Innovation Award Winners 2023

last updated:
Innovation Award 2023

Innovation Award Winners 2023

last updated:

It’s that time of year again, the time of year when we give out our annual Innovation Awards.

It’s that time of year again, the time of year when we give out our annual Innovation Awards. But before I announce the winners, as this post is all about them, let me quickly remind you that our Innovation Awards are independent; the vendors did not know in advance of them, nor did they pay for them; instead, our analyst team identifies the standout moments of the year. Believe it or not, it’s an actual award based on merit alone, which is sadly a rarity in the tech world.

All this year’s awards have been well-earned, and our congratulations (drum roll, please) go out to Hyperscience, Indico, Instabase, Rossum, TCLabs, and Veryfi. Each, in their own distinct way, gave us a wow moment (as we like to say) and demonstrated something novel and innovative that ingeniously added business value, solve real-world problems, and was adaptable to change. You can download the report detailing our methodology and why each was a winner, but we also encourage you to check out the vendors directly for yourself. We had the pleasure of notifying each Innovation Award winner and presenting them with a digital badge in recognition of the award, along with a beautiful glass trophy. 

To summarize each, in alphabetical order:

Hyperscience is an enterprise AI company and innovation leader for an exciting new data extraction and classification phase. And in 2023, Hyperscience took an innovative leap forward into a world that no longer needs OCR, using Donuts! 

Indico has figured out how to make deep learning and GPT workable for intelligent process automation without the unruly side effects. This makes Indico one of the adults supervising the GPT playground, helping enterprise business leaders implement GenAI’s “magic” into their operations without the unruly side effects. 

Instabase’s “AI Hub” integrates the latest generative AI tools and apps for content understanding and replaces the old way of doing IDP. So, what won them a coveted Innovation Award was indeed their “AI Hub,” which integrates the latest generative AI tools and apps for content understanding and replaces the old way of doing IDP. AI Hub is a new way to build an IDP solution without coding. 

Rossum is dedicated to reducing busy work for the end user by reducing the amount of human time spent on processing documents. The company previewed its generative AI feature, demonstrating how the product will use natural language prompts to create a regular expression to extract complex data such as an IBAN from an invoice. This new feature will mean accountants no longer have to become regex experts. 

TCLab’s AIDA document capture product contains innovative features that set it apart, including its hybrid approach combining AI with no-code templating. We particularly liked its pragmatic, hybrid approach to capture and automation that does not rely solely on AI but combines the best of both worlds: templating (albeit simple, no code) and AI. The result is a system that can be deployed quickly and can handle a wide array of document types with minimal effort. 

 Veryfi has cracked the code for data extraction from receipts and offers a near-seamless receipt processing service. Data extraction from receipts has always been one of the most frustrating steps for expense management and the single point of failure for many processes. Therefore, any spend management and expense management business should have Veryfi on its vendor shortlist. For this laser focus on getting receipts right, the company earned a coveted Innovation Award. 

As we near the close of 2023, it’s worth reminding ourselves that Innovation comes in bursts; the last few years saw new ideas come to market at a rate we had not seen since the dot-com boom. But with a challenging geo-political and economic climate, it’s no surprise that things seem a little quieter this year. That’s reflected in the fact that we were only awarded just six Innovation Awards for 2023. 

These awards tell us something important about where our industry is heading. Yes, Generative AI is important, but of critical importance to enterprise buyers and users of the technology are things like reducing ‘busy work,’ manual key entry, ‘workarounds,’ costs, and ensuring the adoption of technology that delivers measurable business value. Those things may not garner the headlines, but those that address them innovatively and practically garner awards from Deep Analysis. So, congratulations to all the winners, and here’s to 2024!

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