In today's data-driven world, the process of analyzing and interpreting vast amounts of information can be a daunting task. Processing unstructured data is a big challenge for businesses across industries. For example, the insurance industry handles a significant amount of unstructured data, comprising about 80% of the total. Insurance firms currently utilize less than 3% of this data for decision-making, which is alarming considering the industry's size. However, with the advancements in technology, we are now witnessing a new era in data processing - Generative AI. This cutting-edge technology is transforming the way businesses approach data analytics by offering unparalleled accuracy and efficiency.
The challenges of processing unstructured documents
Unstructured documents are challenging for organizations to process and store because it needs an explicit data model or structure. Unstructured data includes information shared in emails, social media posts, and customer inquiries captured during phone calls etc. Because unstructured data does not neatly fit into tables or other structured formats that can be easily analyzed, unstructured data are frequently challenging to extract and process using traditional extraction tools. The main issue with these data is that sensitive information, like personal or financial data, is typically contained in them, which raises the possibility of security threats. Robust data extraction solutions must be used to ensure it is extracted and secured against unauthorized access.
Processing unstructured documents with Generative AI and IDP
Generative AI-drive and intelligent document processing provides a solution that improves process efficiency, and overall business performance. IDP is a game-changer for sectors like insurance, banking, and retail that deal with much document processing. IDP makes use of AI-based technologies like machine learning (ML), optical character recognition (OCR), computer vision, and natural language processing (NLP).
IDP reduces employee resentment and increases productivity by replacing manual, inefficient processes. Generative AI complements and empowers IDP with its impeccable capabilities, such as content generation, summarization, natural language translation, and semantic search.
Content generation:
Document processing benefits greatly from Generative AI's ability to generate content. It can help with writing assignments by making suggestions and improvements, supporting document translation, and generating reports automatically based on input data. The Large Language Models (LLMs) are also skilled at crafting readable narratives from structured data and producing marketing content. This feature expedites the creation of documents, saves time, and guarantees reliable and high-quality outputs. Reviewing and validating the generated content is crucial to maintain accuracy and alignment with specific requirements.
Content summarization:
To create concise summaries, Generative AI can evaluate enormous amounts of text and extract the most pertinent and crucial information. Giving readers a rapid summary of the document's content and saving them time, promoting effective information retrieval and decision-making. The capacity to summarize improves comprehension and efficiency, especially when working with lengthy or complex documents.
Language translation:
Businesses can efficiently communicate and collaborate across linguistic barriers because of Generative AI's ability to automatically convert texts from one language to another. Large language models can deliver precise and contextually relevant translations since they have a thorough awareness of linguistic nuances. This capability improves document accessibility, streamlines international business, and makes cross-border collaboration more effective. Natural language translation ensures effective and clear communication in multilingual settings, whether for contracts, reports, customer communications, or any other document.
Semantic search:
Intelligent document processing using generative AI has completely changed how you search for and retrieve information. Semantic search, in contrast to conventional keyword-based searches, focuses on comprehending the intent and context of a user's query. The generative AI models can assess the meaning and relationships within documents by utilizing cutting-edge NLP approaches, leading to more precise and pertinent search results. Even if the exact keywords aren't there, this functionality enables users to find the most relevant and contextually appropriate information. By taking into account the context, intent, and underlying concepts, semantic search improves document retrieval by facilitating quicker access to the most pertinent information and increasing overall productivity in document processing tasks.
Transforming Enterprise processes with Generative AI-powered IDP
Generative AI-powered intelligent document processing offers several benefits to your business.
Increased efficiency: You can speed up document processing by reducing manual labor. With the help of generative AI, enormous document volumes may be processed fast and precisely, increasing operational effectiveness.
Improved accuracy: The ability to comprehend and extract information from documents is a strength of generative AI models. As a result, you can ensure proper data capture and reduce errors. As a result, you'll keep the data accurate and make wise choices.
Enhanced data insights: Businesses may find patterns, trends, and correlations in their structured, semi-structured, and unstructured data with generative AI-powered IDP. This data can help you make strategic decisions and give your company a competitive edge.
Faster information retrieval: The processing of documents using generative AI provides quick retrieval of specific information. This quickens the search and retrieval operations, enabling firms to access pertinent information quickly.
Streamlined workflows: Generative AI improves workflows and lessens the need for manual involvement in document processing by automating operations. Employee productivity increases due to the valuable time that may be used to focus on projects with a more excellent intrinsic value.
Need help in leveraging generative AI for your business?
AI-powered Kanverse helps enterprises build "Zero-Touch" document processing workflows. It automates the processing, validation, and filing of unstructured, semi-structured, and structured documents. Kanverse IDP digitizes document processing for enterprises from ingestion, classification, extraction, validation to filing. Extract data from a wide gamut of documents with up to 99.5% accuracy using its multi-stage AI engine. Kanverse combines multiple AI technologies like Computer vision, ML, NLP, fuzzy logic and Generative AI with OCR for the extraction. Although integrating Intelligent Document Processing with Generative AI is still in its early stages, the potential for future development is enormous.
Automate insurance submission workflows and seamlessly process ACORD and supplemental forms with Kanverse.
Schedule a demo with us today to find out more.
About the Author
Kingshuk Ghosh, Principal Product Manager, Kanverse.ai