The Business Impact of Artificial Intelligence and Intelligent Document Processing
by Brian Wallace
July 26, 2023
The Business Impact of Artificial Intelligence and Intelligent Document Processing

Artificial intelligence (AI) is the ability of computers or machines to learn from previous experiences and respond to various types of inputs, such as written prompts, math problems, and images.

Today, AI intelligence is found in many forms, including dynamic content suggestions on social media platforms like Facebook, WhatsApp, and TikTok .

And in self-driving cars developed by companies like Motional, AutoX, and Waymo.

AI-powered systems like ChatGPT and AI-driven search engines like Bing are also prevalent.

What are the Different Forms of AI

AI can be categorized into different types, including machine learning (ML), which enables machines to learn from data and experience without manual programming.

For example, Snapchat and TikTok use ML to apply interactive filters.

Deep learning (DL) deals with more complex patterns and datasets, often outperforming other machine learning methods in tasks such as image recognition.

When machine learning, deep learning, and expert systems are combined, they can provide more comprehensive insights and capabilities.

For instance, Zillow Zestimate utilizes expert techniques to consider factors like the size of the smallest house on a block.

In addition to machine learning and deep learning algorithms are used that analyze sales data and image patterns.

AI applications encompass generative AI, which uses existing data to create new content.

It also uses predictive analytics, which leverages data mining and statistical analysis to forecast future events.

Natural language processing enables computers to understand and respond to human language.

While computer vision allows them to interpret digital images.

The Adoption of AI in Business

This has been increasing steadily, with businesses’ average number of AI capabilities doubling from 1.9 in 2018 to 3.8 in 2022.

Common AI use cases include automating processes, optimizing service operations, customer service analytics, and creating new AI-based products.

AI offers numerous benefits to businesses and governments.

These benefits include:

  • Increased efficiency
  • Greater speed in development cycles
  • Improved monitoring through real-time insights
  • Higher quality and accuracy and enhanced talent management

However, incorporating AI into business operations requires defining business needs, setting goals, evaluating capabilities, preparing data, starting with small-scale implementations, and testing performance.

Conclusion

Intelligent Document Processing (IDP) is a specific AI application that can automate document processing tasks.

Lazarus AI’s RikAI is an input-agnostic language model that can extract data from any document regardless of type, format, or language.

By understanding the potential of AI and selecting the right solutions for specific needs, businesses and governments can reap the benefits of increased efficiency, improved decision-making, and streamlined processes.

Intelligence document processing

The Business Impact of Artificial Intelligence and Intelligent Document Processing

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2 Comments

  1. Wes

    We will see an enormous drop in the cost in many business areas. You’re right about document processing and I can see many areas of business that require lawyers becoming much, much cheaper. Thanks for the content!

    Reply
    • Julie Weishaar

      Hi Wes,

      Yes, unfortunately, we will see a drop globally in the near future. I’m glad you found the content helpful. Thanks for stopping by my blog.

      Reply

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