What can you do with generative AI? You can solve math problems, create images, write stories, and whatnot. All with a short description in your own natural language. For individuals who want to learn and create, there are endless ways to use this artificial intelligence technology.
What about enterprises?
Previously, we have discussed how businesses can use Generative AI in Cognitive Search. Today, let’s discuss how technology empowers intelligent document processing (IDP).
Generative AI + IDP
Unstructured data is a big challenge for businesses across industries. For example, the insurance industry handles a significant amount of unstructured data, comprising about 80% of the total. Insurance firms currently utilize less than 3% of this data for decision-making, which is alarming considering the industry’s size.
Generative AI-powered Intelligent document processing offers a solution by efficiently processing unstructured data, resulting in improved customer satisfaction, enhanced process efficiency, and better overall business performance.
IDP is a game changer for industries that deal with heavy document processing, such as insurance, banking, retail, etc. IDP uses artificial intelligence technologies such as optical character recognition (OCR), computer vision, natural language processing (NLP), and machine learning (ML).
Replacing the inefficient, error-prone manual processes, IDP takes away the frustration of employees and boosts productivity.
You can learn more about the applications and advantages of intelligent document processing here.
Generative AI complements and empowers IDP with its impeccable capabilities such as content generation, content summarization, natural language translation, and semantic search.
The content generation capability of generative AI greatly benefits document processing. It can automatically generate reports based on provided data, assist in writing tasks by offering suggestions and improvements, and aid in translating documents. The large language models are also proficient in converting structured data into readable narratives and generating marketing content. This capability streamlines the document creation process, saves time, and ensures consistent and high-quality outputs. However, it is important to review and validate the generated content to maintain accuracy and alignment with specific requirements.
Generative AI can analyze large volumes of text and extract the most relevant and important information, condensing it into concise summaries. This saves time for readers and provides a quick overview of the document’s content, allowing for efficient information retrieval and decision-making. The summarization ability enhances productivity and comprehension, particularly when dealing with lengthy or complex documents.
Generative AI can automatically translate documents from one language to another, enabling businesses to effectively communicate and collaborate across linguistic barriers. Large language models possess a deep understanding of language nuances, enabling them to provide accurate and contextually appropriate translations. This capability enhances document accessibility, streamlines global operations, and facilitates efficient cross-border communication. Whether it’s translating contracts, reports, customer communications, or any other document, natural language translation ensures clear and effective communication in multilingual environments.
Generative AI in intelligent document processing revolutionizes the way you search and retrieve information. Unlike traditional keyword-based searches, semantic search focuses on understanding the intent and context behind a user’s query. By leveraging advanced natural language processing techniques, the generative AI models can analyze the meaning and relationships within documents, enabling more accurate and relevant search results. This capability allows users to find the most meaningful and contextually appropriate information, even when the exact keywords may not be present. Semantic search enhances document retrieval by considering the context, intent, and underlying concepts, enabling faster access to the most relevant information, and improving overall productivity in document processing tasks.
Latest developments in Generative AI-powered IDP:
Microsoft, through its Azure Open AI Service, is enabling businesses to leverage generative AI in enterprise applications. You can integrate Open AI Service with Azure Cognitive Search and transform your enterprise search with generative AI capabilities. Similarly, you can integrate Open AI Service with Azure Form Recognizer for generative AI-powered intelligent document processing.
Large businesses like Morgan Stanley have already started leveraging generative AI-powered intelligent document processing. Being in the business for a century, Morgan Stanley maintains a huge library of market research, investment strategies, and insights. Their advisors had to search through this vast amount of information, which is time-consuming and cumbersome. However, incorporating GPT-4 in their document processing to access, process, and synthesize content almost instantaneously.
“You essentially have the knowledge of the most knowledgeable person in Wealth Management—instantly,” says Jeff McMillan, Head of Analytics, Data & Innovation for Morgan Stanley Wealth Management.
How generative AI-powered IDP helps enterprises
Generative AI-powered intelligent document processing offers several benefits to your business.
Increased efficiency: You can reduce manual efforts and save time in document processing. Generative AI can handle large volumes of documents quickly and accurately, improving overall operational efficiency.
Improved accuracy: Generative AI models excel at understanding and extracting information from documents. Thus, you can minimize errors and ensure accurate data capture. So, you will maintain data integrity and make well-informed decisions.
Enhanced data insights: Generative AI-powered IDP enables businesses to uncover patterns, trends, and correlations within their data – structured, semi-structured, and unstructured. This information can drive strategic decision-making and provide a competitive edge for your business.
Faster information retrieval: Generative AI-powered document processing enables swift retrieval of specific information within documents. This accelerates search and retrieval processes, allowing businesses to access relevant information in a timely manner.
Streamlined workflows: By automating document processing tasks, Generative AI streamlines workflows and reduces the need for manual intervention in document processing. This frees up valuable time for employees to focus on higher-value tasks and improves their productivity.
Enhanced compliance: Generative AI can assist businesses in adhering to regulatory compliance by automatically identifying and redacting sensitive information within documents. It helps ensure data privacy while maintaining compliance with industry-specific regulations.
Cost savings: By automating document processing, businesses can significantly reduce operational costs associated with manual data entry, error correction, and time-consuming processes. Generative AI-powered intelligent document processing offers a cost-effective solution that increases efficiency and accuracy.
Need help in leveraging generative AI for your business?
At Saxon, we are helping enterprises – small, medium, and large scale, to leverage artificial intelligence technology to fulfil their unique business requirements. With two decades of experience in IT consulting, our experts are democratizing AI and helping enterprises create innovative solutions, perfectly aligned with their business objectives.
If you want to explore opportunities to make the best use of generative AI for your business, register for our exclusive InnovAIte workshop now.