To sign up for our daily email newsletter, CLICK HERE
Introduction
Document AI software is an innovative solution that harnesses the intuitive potential of AI to process documents, namely detect or identify and then extract pertinent information from them. This is especially useful for clauses in contracts and many other use cases, including redaction, modification or substitution of any details and data. So, let’s explore the full scope of document AI software.
Why is clause extraction accuracy required and significant?
Think about it – clauses are the mainstay of just about any contract out there. Any existing or newly formed contracts are based on a series of clauses. The last thing any company, legal team or consumer would ever want is an incorrect clause, right? Well, that’s where AI document automation software comes into play. This solution not only serves to drive and promote (as well as facilitate) automated accuracy within electronic documents. So, what does this mean for businesses in the contemporary setup? Well-read on to find out more!
How does Document AI work and what are the benefits?
– (Un)structured data can be organized and customized as per individual need to cater for all types of document lifecycle (and fulfill their validity or viable duration)
– Curbs manual clerical work and processing for contract renewals or setup, thereby saving time, resources and ultimately, money
– Utilize data extraction to gain useful customer insights, offering invaluable expectation fulfillment for maintaining a sustainable customer service legacy
– Makes relevant data readily available as and when required: on demand, standby wherever it’s needed, be it for a stakeholder, an auditor or even ready for publication! Talk about versatility…
– Streamlines and unifies compliance, reducing error rates and driving accuracy (as the name suggests). Now workflows can be definitely validated for almost any purpose!
– Data insights can also be applied in determining customer satisfaction, advocacy and lifetime value for brands. What an intelligent idea (no pun intended!)
– Be it conventional OCR, document character parsing or NLP, pathways can be easily validated. These range from contracts, financials, workflow triggers and NLP based routing
– ML powered semantic searches ensures that specific details can be located with the utmost precision, yielding only the most relevant results
– High volume documents can be quickly processed and enriched with predictive analytics by using human-in-the-loop AI to contribute and edit any necessary factors
Document AI – the specifics
Document AI sorts data, transforming it into more ergonomic forms and drives productivity for better informed decision making. Hindering factors in implementing this include low skill workforces (who are oblivious to how to operate or run AI based apps), unstructured approaches, poor data fidelity, governance restrictions or simply the unwillingness to transform! Nonetheless, the several associated advantages include diverse industry specific and complex workflow management, visually rich extractables and unlocking data in detailed files (to name but a few). Now settlements can be expedited to augment informed decision making.
Moreover, RPA powered document flows can even handle laborious underwriting insurance agreements, by tallying claims and risk profiles. As aforementioned, this saves a lot of time, which can then be reinvested into something more productive – such as business expansion. Banking and financial risk associations are also taken care of with automated KYC data extraction and implementation. Now even loan processing or credit financing is intuitively handled by such solutions.
Following this process tree flow, we can understand how document AI software really works:
DIGITISE content layout > ENRICH extracted contextual data > ANALYSE derive data insights > CONSUME data via downstream integration and searching
This way, data becomes discoverable, is processed and then ready (‘fit’) for consumption. Time to value is also enhanced, as is the ability to auto discover documents required for analysis. Integrated quality checks ensure that there’s a benchmarking for all acceptable levels of accuracy. Other specific use cases include payroll and credit control invoice processing, transitionary system migration and backup plus restoration of claims.
Integrated connectors and universal adaptive templating ensure that deep learning computer vision can gauge intent in documents. Cognitive search queries integrate well with keyword-based NLP, as does the interactive GUI with a feedback cycle review. The personalized dashboards assist this process too. Enterprise grade security with stellar encryption, delivery and managed resources all promote a level playing field across various domains. Even contract abstraction, risk assessment and classification has become possible with Document AI. All thanks to this and courtesy of the concept of automation.
Prioritized pathways have even boosted insurance claims binding, whilst also driving profitability. A panoramic insight driven view of your business is possible, powered by the intelligible workflows. Dynamic exception handling and automated data field pickups ensure that results are always consistently delivered reliably on time. Comparative clause features can expose any discrepancies and fix them at both speed and scale. Negotiations and analytical reviews are now consequently much easier. Vision based techniques can further improve and train ML models. Operational risk mitigation with lowered financial loss are other welcomed advantages.
Document AI – the entire future of clause extraction?
It seems to be so, although let’s not forget that this continually evolving technological landscape is subject to repeated revision, improvement and even integration with other technologies. It also drives the potential for further intelligent document solutions, harnessing the beauty of AI and automation. The point here is to find the relevant information quickly AND apply some logical action to that (be it updating or removing the specific material). Once this is done, the next thing to do is implementing such solutions across the board – from financial to even retail settings. By doing so, this will ensure that all document processing is consistently handled.
Such reproducible and identical features is what makes document AI so dependable and a coveted choice for document processing. The term IDP – Intelligent Document Processing stems from this vital principle and is set to continue to take the world by storm (as it has already done across various domains). Now that all remains pending is approval from many brands who (as aforesaid) may remain defiant and indifferent to accept and embrace the true value of document AI.
Finally, we can summarize clause extraction accuracy and document AI as a unified and synergistic (not to mention symbiotic) interdependent process flow combination. Essentially, they complement one another to co-exist and thrive.
