ABBYY Vantage Crowned with 2024’S Prestigious AI Innovation Prize

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ABBYY Vantage Wins “Best Intelligent Document Processing Solution” in 7th Annual AI Breakthrough Awards

Slavena Hristova

June 26, 2024

ABBYY is the global leader in purpose-built AI for intelligent automation, committed to cutting through the veil of hype surrounding AI to empower data-driven decision-making and operational excellence.

As the industry’s first low-code cloud-based solution for intelligent document processing (IDP) , ABBYY Vantage has enabled thousands of customers worldwide to put their information to work and solve key business challenges.

Today, we’re proud to announce that this innovation in IDP has earned ABBYY Vantage the designation of “Best Intelligent Document Processing Solution” in the 7th annual AI Breakthrough Awards program, conducted by leading marketing intelligence organization AI Breakthrough. This year’s program attracted over 5,000 nominations from over 20 different countries as vendors sought to be honored and recognized by AI Breakthrough for innovation and success in artificial intelligence.

The pre-trained AI models within Vantage (also known as skills) use advanced natural language processing (NLP), optical character recognition (OCR), large language models (LLMs) and machine learning to extract and understand data within documents like humans. Through these capabilities, enterprises can efficiently and autonomously process any type of document for any business process, or use case, regardless of language or complexity, extracting and processing vital data to achieve 95% automation out of the box .

ABBYY’s award-winning, purpose-built approach to AI and IDP is epitomized by its pre-trained AI models that extract business-critical data from certain document types (e.g. payslips, tax forms, insurance claims, identity documents, invoices, purchase orders, receipts, bills of lading, etc.) right out of the box. These purpose-built skills can be adjusted according to specific requirements and continuously uptrained based on customers’ documents and input from human-in-the-loop verification. A wide variety of skills are available on the ABBYY Marketplace , enhancing Vantage and enabling it to integrate seamlessly with third-party platforms for ERP, BPM and other business systems.

The ABBYY Marketplace also meets businesses’ demand for high-quality data used to drive effective use of LLMs, allowing for integration with IDP to achieve reliable outputs and optimized efficiency. The AI skills in the Marketplace also assist users of retrieval-augmented generation (RAG) systems by serving as instruction manuals for AI models like LLMs, guiding them towards the appropriate data in their knowledge base to reduce risk of errant hallucinations.

As the AI hype cycle continues to generate spurious and exaggerated promises of AI integration in enterprise tech, “AI washing” has the potential to mislead businesses into using AI without data-driven strategy or understanding of the accuracy and straight-through processing (STP) rates that IDP can deliver. ABBYY’s purpose-built AI leverages 35 years of OCR, NLP and machine learning expertise to unlock enterprise data and put information to work. Supported by the Marketplace, ABBYY’s IDP portfolio is built to help businesses navigate AI with actionable insights and visibility into their most crucial data.

I asked Steve Johansson, managing director at AI Breakthrough, why ABBYY Vantage was selected as the best IDP solution among the thousands of AI innovators competing for the title.

Vantage empowers developers and business users to easily train AI models for specific needs. Documents - from invoices to claims processing to logistics - are at the heart of businesses’ core processes. Relying on employees to manually enter this data is error-prone, inefficient, expensive, and can result in employee burnout, ultimately damaging customer experience.

The Vantage platform makes today’s digital worker and processes smarter and empowers the new citizen developer to accelerate digital transformation initiatives and expand automation to new processes in a fast and simple way, making an immediate impact on business results and customer experience.

Steve Johansson, managing director at AI Breakthrough

Being named ‘Best Intelligent Document Processing Solution’ by AI Breakthrough validates our aim to break through the hype in order to solve customers’ document-centric challenges and save them millions in operational efficiency with IDP. To learn more about ABBYY IDP, and explore the industry’s largest collection of pre-trained models and connectors from ABBYY and its partner network, visit the ABBYY Marketplace:

Explore ABBYY Marketplace

Slavena Hristova

Director of Product Marketing, Vantage group at ABBYY

Slavena Hristova is Director of Product Marketing, Vantage at ABBYY. Hristova leads the global product marketing of the ABBYY Vantage product line. She manages the complete product lifecycle, from market requirement and go-to-market strategy development, to sales enablement and training offerings for channel partners. She has several years of experience in product management and marketing in the areas of text recognition, information and document management.

Connect with Slavena on LinkedIn .

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