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Business process and document management company Xerox Corp. (XRX - Analyst Report) recently announced that select models of its DocuMate scanners will now include a new software to transform documents into useful business intelligence.

As an add-on facility, the scanners will feature Diamond Vision Enterprise Edition software. Manufactured by Office Gemini, a software manufacturer focused on the document management and document scanning industry, the software offers a comprehensive scanning solution that provides powerful production level image and data capture. The software enables unlimited scanning capabilities without any per click charges, powerful indexing and automated OCR (optical character recognition) functions.

In addition, the new software interface empowers users to separate scanning, quality control, indexing and exporting processes into independent tasks that can be performed simultaneously, either at local nodal points or at remote positions by different users.

According to data by market analysis and consulting company Harvey Spencer Associates, the document capture software market grew 8.2% in 2012 and is poised to grow at a higher rate in the coming years. The addition of the new software with the prowess of document capture solution will thus position Xerox scanners to better capitalize on this opportunity. The software will be included in Xerox DocuMate 5460, 5445, 4799, 4790, 4760 and 4830 scanners.

Headquartered in Norwalk, Conn., Xerox is a leader in the development, manufacture, marketing, servicing and financing of document equipment across the world. The company also provides extensive leading-edge document technology, services, software and genuine Xerox supplies for graphic communication and office printing environments of any size.

The company has three segments – Technology, Services and Others. Xerox is looking forward to expanding its offerings through inorganic measures and new acquisitions, which in turn will help it to add more clients to its portfolio.

Xerox currently has a Zacks Rank #3 (Hold). Other players in the industry worth reckoning include Echelon Corporation and Mentor Graphics Corp. (MENT - Snapshot Report), both carrying a Zacks Rank #1 (Strong Buy), and NCR Corp. (NCR - Analyst Report) that retains a Zacks Rank #2 (Buy).

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