UiPath Named a Leader in IDC MarketScape: Worldwide Unstructured Intelligent Document Processing Software 2024 Vendor Assessment
May 29 2024 - 7:00AM
Business Wire
UiPath (NYSE: PATH), a leading enterprise automation and AI
software company, today announced it has been named a Leader in the
IDC MarketScape: Worldwide Unstructured Intelligent Document
Processing Software 2024 Vendor Assessment*. The inaugural report
examines AI technologies within the UiPath Business Automation
Platform such as Document Understanding, Communications Mining,
Intelligent Document Processing (IDP) optical character recognition
(OCR), computer vision, natural language processing (NLP), and
machine/deep learning to classify and extract information from
structured, semi-structured, and unstructured documents.
According to the report, “UiPath views GenAI and LLMs as a
critical technology tool and it is increasingly integrating them
throughout all phases of its IDP, communications mining, and
automation portfolios. It provides a range of GenAI tooling,
provider, and model choices to enable customers and partners to
build or leverage out-of-the-box GenAI models for a given use case
and/or process flows. Further, UiPath continues to prioritize and
deploy enterprise-grade security, privacy, access, context
grounding, and control features to ensure that GenAI models and
services can be safely and securely utilized in support of
mission-critical use cases.”
The report also states: “UiPath's multi-modal AI focus provides
it with the strategic vantage point to continually drive new
methods and approaches to maximize the value of traditional (i.e.,
predictive AI) and GenAI for unstructured IDP.”
Unstructured document processing is part of many business
processes across enterprises – this capability supports needs such
as customer relationship management, compliance, bill of lading,
contractual reviews, email triage, and many more. With GenAI and
LLMs integrated within UiPath IDP, it can automate document
understanding and communications mining at scale and maximize
business outcomes.
Graham Sheldon, Chief Product Officer at UiPath, said,
“Generative LLMs that are specialized for certain tasks enable
enterprise automation at scale. Specialized LLMs in IDP deliver
lower error rates, improved performance, and accelerated time to
value effectively transform unstructured and semi-structured
documents and communications into valuable digitized data that can
be used in automated processes. This significantly increases an
organization’s operational efficiency. I believe being named a
Leader in the IDC MarketScape for Unstructured IDP validates our
commitment to innovating in this category because of our focus on
performance, broad capabilities, and compliance.”
The UiPath Platform brings the benefits of GenAI and Specialized
AI through automation to every facet of every enterprise.
Specialized AI is trained using an organization's data and
optimized for its specific needs, resulting in more accurate and
tailored solutions. GenAI can be leveraged to extract unstructured
data and to accelerate time to value for IDP
deployments—significantly decreasing the model training time.
UiPath AI capabilities within IDP include:
- Document Understanding: AI-powered document
classification and data extraction for a wide range of document
types and use cases. As part of the UiPath Business Automation
Platform, Document Understanding enables end-to-end automation of
document-intensive processes across the organization – in finance,
customer support, human resources, procurement, and sales, among
other functions.
- Communications Mining: applies AI to extract intent,
context, and data from messages and connects to automation. It
delivers AI-driven insights into business communications to help
customers track and continuously improve the services they provide
to their own customers and employees.
- AI Trust Layer: enhances enterprise data privacy
policies and Responsible AI principles with additional
software-defined governance to help customers responsibly scale
their automation ambitions with GenAI. Our AI Trust Layer
emphasizes trust, transparency, and control as its principles.
- Prebuilt GenAI Activities for faster time to value: new
prebuilt GenAI Activities utilize the UiPath AI Trust Layer and are
easy to access, develop with, and leverage high quality AI
predictions in automation workflows that deliver faster time to
value. GenAI Activities provide access to a growing collection of
GenAI use cases, such as text completion for emails,
categorization, image detection, language translation, and the
ability to filter out personally identifiable information (PII)
enabling enterprises to do more with GenAI. With GenAI Activities,
enterprises can reduce time to build and achieve a competitive edge
using GenAI to help customize the customer experience, optimize
supply chains, forecast demands, and make informed decisions.
- Context Grounding to augment GenAI models with business
specific data: businesses need a safe, reliable, low touch way
to use their business data with AI models. To address this need,
UiPath introduced Context Grounding, a new feature within the
UiPath AI Trust Layer, that helps businesses improve the accuracy
of GenAI models by providing prompts a foundation of business
context through retrieval augmented generation. This system
extracts information from company specific datasets, like a
knowledge base or internal policies and procedures to create more
accurate and insightful responses. Context Grounding will enhance
all UiPath Gen AI experiences in UiPath Autopilots, GenAI
Activities, and intelligent document processing (IDP) products like
Document Understanding.
- Clipboard AI™: a desktop tool that uses advanced AI and
Document Understanding models to take the waste out of copy/paste
and bring the power of AI to everyone.
A complimentary excerpt of the IDC MarketScape: Worldwide
Unstructured Intelligent Document Processing Software 2024 Vendor
Assessment is available here.
*IDC MarketScape: Worldwide Unstructured Intelligent Document
Processing Software 2024 Vendor Assessment (doc #US52121324, May
2024)
About IDC MarketScape IDC MarketScape vendor
assessment model is designed to provide an overview of the
competitive fitness of ICT (information and communications
technology) suppliers in a given market. The research methodology
utilizes a rigorous scoring methodology based on both qualitative
and quantitative criteria that results in a single graphical
illustration of each vendor’s position within a given market. IDC
MarketScape provides a clear framework in which the product and
service offerings, capabilities and strategies, and current and
future market success factors of IT and telecommunications vendors
can be meaningfully compared. The framework also provides
technology buyers with a 360-degree assessment of the strengths and
weaknesses of current and prospective vendors.
About UiPath UiPath (NYSE: PATH) is on a mission to
uplevel knowledge work so more people can work more creatively,
collaboratively, and strategically. The AI-powered UiPath Business
Automation Platform combines the leading robotic process automation
(RPA) solution with a full suite of capabilities to understand,
automate, and operate end-to-end processes, offering unprecedented
time-to-value. For organizations that need to evolve to survive and
thrive through increasingly changing times, UiPath is The
Foundation of Innovation™.
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UiPath Contacts Media Pete Daly pr@uipath.com
Investor Relations Allise Furlani
investor.relations@uipath.com
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