Datamatics TruCap+ Recognised in Everest Group’s IDP Products PEAK Matrix® Assessment

On May 2, 2024, Datamatics Global Services Limited informed the stock exchanges that it has been recognised as a ‘Major Contender’ in Everest Group’s Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024. The company stated that this is the sixth year in a row that the Everest Group, a leading research firm, has recognised Datamatics TruCap+.

Datamatics TruCap+ utilises AI to automate data extraction from various document types, ensuring high accuracy and improved STP. Its intuitive UI enhances user experience, while cloud-based architecture ensures scalability and security. In June 2023, Datamatics launched TruCap+ GenAI, streamlining implementation and reducing training and maintenance costs.

TruCap+ GenAI excels in processing complex and unstructured documents like legal papers, financial statements, and medical images. It empowers users to query and analyse extracted data using natural language. This feature is invaluable when training AI models is impractical, and speed is essential.

As per the Everest Group’s report, Datamatics is a Major Contender, continuously investing in software learning innovations. Strategic investments pave the way for features like context comprehension, text summarisation, and multi-model extraction.

Commenting on this development, the Vice President of Everest Group, Vaibhav Bansal, said, “Datamatics has been positioned as a Major Contender in Everest Group’s Intelligent Document Processing (IDP) PEAK Matrix® Assessment 2024. Datamatics’s IDP platform, TruCap+, a component of Datamatics Intelligent Automation platform, offers multiple OCR to extract information and co-pilot for ontology creation, using generative AI, Bring Your Own Model (BYOM), contextual multi-language support, pre-built workflows, and RAG-based extraction and validation.”

Mitul Mehta, Chief Marketing Officer at Datamatics, said, “Everest is at the forefront of the IDP technology with their Peak Matrix. We are always excited to be featured in the Matrix from day one.”

He further added, “Innovation and Customer Satisfaction are cornerstones of our business. Artificial Intelligence has always been at the core of the product, and last year, we rolled out a major upgrade with GenAI in TruCap+. Our customers are excited with the enhanced capabilities that it delivers to them.”

On May 2, 2024, the share price of Datamatics Global Services Ltd opened at ₹598.90, touching the day’s high at ₹603.95, as of 1:16 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.