For enterprises today, efficiently managing business processes with limited available resources is still challenging. Generative AI, a.k.a. Gen AI, has emerged as a powerful tool to help you achieve more productivity and stay ahead of competition. Gen AI is redefining operations across industries with potential use cases. Intelligent document processing (IDP) is one such significant use case for Gen AI, promising streamlined operations and unlocking new opportunities for innovation.
With its remarkable capabilities in generating content, images, and videos with high precision and speed, Gen AI is unlocking new avenues for efficient document management, data utilization, resetting data governance practices and producing faster content in ways previously unimaginable.
As per a McKinsey report, “Generative AI’s impact on productivity could add trillions of dollars in value to the global economy.” Although Generative AI can be implemented at various levels of business operations, one of its most effective implications is found in document processing. Its vast implementation possibilities in document processing are erasing the boundaries of managing and retrieving documents and organizational knowledge.
Scroll down to learn more about how Generative AI is transforming Intelligent Document Processing.
Gen AI for IDP
Unstructured data is a big challenge for many industries today.
According to Forbes, 71% of enterprises struggle to manage and protect unstructured data. For instance, most healthcare data is unstructured, consisting of almost 80% of medical data in different forms like clinical notes, handwritten prescriptions, and discharge summaries. Only 3% of the total data is used in decision-making. This boils down to 3 potential challenges: unstructured data, poor decision-making, and growing unstructured data.
Generative AI-powered Intelligent Document Processing (IDP) offers a solution that potentially helps in efficiently processing unstructured data, analyzes data, makes reports, and demystifies decision-making.
Before reading more about Gen AI-powered IDP, let’s first look at what IDP holds individually.
Intelligent document processing (IDP) is a workflow automation technology that scans, extracts, categorizes, and transforms your documents into accessible, meaningful data. It takes advantage of Artificial Intelligence (AI), Machine Learning (ML), Optical Character Recognition (OCR), Computer Vision, and Intelligent Character Recognition (ICR) technologies in its process.
Although IDP is a game changer dealing with a wide range of complex documents, across many industries like insurance, healthcare, pharma, retail, and manufacturing industries, infusing Gen AI brings in more voice to the documents. It automates the document flow by empowering businesses to achieve more and faster. With capabilities resulting in accurate data extraction, analysis, and classification, Generative AI emerges as a potent remedy for many document processing challenges.
Some of the Document processing challenges which Generative AI can address are:
Data extraction accuracy:
One of the primary challenges found in document processing is to process large volumes of data with minimal errors and better accuracy. Errors in the data extracted may lead to several incorrect decision-making and unproductive business operations. This calls for a well-trained algorithm, delivering precise results to overcome this situation.
However, Gen AI-powered IDP can quickly process large data using advanced machine learning and AI models, extracting, and categorizing the data for immediate use. Its trained algorithms can easily automate the process by extracting data from unstructured and semi-structured documents, such as invoices, receipts, and contracts, and converting them into structured, usable data and pipelining it to the next processing, provisioning a better decision-making environment.
Document Summarization:
Document summarization involves processing of longer text documents, creating a concise, coherent, and fluent summary by including the underlying document’s key points. Proper document summarization helps shorten content from big documents and aids in easy document intelligence.
But the IDP solution is limited to processing, extraction, and storage. Gen AI – Powered IDP uses Gen AI models to analyze and save time for analysts and researchers in summarizing lengthy documents. It makes the process easier, more efficient, and more accurate by quickly understanding the document’s main points and essential information. It can produce document summaries in seconds and enable stakeholders to make more innovative and efficient decisions.
Language Translation and Transcription:
Language translation involves converting a text file from one language to another, whereas transcription focuses on accurately translating the content of documents into a text format.
IDP (Intelligent Document Processing) is proficient at handling the language translations and transcriptions for structured documents, as these documents follows a prescribed document format, but it may require assistance when dealing with extensive and intricate handwritten documents.
To address the issue, Gen AI models in document processing can be trained for translating handwritten documents from one language to another, thereby enhancing cross-language communication and accessibility. Furthermore, these models can transcribe such documents into text, simplifying the digitization and processing of information within the documents.
Apart from solving these challenges, Generative AI composition In Document processing empowers various industries with the following use cases.
Top use cases for Generative AI-powered IDP across industries
Improving Healthcare Document Management:
Healthcare industries handle vast amounts of sensitive documents such as patients’ records, insurance claims, and medical reports, and any slight error in these documents may lead to critical disruptions in patient treatment and even endanger lives. Having Gen AI-powered IDP in the loop can reduce human errors and inefficiencies and provide accurate content generation based on patients’ records.
Streamlining Talent Management Document Processing:
The human resource department is one more industry that deals with various documents like resumes, contracts, timesheets, and performance review forms. Manually generating performance summaries and follow-ups for each employee according to their request is a hectic task. But with Generative AI, the HR team can generate summaries, images, and anniversary videos for employees based on the relevant information in documents. It improves the overall performance of the department and enhances employee satisfaction.
Enhancing Legal Document Management:
According to Slaw, almost 80% of law firms and legal departments receive unstructured data. The data received includes contracts, legal filings, and court transcripts. Dealing with these vast unstructured transcripts and gaining insights for decision-making is complicated.
Gen AI using language transcription algorithms can extract the relevant content, verify the law suites, and provide accurate summaries. It can automate these legal documents more accurately and enable legal professionals to focus more on critical legal tasks.
Benefits of Gen AI-powered IDP
Improved Accuracy and Efficiency:
Integrating generative AI in intelligent document processing assists in improving the accuracy of the entire document processing workflow. These Large Language Models (LLM) can extract essential information accurately by improving the overall efficiency of the document processing tasks. It improves document productivity, faster turnaround time, and reduces manual labor.
Increased Data Utilization:
Gen AI models enable businesses to unleash their true data potential. The technology can understand correlations and patterns within the documents and uplift their decision-making process. It also enables the best security measures by identifying sensitive information in the document and preventing it from being shared.
Streamlined Business process:
Introducing generative AI in intelligent document processing eases the workload of human operators and allows documents to be processed quickly and accurately. By automating the repetitive complex document process, employees can spend more time on value adding tasks and increase productivity.
Smart access to data:
Generative AI in document processing can help in fast access to enterprise data. Departmental heads, decision makers and any employee in the organization can retrieve the data from documents and use it. It improves the workflow by making the data readily available at any point in time.
Improving Customer Experience:
With generative AI, businesses can handle large volumes of documents quickly and accurately. This ensures customers receive a faster turnaround time for their requests or inquiries, improving their overall business experience.
Generative AI in intelligent document processing is redefining knowledge processing for businesses and organizations dealing with vast documents. Leveraging the power of machine learning and generative AI models enables faster and more accurate data extraction, enhanced document classification, data anonymization, and streamlined document creation. Those mentioned above are only a few challenges and benefits that Gen AI offers in IDP, with growing advancements in AI technologies continually bringing new possibilities and improvements to document processing tasks.
Working with trusted technology partners like Saxon AI will help you explore potential use cases for generative AI in your business and create strategies to achieve excellence consistently.
