Artificial Intelligence (AI) technologies are transforming businesses across industries, and a rapidly emerging AI category, intelligent document processing (IDP), is spearheading this revolution. As companies increasingly digitalize, IDP becomes essential, automating the processing of voluminous unstructured data.
Advanced document understanding is the future of IDP, combining machine learning (ML), deep learning (DL), and expert systems. This trio enables the analysis, classification, and extraction of relevant data from unstructured documents, including invoices, contracts, and purchase orders, thereby boosting organizational efficiency.
Machine Learning is the basis of AI’s learning capability, enabling machines to learn from data and experience without manual programming. Deep learning, an advanced ML subset, handles complex patterns and datasets. Expert systems mimic human expert decision-making, scaling up human-level decisions. When unified, they revolutionize industries, as illustrated by Zillow Zestimate, a predictive real estate algorithm.
In 2023, the global expenditure on AI technology is expected to exceed $500 billion, signaling the immense potential of artificial intelligence applications. As the average number of AI capabilities used by businesses soars, advanced document understanding will inevitably become a key driver of AI integration.
Common AI applications range from service operations optimization to customer service analytics. Each function boasts unique benefits, including increased efficiency, improved monitoring, and enhanced talent management. However, AI is not a universal remedy, underscoring the need for organizations to discern the right AI solutions for their specific needs.
The successful incorporation of AI into business operations involves defining business needs, setting short-term goals, evaluating capabilities, preparing data, and starting small. An example of next-gen IDP is Lazarus AI, which extracts data from any document type without training or retraining, showcasing the true power of advanced document understanding.