Advanced document understanding (ADU) marks a significant milestone in the trajectory of intelligent document processing (IDP), an artificial intelligence (AI) realm burgeoning at an incredible pace. As enterprises propel towards digitization, IDP emerges as an indispensable asset for orchestrating the automation of unbounded unstructured data.
Artificial intelligence, construed as the machine’s capability to gain knowledge from past encounters, currently manifests itself in varied forms and models, from dynamic content suggestions across social media to autonomous vehicles and generative AI such as GPT-4. AI’s assorted types encompass machine learning, empowering machines to acquire knowledge from data sans explicit programming, and deep learning, specializing in complex pattern and dataset handling. Expert systems, mimicking human decision-making process, round out the trio. The amalgamation of these technologies furnishes the core of ADU, equipping systems like Zillow Zestimate to make astute decisions and forecasts.
Global expenditure on AI is set to exceed $500 billion in 2023, with AI applications spanning generative AI to predictive analytics, natural language processing, and computer vision. Per Ark Invest, AI could potentially contribute $200 trillion to global economic output by 2030. Business adoption of artificial intelligence has surged, with the mean number of AI functionalities employed by firms escalating from 1.9 in 2018 to 3.8 in 2022. Among the predominant AI capabilities are process automation via robotics, computer vision, and natural language comprehension.
Although AI offers myriad advantages, including enhanced efficiency, swiftness, improved monitoring, and superior talent management, it is not a universally applicable solution. Businesses must carefully delineate their needs, establish near-term objectives, assess their capacities, ready their data, and initiate on a small scale to effectively integrate AI into operations. A case in point is Lazarus AI’s IDP System, which necessitates no training and can extract data from any document irrespective of type, format, or language. These next-gen ADU solutions are outclassing prior-gen IDP tools, paving the way for businesses to unlock the potential of AI for advanced document understanding.