Document
AI or Document Intelligence is a
technology that uses
natural language processing (NLP) and
machine learning (ML) to train computers to
simulate a human review of documents.
NLP enables the computer to 'understand' the contents of documents, including the contextual nuances of the language within them, before extracting the information and insights contained in the documents. The technology can then categorize and organize the documents themselves.
[{{Cite web, title=Why Digitizing Documents has been Accelerated by COVID-19 Pandemic, url=https://www.eweek.com/enterprise-apps/why-digitizing-documents-has-been-accelerated-by-covid-19-pandemic, access-date=2021-02-11, website=eWEEK, date=15 January 2021]
Document AI is used to process and parse forms, tables, receipts, invoices, tax forms, contracts, loan agreements, financial reports, etc.
Key Features
Document AI utilizes machine learning to extract information from documents in digital and print forms. Document AI is able to accurately identify text, characters, and images in different languages, thus enabling users to gain insights from the unstructured documents. Using the data from the documents allows Document AI users to make better and faster decisions regarding the documents. The technology makes the process of analyzing documents more efficient by automating and validating the data for the workflows.
Common Uses
* Freeing up employees for higher-value tasks.
* Using AI to check for anomalies in new
invoices
An invoice, bill or tab is a commercial document issued by a seller to a buyer relating to a sale transaction and indicating the products, quantities, and agreed-upon prices for products or services the seller had provided the buyer.
Payment ...
from old customers.
* Spotting fake currency and fraudulent checks.
* Fast-tracking the mortgage workflow process.
* Automating the monitoring of loan portfolios to manage credit risks.
* Enabling firms to automate the impact assessment of regulatory changes on their contracts.
* Analyzing previously inaccessible data siloed in documents to make informed business decisions.
* Streamlining the consumption of receipts on a worldwide scale.
* Increasing the reliability of business information by decreasing errors resulting from manual data entry.
References
Enterprise software
Applications of artificial intelligence