Indico demonstrated the ‘strongest year-over-year movement’ of any provider evaluated in the 2022 PEAK Matrix® Assessment, highlighting significant progress and continued innovation in market impact, vision and capabilities
BOSTON, May 18, 2022 — Indico Data, the unstructured data company, today announced that Everest Group, a leading research and consulting firm, has named it a ‘Star Performer’ and a ‘Major Contender’ in the Intelligent Document Processing (IDP) Products PEAK Matrix Assessment 2022. The report positions Indico as a visionary, further noting its customers’ praise for ease of use of the platform, its platform flexibility and scalability, and the customer value delivered as major areas of strength.
The report underscores Indico’s significant innovation during the past year, driving the IDP category forward with its visionary approach to the automation, analysis and application of unstructured data to digital transformation initiatives. According to leading market analyst firms, approximately 90% of all enterprise data is unstructured – the millions of PDFs, documents, emails, images, videos and audio files that make up critical enterprise business processes. Indico’s AI-powered platform uniquely addresses the strong market demand to tap into this previously unreachable data by giving it structure, thereby informing business decisions and delivering efficiency that accelerates enterprise value for its customers.
Everest Group defines IDP as “any software product or solution that uses AI technologies such as computer vision, OCR, Natural Language Processing (NLP), and machine/deep learning to capture, categorize, and extract data from documents (e.g., email, text PDF, and scanned documents) for further processing.”
According to the report, “Clients have appreciated the Indico Data platform for its ability to process unstructured documents and its applicability over a wide range of use cases. It offers the ability to process long-form text from unstructured documents using advanced NLP features such as semantic search and document comparison.”
“In just our second appearance in the report, we are thrilled and very proud to be acknowledged as a major contender and star performer in Everest Group’s PEAK Matrix,” said Tom Wilde, CEO at Indico Data. “Over the past several years, we’ve made deep strategic investments to advance and improve the functionality and underlying technology of our platform to ensure that our customers see value quickly, enabling them to deploy into production in as little as three weeks. Between this recognition from Everest Group, and our 100% customer retention, we are confident in our business and solution strategy.”
“Indico Data has emerged as a Star Performer and a Major Contender on Everest Group’s Intelligent Document Processing (IDP) PEAK Matrix Assessment 2022, as a result of its strong growth in the IDP market and enhanced capabilities,” said Ashwin Gopakumar, practice director, Everest Group. “Its investments in comprehensive analytics and reporting capabilities, expanded language support, and pre-packaged solutions, have also contributed to its success.”
Indico’s vision for IDP extends beyond automation and includes the analysis and application of unstructured data to enterprise workflows. The company’s momentum has been driven in part by the rapid pace of product enhancements in 2021 and into 2022, including monitoring, analytics and document processing capabilities and support for handwritten documents and expansion to approximately 80 languages.
About Indico Data
Indico Data is the unstructured data company. The innovative AI- and ML- powered Indico Unstructured Data Platform helps enterprises of all sizes to automate, analyze, and apply unstructured data –– documents, emails, images, videos and more –– to a wide range of workflows. Using Indico’s software, customers gain rich insights that maximize the value of existing software investments, including RPA, CRM, ERP, and BI, by allowing these systems to work with unstructured data. Indico serves leading insurance, financial services and banking, real estate, and other data-intensive enterprises, including MetLife, PNC Bank, Chatham Financial, Cushman & Wakefield and Waste Management. Headquartered in Boston, MA, the company was recently recognized by The Boston Globe as a Top Place to Work, and in BuiltIn Best Places to Work Boston. The company’s executive founding team was named to the 2022 Forbes 30 Under 30.