processes
BOSTON, LONDON and PARIS, April 14, 2020 /PRNewswire/ -- One of the key challenges for enterprises in moving to end-to-end intelligent automation is their ability to ingest and interpret documents. Automation is great but it needs digital inputs to feed it and so the race is on between the leading intelligent automation platforms to develop document cognition functionality. However, it's important to recognize that at this stage in the development of the market, it's not a case of one-size fits all. In fact, it's absolutely crucial that organizations select the most effective document cognition platform for their processes and document types.
To assist organizations in this, NelsonHall has launched its SmartLabTest evaluation of document cognition platforms, a first-of-a-kind evaluation that goes beyond the usual analyst reviews of functionality to test each platform's ability to process real documents in a lab environment. The evaluation tests each platform's ability to ingest and interpret:
- Structured documents such as mortgage applications and ACORD filings
- Semi-structured documents such as invoices and purchase orders
- Highly unstructured documents such as resumes.
The KPIs assessed for each document type included:
- Proportion of fields correctly recognized
- Accuracy of extraction of recognized fields
- Proportion of fields overall that are 100% accurate and require no manual intervention.
The result is an invaluable tool for buyers looking to select a document cognition platform capable ingesting documents with a high degree of accuracy and a low level of exception-handling. Output from the evaluation includes:
- A detailed report evaluating the performance of individual platforms and comparing KPIs to identify the best performing platforms for each document type
- A NelsonHall vendor Evaluation & Assessment Tool (NEAT quadrants) providing a graphical view of the relative capabilities of vendors' platforms across structured, semi-structured, and unstructured documents.
NelsonHall is the leading global analyst firm dedicated to helping organizations understand the 'art of the possible' in digital operations transformation. With analysts in the U.S., U.K., and Continental Europe, NelsonHall provides buy-side organizations with detailed, critical information on markets and vendors (including NEAT assessments) that helps them make fast and highly informed sourcing decisions. And for vendors, NelsonHall provides deep knowledge of market dynamics and user requirements to help them hone their go-to-market strategies. NelsonHall's research is based on rigorous, primary research, and is widely respected for the quality, depth and insight of its analysis.
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