Indico Data unveils new release of Unstructured Data platform

Indico Data has unveiled Indico 5, a major release of its AI-powered Unstructured Data Platform. Indico 5 addresses the rapidly growing market demand for software solutions that drive efficiency and accelerate automation and intelligent document processing (IDP) initiatives using unstructured data. 

According to a December 2021 IDC report, 90% of all enterprise data is unstructured (video, audio, pdfs, etc.), and the volume is projected to grow to 150 zettabytes by 2028. Based on research from Google, only 2% of this unstructured data is currently being utilized. This is driving massive market growth for software solutions that address this unstructured imperative, a market that one of the top three global market analyst firms estimates will reach $US4.8 billion in 2022. 

Through a combination of a proprietary training data corpus, composite AI technology, and machine teaching application interface, Indico claims a high AI success rate, with more than 90% of projects in production with Indico versus an industry average of 20% without.  

The release of Indico 5 takes the platform a quantum leap forward, allowing enterprises to go further, faster, empowering lines of business with greater efficiency and reduced costs, and enabling the centres of excellence (COE) to easily scale automation swiftly across the enterprise.

“Indico 5 is another major advance in our strategy of putting game-changing AI solutions for unstructured data in the hands of business users,” said Tom Wilde, CEO of Indico Data.

“The real promise of automation in Indico 5 is using AI to augment human expertise, not replace it. The rapid evolution of workforce environments, where remote and hybrid working have shifted employee experience expectations, is also forcing businesses to rethink investments that improve accessibility and use of enterprise data, to increase productivity. We’re delivering that exceptional value to our customers.”

Indico 5 was purpose-built to streamline some of the toughest unstructured data automation problems in IDP, such as document unbundling of PDFs, and ensuring the human training corrections of models made in the review cycle can be automated in future situations.

The addition of linked relationship labelling and a new, more intuitive visual interface empowers organizations to easily automate, analyse, and apply unstructured data, illuminating opportunities, improving efficiency, and reducing risk.

New Features of Indico 5 include :

Automatic Document Unbundling - AI can easily be trained to split out documents. Even the most complex PDFs can be processed automatically with Indico 5. Especially beneficial for processing mortgage or other financial paperwork that involves document bundles. 

Linked Labels - This exclusive feature to Indico 5 eliminates post-processing work to reassemble the relationships from extracted data and automatically captures the relationships between document elements. This eliminates a great majority of the human processing time typically spent creating labels for this type of data.

Staggered Loop Training - Proprietary to Indico 5, “Staggered Loop” training helps accelerate continuous improvement. When humans correct data in the Review phase, that data comes into the workflow pre-labelled so the next version of the model reacts easily, more rapidly and with little overhead. This is the future state of a hybrid AI/human workforce. 

Universal Document Support - Indico 5 recognizes not only text, but handwriting in documents as well, meaning it can read virtually any document. Indico 5’s OCR supports 70+ languages natively (including Chinese, Japanese and Korean). This is particularly compelling in the health industry where insurance documents still have doctor’s notes in handwriting.

Workflow Canvas - Indico’s new Workflow Canvas document orchestration tool uses an intuitive visual interface to help users build and review the steps of each automation process. The easy to follow set up doesn’t require platform domain expertise and allows users to easily create and audit their process. Indico 5 makes it easy to build a no code/low code workflow solution from end-to-end.