Ulf Persson, CEO, ABBYY
In today’s digital era, businesses are generating more and more documents than ever before and it is becoming difficult to complete revenue-generating processes that meet customer expectations. The amount of data being produced, from bills and purchase orders to emails and spreadsheets, is overwhelming. To remain competitive in today’s business world, it is important to make sure that your company is operating as efficiently as possible. With the aim to create a smarter way to do business, ABBYY was founded in 1989. The company powers intelligent automation and reimagines the way people work and how companies accelerate business by delivering the intelligence that fuels automation platforms. As the recognized market leader by the analyst community, ABBYY is a trusted partner that empowers organizations to achieve their transformation goals faster and more efficiently with best-in-class innovative intelligent automation solutions.
How it all Began
ABBYY was born from the idea of the company’s current Board of Director, David Yang, who created an electronic dictionary for studying French. The electronic dictionary transformed a bulky dictionary into an easy-to-use electronic application. Since then, the company has continuously reimagined how people can work better and accelerate their business processes. With its origin in linguistic technology, ABBYY has evolved its portfolio to include optical character recognition (OCR), intelligent document processing (IDP), process and task mining, and proof of identity solutions that empower organizations to improve employees’ and customers’ experiences.
Today, ABBYY is a leader in intelligent automation combining IDP and process intelligence to help over 10,000 companies around the world, including Fortune 500s, in industries including finance, insurance, transportation and logistics, and healthcare to gain the valuable, yet often hard-to-attain, insight into their people, processes, and content.
Under the leadership of CEO, Ulf Persson, during 2020-2022 ABBYY took advantage of market opportunities to expand its global footprint. The company acquired Pericom Singapore, a strategically, aggressive move that strengthened ABBYY’s presence in Asia Pacific and augmented the opening of a Hong Kong office in 2019. Additionally, to ensure that its workforce successfully transitioned to remote work and the new normal, the company invested in its people operations to be prepared for a stronger future. The company appointed its first-ever Chief People Office to facilitate the best possible environment for improving the quality of employee engagement programs, talent development, and overall culture to support its ambitious growth plans.
The company reimagined its solution portfolio by developing the industry-first no-code/low-code intelligent document processing solution available in the cloud. As the world shifted to cloud-based solutions to guarantee company continuity, the timing turned out to be perfect. Additionally, the company developed a new Proof of Identity solution that verifies and affirms people’s identities during the digital onboarding process.
Mr. Persson shares, “ABBYY is prepared for continued growth in 2023 with an aggressive go-to-market plan, strategic partnerships with Blue Prism, Alteryx, PwC, Deloitte, NICE, Pegasystems, Mendix and others, innovative solutions that accelerate business outcomes, and strong board.”
One Step Ahead of Others
ABBYY solutions solve the challenge of business-critical data being locked within enterprise documents and enable the digital workforce to learn how to turn content in any form into actionable information. This enables organizations to gain more value out of their content-centric processes to make business decisions faster and smarter. Businesses employ intelligent document processing as an integral part of their hyper-automation strategy. IDP enables straight-through processing of documents by automatically capturing, extracting, and processing data embedded in business documents, in just about any process in any industry and language.
ABBYY’s low-code/no-code IDP platform, Vantage, includes a set of core AI skills that provide the foundation for processing documents of any kind—structured, semi-structured, or unstructured, and all types of data including machine-printed, hand-printed, barcodes, signatures, and checkboxes. In addition, users can browse the ABBYY Marketplace for pre-trained document skills such as invoices, purchase orders, W-2 forms, utility bills, and insurance claims to save development time and gain quicker ROI.
ABBYY enables companies to meet customers in their channel of choice without sacrificing security or efficiency. For example, ABBYY Proof of Identity combines document-centric identify proofing and identify affirmation into a single solution. The solution is built on the company’s market-leading mobile capture and IDP technology which is secure for the business as well as easy for their customers to use.
“While other identity-proofing vendors offer piece-mealed solutions that don’t include identity affirmation, ABBYY Proof of Identity does it all. It assures that the ID is valid, authentic and that the applicant is who they say they are, and affirms this via supporting documentation,” says, Mr. Persson.
ABBYY solutions are instrumental to connecting data, processes and people to automate important outcomes. From getting medication approvals faster with the FDA to accelerating small business loans during the pandemic, to enabling citizens to get government services faster and remotely, these are all powerful examples of the value ABBYY delivers.
Ultimately, ABBYY’s intelligent automation solutions empower organizations to make a tremendous impact where it matters the most: customer experience, competitive advantage, visibility, and compliance. The customer success team at ABBYY ensures that the company remains a dependable partner for future innovation, as proven by the company’s high customer retention rate.
Future Aspirations
ABBYY envisions a world working at the speed of thought. Mr. Persson shares, “We are with you at your most important moments – signing loan documents, registering for a driver’s license or new ID, getting approved medication –and work towards building an intelligent and automated world that anticipates and completes processes for faster outcomes.”
The company is focused on helping customers achieve their intelligent automation goals. “To that end, you will see continued product innovation across our entire portfolio that makes enterprise work faster, smarter, and more impactful that keeps the end customer experience at the forefront of solutions,” concludes, Mr. Persson.
