Businesses have a gold mine of valuable data at their finger tips, yet many fail to optimize the total value of such insights. The legacy approach to extracting data from various documents during decision-making often leaves subtle inputs negligible to human eyes. Those granular details can make all the difference if pulled on time. Hence, resorting to new-age technologies can prove a blessing in disguise.
AI in document management caters to document extraction, processing, and comprehension and stitching crucial data together using computer vision models, NLP models, and information retrieval technology into a single data pipeline for a simple unified experience across all documents. Integrating the digitized information extracted from documents into enterprise processes and workflow ensures easy data availability and accessibility.
A data is a rich source of information: pictures, audio, infographics – even video or speech. AI document analysis does an incredible job of finding such critical information, regardless of formats and layouts, and making it available, as and when needed. It saves a lot of person-hours and labor for extracting data. It is faster, effortless, and error-free.
There is no doubt in the fact that we have come a long way with AI. According to a recent report from analyst firm Omdia, the global AI market was valued at $16.4 billion in 2019 and is expected to reach the $100 billion mark by 2025.
Today, AI, powered by other tech capabilities, has the ability to scan text and the basic contextual understanding of font size and spacing. It can read the text in different languages and the hidden sentiments behind those words using Sentiment Analysis. Its multi-modal image extraction combines OCR and computer vision to extract pertinent information and turn it into structured data.
Most importantly, a comprehensive AI document management system handles a massive volume of documents daily to provide a holistic interpretation of the text and images faster than any average human, without any downtime or error.
AI in document management is very much a reality, and many businesses are already finding ways to leverage the potential of such unique software solutions. One of the companies at the forefront of the Document AI revolution is EdgeVerve. With XtractEdge, a comprehensive suite of Document AI platform & products, enterprises can unlock business value from enterprise data, regardless of complexity or domain specificity.