Fast-growing AI-powered document intelligence solutions are helping companies overcome a number of challenges.
ccording to IDC, worldwide spending on artificial intelligence (AI) and cognitive systems will reach US $57.6 billion by 2021, an illustration of just how quickly AI technologies are finding homes in mainstream use cases.
One such use case is document review and processing, which increasingly is being handled by emerging document intelligence solutions, such as the one EY and Microsoft have built on AI-based Microsoft technologies including Azure Search, Azure Machine Learning and Power BI. These solutions are transforming how forward-thinking companies review, process and ultimately glean valuable insights from a wide range of business documents.
The challenge that all companies face
All large companies deal with mountains of documents on a regular basis – everything from contracts, invoices, purchase orders, and policies and procedures, to reports, activity logs, and emails. But processing these documents today is a manual, human-intensive effort that’s costly, time consuming, error prone and inconsistent.
Worse, it prevents organisations from using the content in these documents to make better decisions and identify ways to improve business performance. EY believes that document intelligence solutions can help companies overcome these shortcomings by automating document review and processing with AI and related technologies.
EY has found that document intelligence solutions, on average, can help companies reduce document review and processing time by 90%, decrease costs by 80%, and cut risk by 20%. At the same time, they can increase processing accuracy by 25% and consistency by 50%.