The Rise of Intelligent Document Processing

Artificial intelligence (AI), which is the ability of a computer or machine to learn from past experiences, is making headlines with new advancements and applications. Today, there are several different AI models that take on various forms, including self-driving cars, generative AI, and dynamic content suggestions. Furthermore, there are specific types of AI, such as machine learning, deep learning, and expert systems, that have specialized functions. 

In 2023, global spending on artificial intelligence technology by governments and businesses will exceed $500 billion. There are several categories of AI applications, such as generative AI, predictive analytics, natural language processing, and computer vision. These AI applications will add almost $200 trillion to the global economic output. Especially with AI being increasingly used in service operations optimization and the creation of new AI-based products, many expect investment in AI to increase over the next three years. 

Artificial intelligence is currently related to other terms used to define and augment AI’s capabilities, such as application programming interface, data extraction, and optical character recognition. As businesses and governments explore responsible AI solutions, they will be able to gain the benefits of increased efficiency and productivity, greater speed, improved monitoring, and more. Nonetheless, AI is not a one-size-fits-all solution, which means businesses and governments have to find and implement the right solutions for their specific needs. Businesses can successfully incorporate AI into business operations by first defining business needs and setting near-term goals. They can then determine which approaches will work best and make sure the dataset is accurate as well as compatible before testing AI performance. As more businesses continue to digitize their operations, intelligent document processing (IDP) is becoming a vital technology solution that uses AI to automate the processing of vast amounts of unstructured data from multiple sources to help organizations make smarter decisions and become more efficient.