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Kofax Named as Number One for Market Impact in Everest Group’s Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2020
April 30, 2020 News

 

Kofax®, a leading supplier of Intelligent Automation software to digitally transform end-to-end business processes, announces that it has been named the No. 1 vendor for Market Impact in Everest Group’s Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2020, as well as the only vendor to receive top scores across the Portfolio Mix, Product Capability, and Monitoring and Improvement categories. This is the second year in a row Kofax was named a leader in Everest Group’s IDP PEAK Matrix Assessment.

“Kofax helps organizations quickly and effectively parse through and process unstructured information, a capability particularly critical today as COVID-19 creates new demands on them to automate in order to maintain continuity and service. After a strong performance in 2019, showing clear momentum in the 2020 PEAK Matrix validates we’re on the right course,” says Chris Huff, Chief Strategy Officer at Kofax. “We’re particularly proud that, of the 18 vendors examined, Kofax was the only one to receive the highest possible rating across Portfolio Mix, Product Capability, and Monitoring and Improvement, and we look forward to building even further on this momentum.”

Kofax was named a leader for Vision and Capability, while Everest Group also recognised Kofax’s Cognitive Capture for applying advanced AI algorithms including Machine Learning (ML), Natural Language Processing (NLP) and unsupervised learning for document clustering, classification, separation and extraction. Moreover, the company is a top vendor in IDP license revenue, and a leader in the number of customers in the IDP market.  Finally, the report recognized Kofax as the only intelligent automation vendor leading across five vertical markets: Banking and Capital Markets, Healthcare and Pharma, Insurance, Manufacturing, and Government and Public Sector.

Kofax, which in 2019 launched the industry’s first integrated Intelligent Automation software platform, is the only IDP leader that is also a top-rated provider of Robotic Process Automation (RPA) software.

“Kofax is a Leader in Everest Group’s Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2020. The company has rich experience in serving clients across various industries including banking, insurance, government, finance and accounting, transportation and logistics, healthcare, and manufacturing,” says Anil Vijayan, Vice President at Everest Group. “Kofax provides full, integrated process orchestration of Intelligent Document Processing and RPA in a single automation solution. This enables Kofax to address broader automation scenarios and position it well for success.”

Everest Group defines IDP as any software product or solution capturing data from documents (including email, text, PDF and scanned documents), categorising and extracting relevant data for further processing using AI technologies such as computer vision, OCR, NLP and machine-deep learning. These solutions can be integrated with internal applications, systems and other automation platforms. IDP adoption saves money, and improves workforce productivity, employee and customer experiences.

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