As businesses and consumers find new ways to interact with one another, and as the demand for increasingly convenient means of interaction grows, capture needs to expand its definition from a focus on paper-to-electronic data conversion to include sources like voice, video, images, unstructured text, and application data, to name a few.
At the recent HSA Capture event, the audience was treated to a number of insightful and fascinating keynotes from some of the leading thinkers in the technology and capture industry.
Mike Spang, VP of Research at HSA, provided an interesting assessment of the current and future market for capture technology. In 2019 the total addressable market for Capture 2.0 was worth an astounding $32 billion, and in the past year, this market has grown by 12%. This growth is at least in part attributed to the demand for increasingly improved user experiences — which improve customer retention, increase customer satisfaction, and facilitate better cross/up-selling.
The age of Artificial Intelligence is now
According to keynote speaker, author and futurist Ben Pring, we are embarking on a major societal shift powered by Artificial Intelligence (AI). Oxford University estimates that 47% of jobs will disappear in the next 25 years. This shift is transforming the way we work across all industries and will force humans to re-think and re-shape our value proposition in business for years to come. Careers will give way to gigs; jobs will give way to tasks.
AI-powered technologies have already demonstrated exponentially improved performance over humans in some very complex activities:
- An AI Poker bot developed by Carnegie Mellon University — named Pluribus — beat professional poker players in a six-person no-limit Texas Hold ‘Em tournament, winning $1.76 million in the process.
- An AI diagnostic software outperformed human doctors on the MRCGP exam, which trainee general practitioners take to test their ability to diagnose, by a margin of 10% (72% to 82%, respectively).
- AI protein folding algorithms have made continuous improvements in the speed and accuracy at which they can predict the 3D structures of proteins from their amino-acid sequences.
In the field of capture technology, AI is improving performance across metrics such as accuracy, speed, and automation of menial tasks. Robotic Process Automation (RPA) technology is of note here. As lines between the two technologies continue to blur, data entry jobs will vanish.
Capture, RPA & BPM: Industry convergence is on the horizon
While the focus of enterprise organizations shifts towards improving customer experiences, technology vendors are jockeying for position as customer experience enablers. For example, companies as diverse as SurveyMonkey (survey software) and ThousandEyes (network monitoring) all have microsites set up positioning themselves as enablers of digital customer experiences.
But the conversation about digital customer experience is incomplete without mentioning employee processes. After all, the faster we can make our processes, the faster we can turnaround products and services and positively impact customer perception — and this is where technology can play an important role.
Capture, Business Process Management (BPM) and Robotic Process Automation (RPA) are three distinct technologies that impact major pieces of customer and employee experiences:
- Capture (and Capture 2.0) enables physical information to transform into digital data that can we utilized downstream.
- BPM enables that digital data to flow seamlessly throughout systems and workflows.
- RPA bridges the gap between capture and BPM (i.e. minimizes and eliminates the manual clicks needed to classify and route content).
Ralph Gammon, editor of the Document Imaging Report, says that we are likely to see industry convergence of these three areas as vendors move to offer true end-to-end automation platforms. RPA firms, spurred on by recent increases in investor capital, as well as established vendors with deep pockets are likely to incite this consolidation. For example, Gammon cited RPA vendor Blue Prism’s acquisition of Thoughtonomy which took place earlier this year.
What’s new in OpenText Capture?
Earlier this year, OpenText™ announced two big changes to our capture product lines. The first was the introduction of the new name — OpenText™ Intelligent Capture — to our product portfolio. The second was the addition of a new product — AI Augmented Capture — that combines OpenText™ Magellan™ analytics capabilities with capture capabilities from Intelligence Capture.
OpenText also offers a line of Capture & Digitize solutions through our OEM program targeted at other technology vendors that may wish to embed or white-label our technology. For a full list of OEM-able capture products, please see this blog. Start embedding or white-labeling our capture products by contacting the OpenText OEM Team today.