HFS Names the Hottest of the Hot Vendors of 2022
In the rapidly changing space of digital operations, enterprises realize they cannot be everything to everyone. Whether you are an enterprise consuming third-party services, a service provider, or a technology provider, you will need an intelligent ecosystem to succeed and survive in the future. HFS Hot Vendors are service and technology providers hand-picked by HFS analysts to help you flesh out your smart ecosystem with offerings that solve today’s complex business problems and exploit market opportunities. HFS Hot Vendors display truly differentiated offerings and out-of-the-box thinking that can be both inspiring and useful.
HFS analysts regularly speak with exciting start-ups and emerging players. They designate a select group as the HFS Hot Vendors based on their offerings’ distinctiveness, ecosystem robustness, client impact, financial position, and impact in our OneOffice or OneEcosystem frameworks. The HFS Hot Vendors may not have the scale and size required to feature them in our Top 10 reports, but they have the vision and strategy to impact and disrupt the market.
The HFS Research Hot Vendor program annually recognizes the leading new providers of digital services across 25 industries. For 2022, HFS has selected six AI and automation vendors as the Hottest Vendors.
The HFS Hot Vendors of 2022:
- Newt Global
- Working Solutions
These vendors competed in a “Shark Tank” style competition at the HFS Super Summit in New York City. Each vendor was allowed to pitch their business and value proposition to 150 business leaders across IT, Customer Service, Sales, and Finance organizations. Then after each pitch, HFS Research analysts and panelists grilled vendor representatives with business-critical questions, just like on the popular television show. At the end, there was a vote for the best pitch. At this year’s event, HFS recognized SingularityAI as the HOTTEST OF THE HOT vendors of 2022.
HFS named SingularityAI an HFS OneOffice/OneEcosystem Hot Vendor for its business-friendly delivery of cutting-edge technology that makes business users the masters of IDP. They applauded the focus on adaptability and the generation of insight to inform business decisions and respond quickly to change. At the end of the day, clients seek speed to market, and HFS believes the SingularityAI platform is gearing up to deliver better IDP by going deep on combined artificial intelligence (AI) techniques and expanding its tech integrations.
Singularity aims to tackle the issue of semi-structured and unstructured data head-on. SingularityAI can read virtually any data format (doc, pdf, rtf, txt, html, emails, jpg, png, etc.) and integrate machine-readable outputs into major enterprise technologies such as SAP, UiPath, Automation Anywhere, SS&C Blue Prism, Appian, and Pega.
The SingularityAI platform does not require data scientists, thanks to user-friendly low-code/no-code drag-and-drop interfaces that enterprises can use without training. AI Pathfinder blends multiple approaches (natural language processing [NLP], optical character recognition [OCR], computer vision) to take on the toughest of documents and images.
Some of the processes optimized using SingularityAI include touchless claims, loss run reports, tax form data extraction, mortgage deed processing, invoice processing, education transcripts, financial spreading, trade finance, customs for import and export document processing, safety data sheets, resumes, hire to retire, and procure to pay.
A key focus of the technology is the intent to bridge the gap between human intelligence and machine learning and integrate both to reach enterprises’ goals for real-time insights. Singularity’s product offers a combined use of multiple IDP techniques, including:
- An adaptive learning approach emphasizes re-usability for reduced model-training time.
- The Intelligent Data Simulator uses small sets of sample data to train models, generating synthetic and augmented data. This saves time and cost. Clients can get started with as few as 5 to 10 samples per use case rather than the thousands often required by alternative training techniques.
- AI Pathfinder, which automatically determines the content and context of the information and then employs the most appropriate technique for data extraction, ensures nearly 99% accuracy.