Parashift Positioned as the Challenger in the 2021 SPARK Matrix for Intelligent Document Processing (IDP) by Quadrant Knowledge Solutions

News provided by

Jan 13, 2022, 09:06 ET

MIDDLETON, Mass., Jan. 13, 2022 /PRNewswire/ -- Quadrant Knowledge Solutions announced today that it has named Parashift as a 2021 challenger in the SPARK Matrix analysis of the global intelligent document processing (IDP) market.

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 intelligent document processing vendors in the form of its SPARK Matrix, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.

IDP solutions help organizations automate and streamline the process of capturing, classifying, and extracting relevant information from structured, semi-structured, and unstructured documents for further processing. They typically leverage artificial intelligence (AI), natural language processing (NLP), computer vision, deep learning, and machine learning (ML) for document processing.

Driven by the dynamics of the COVID-19 pandemic and its impact on business and technology, 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 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, offering advanced document processing solutions. Vendors are also leveraging automation, ML, and AI in automating document processing to improve process efficiency, resource utilization, and productivity.

"Parashift, with its comprehensive technology for document processing, has received strong ratings across the parameters of technology excellence and customer impact and has been positioned amongst the challengers in the 2021 SPARK Matrix of the intelligent document processing (IDP) market," said Pranjal Singh, Analyst at Quadrant Knowledge Solutions. "Parashift's proprietary Document Swarm Learning technology helps users to train document processing solution without the need for sharing any data or business knowledge with stakeholders. Additionally, the distributed training net system enables fast and low-cost data training that results in parallel learning when combined with Document Swarm Learning. With its robust technology platform, comprehensive functional capabilities, and compelling product strategy and roadmap, Parashift is well-positioned to expand its market share in the global intelligent document processing market."

"We are excited to be on the radar of Quadrant Knowledge Solutions SPARK MATRIX! Intelligent Document Processing is very much at the beginning, and we are looking forward to continue to shift the paradigm how documents are processed by both machines and humans." Alain Veuve, CEO at Parashift.

Additional Resources:

For more information about Parashift Intelligent Document Processing (IDP) Solution: Link
Complimentary Download – SPARK Matrix: Intelligent Document Processing (IDP), 2021: Link
SPARK Matrix™: Intelligent Document Processing (IDP), 2021

About Parashift

Parashift AG, founded in 2018, is a deep-tech company focused on empowering document processing through Machine Learning. Parashift is headquartered in Switzerland and employs nearly 40 engineers in Machine Learning, platform development and business development. Companies from SMEs to large corporations use Parashift to categorizes document types and extract business-relevant data with ease.

Contrary to popular belief, document processing is anything but solved. Parashift's ML-based approach delivers results on a large variety of document types that have never been achieved in the industry before. Based on Parashift's Swarm-Learning approach combined with is no-code platform high setup and running costs are a thing of the past.

Parashift takes a radically different approach by building a global data network that enables out-of-the-box capabilities that reduce implementation costs by up to four times. This allows organizations worldwide to automate not only the high-volume document use cases that often represent only a fraction of the documents circulating in the enterprise, but also those that were not previously economically attractive.

More than 130 companies from FSI, logistics, real estate, and other sectors are working with Parashift to automate digital processes, solve media breaks, and drive enterprise-wide agility while improving customer satisfaction. Supported by several strong VC investors, Parashift has been recognized by Forbes.com as one of the 30 promising AI fintech startups in Europe

About Quadrant Knowledge Solutions

Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments. For more available research, please visit https://quadrant-solutions.com/market-research/

Media Contacts:

Parashift Media
Emma Lebat
[email protected]

Riya Mehar
Quadrant Knowledge Solutions
[email protected]

SOURCE Quadrant Knowledge Solutions