How We Lead: AI for Regulated Industries

In a significant achievement for us, expert.ai has been named a Leader in The Forrester Wave™: Document Mining and Analytics Platforms, Q2 2024 report. This recognition places expert.ai along with 13 other providers (6 of whom are considered "Leaders") in a field that is both rapidly evolving and increasingly crucial for doing business in 2024.

In this post, we'll take a closer look at the report to understand why it's an important tool for navigating the variety of solutions and capabilities available to manage and transform a critical enterprise asset: data and information residing in digital documents.

Understanding the Forrester Wave: Document Mining and Analytics Platform Report

Deriving concrete information from the semi-structured and unstructured data formats that are typical of enterprise documents is a process that still requires a human in the loop. While advances around AI, and Generative AI (Gen AI) specifically, have driven a lot of buzz and innovation, they are not a magic bullet or 'set it and forget it' solution. As Forrester states in their report, document mining and analytics "will remain the realm of specialist vendors…" for the next two to three years, at least.

The Forrester Wave: Document Mining and Analytics Platform Report Q2 2024 is the buyer's guide for distinguishing the top platforms available that digitize document-based processes, manage risks, ensure compliance and enable insight-driven business capabilities. Forrester's report evaluates vendors across 25 criteria to measure the platform capabilities to guide technology, data and automation professionals in making informed choices.

The Selection Process and expert.ai's Performance

Forrester's comprehensive selection process began with an overview of 41 vendors in its Document Mining and Analytics Landscape Report, released in February of 2024. From this list, 14 providers were identified for detailed evaluation across 25 weighted criteria grouped into three categories: Current Offering, Strategy and Market Presence. The six top vendors were designated as Leaders.

Expert.ai received the highest scores possible in the criteria of AI: knowledge-based or symbolic, AI: Gen-AI, post-processing, and AI: document labeling for machine learning training within the "Current Offering" category. Additionally, expert.ai achieved the highest scores possible in the criteria of vision, roadmap and adoption within the "Strategy" category.

The Forrester report states that expert.ai's hybrid AI capabilities "clearly stand out from the crowd", also noting the platform's strengths in knowledge-based/symbolic AI, generative AI integration, supervised ML document labeling, cross-document mining, and support for diverse text mining and analytics use cases. Expert.ai is particularly recommended for customers aiming to develop customized document mining applications with hybrid AI or for those who want to leverage knowledge-based AI for out-of-the-box accuracy and explainability, both key factors for using AI in regulated industries.

How We Are Lead

We believe being named a Leader by Forrester validates expert.ai's product and market strategy. This recognition underscores, for us, expert.ai's excellence in accuracy, domain-specific focus, controlled governance and explainable AI-essential AI attributes for sectors like insurance, pharmaceuticals and financial services.

We feel this recognition not only affirms expert.ai's current success but also sets the stage for future advancements in the document mining and analytics landscape. With a commitment to innovation and customer-centric solutions, expert.ai is well-positioned to continue leading the way in this critical field.

"Expert.ai's vision (including significant investments in ML-based AI for a rounded "hybrid AI platform"), roadmap and customer adoption, stand out," the report states.

Conclusion

Expert.ai's recognition as a Leader in The Forrester Wave: Document Mining and Analytics Platform Report, Q2 2024, is, in our opinion, a testament to its robust AI capabilities, strategic vision and industry-focused strengths. As enterprises navigate the complexities of document mining and analytics, expert.ai stands out as a reliable partner equipped to deliver cutting-edge solutions tailored to meet the most stringent regulatory and operational demands.

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