The advent of intelligent document processing (IDP), an innovative AI application, is transforming businesses across industries. As digitization pervades business operations, IDP facilitates the automation of vast, unstructured data processing from diverse sources. This innovative technology harnesses machine learning, deep learning, and expert systems to scrutinize, categorize, and glean pertinent data from unstructured documents, thus enhancing efficiency and decision-making capabilities.
Advanced document understanding (ADU), an evolution from first-generation IDP, is gaining traction. This innovative AI capability not only learns from previous experiences but also comprehends and responds to written prompts, math problems, and images, among others. In diverse manifestations, ranging from dynamic content suggestions on social platforms to self-driving vehicles and generative AI like ChatGPT, AI’s influence is omnipresent.
ADU amalgamates the power of machine learning, deep learning, and expert systems. For instance, in real estate predictive algorithms, expert systems, machine learning, and deep learning analyze numerous factors affecting property values, leading to astute decision-making.
The AI industry has witnessed a significant surge, with global AI expenditure projected to cross $500 billion in 2023. Categories of AI applications include generative AI, predictive analytics, natural language processing, and computer vision. These AI capabilities are instrumental in business functions such as service operations optimization, new AI-based product creation, and customer service analytics.
Successfully incorporating AI into business operations involves defining business needs, setting near-term goals, evaluating business capabilities, preparing data, and starting small. One innovative example of IDP in action is Lazarus AI’s RikAI platform, which boasts exceptional performance and easy integration, making it a frontrunner in the world of next-generation IDP.