AI Explained – What is Document AI?
If you are like most businesses, you probably deal with a lot of documents every day. Whether it’s invoices, receipts, contracts, forms, or ID cards, documents hold valuable information that you need to process, store, analyze, and use. However, extracting data from documents can be a tedious and error-prone task, especially if you rely on manual methods or outdated software.
According to Forrester, 72% of an organization’s data is stored in documents. The challenge of getting to that data in an effective manner has prevented many businesses from automating those processes. Document data is very prevalent in many industries, like Legal, Healthcare, Manufacturing, and Retail. Handwriting also creates added barriers to processing these documents automatically.
That’s where Document AI comes in. Document AI is an innovative technology that uses artificial intelligence (AI) to automatically read, understand, and analyze documents. Document AI can help you transform unstructured data from documents into structured data so you can shift your focus to acting on information rather than compiling it.
How It Works
Document AI uses models to perform various document processing tasks, such as:
- Text and handwriting extraction: Detects and extracts text and layout of documents, such as tables, check boxes, and objects. You can use it to analyze any type of document, such as PDFs, images, or scans. This can be used for process automation. See our demo here: https://marqueeinsights.com/converting-handwritten-forms-to-data-with-content-ai/
- Document classification: Classify a document by its type, such as invoice, receipt, contract, or ID card.
- Entity extraction: Extract and normalize entities from documents, such as dates, amounts, names, addresses, phone numbers, or email addresses. This can end the need to rekey data and enable process automation.
- Entity labeling: Label entities in documents with predefined or custom categories, such as person, organization, location, product, or event. For example, this can be used to find sensitive HIPAA (Health Insurance Portability and Accountability) content and tag documents automatically.
- Document summarization: Generate a concise summary of the main points or topics of a document.
- Document generation: Use with generative AI to create new documents based on existing ones or user inputs. This is a powerful feature, where you can take data extracted from a product return and generate the credit email from the data automatically.
You can use pre-built models for common document types and use cases, such as procurement, identity verification, lending, or contract analysis. Alternatively, you can use custom models to tailor the solution to your specific business needs and documents. We’ve created custom models for extracting and auditing data from 100+ page UPS invoices, analyzing emails for patterns, and generating follow-up documents based on the data extracted.
Why You Should Use Document AI
Document AI can help you improve your business outcomes by:
- Reducing costs and time: Document AI can automate and speed up document processing workflows, reducing manual labor and human errors.
- Improving accuracy and compliance: Document AI can ensure that your data is correct and compliant with your business rules and regulations.
- Enhancing customer experience: Document AI can help you meet customer expectations while providing faster and better service.
- Gaining insights and value: Document AI can help you use your document data to gain new insights about your products, customers, markets, and competitors.
Get Started Today
Document AI is a powerful tool that can help you automate document processing and unlock insights from your data. We are booking fixed priced automation projects today. If you want to learn more, contact us at email@example.com.