Introduction
Document Understanding AI is a type of artificial intelligence that can be used to automatically convert documents into structured data. This can be done by extracting information from documents and then organizing it into a format that can be easily accessed and analyzed. Examples of typical use cases of document understanding are automating the processing of invoices, purchase orders, financial documents, medical records, insurance claims, legal documents, and so on. In all the above scenarios, AI uses a combination of image processing and natural language processing algorithms to read structured data of the documents.
Benefits of Automated Document Processing
There are many benefits of using Document Understanding AI in your business. Perhaps the most obvious benefit is the potential for cost savings. By automating the process of converting documents into structured data, you can reduce or eliminate the need for manual data entry. This can save your business time and money.
In addition to cost savings, Document Understanding AI can also help improve your business operations. By using Document Understanding AI, you can streamline your document management processes and make it easier to find and retrieve information. This can save your business time and improve efficiency.
Finally, by using Document Understanding AI, you can gain insights into your business that would not be possible with manual data entry. For example, you can use Document Understanding AI to analyze customer feedback or to understand trends in your industry.
How to get started using AI to process documents
If you’re looking for a way to get started with Document Understanding AI quickly and easily, you may want to consider using a cloud-based service. Cloud-based services allow you to use pre-trained models to extract structured data from documents without having to worry about the underlying infrastructure. Additionally, cloud-based services are typically more affordable than on-premise solutions.
When selecting a cloud-based service, there are a few things to keep in mind. First, you’ll want to make sure that the service offers pre-trained models for the types of documents you’re interested in processing. Second, you’ll want to consider the pricing model. Some services charge per document processed, while others charge a monthly or annual fee. Finally, you’ll want to make sure that the service offers the features and functionality you need.
Some of the leading cloud-based document processing services include Google Cloud Natural Language API, Amazon Comprehend, and Microsoft Azure Cognitive Services.
If you’re interested in using Document Understanding AI but don’t want to use a cloud-based service, you can opt for an on-premise solution. On-premise solutions offer the same benefits as cloud-based services, but they require you to manage the underlying infrastructure. Additionally, on-premise solutions can be more expensive than cloud-based services.
When selecting an on-premise solution, you’ll want to consider the same factors as you would for a cloud-based service. First, you’ll want to make sure that the solution offers pre-trained models for the types of documents you’re interested in processing. Second, you’ll want to consider the pricing model. Some solutions charge per document processed, while others charge a monthly or annual fee. Finally, you’ll want to make sure that the solution offers the features and functionality you need.
Some of the leading on-premise document processing solutions include IBM Watson Explorer, HP IDOL, and Open Text Magellan.
No matter which approach you choose, Document Understanding AI can help you save time and money by automating the process of converting documents into structured data.
Conclusion
Overall, document understanding AI can be a great way for businesses to save time and money. If you’re looking to get started with this technology, you may want to consider using a cloud-based service or an on-premise solution. Both options have their own benefits and drawbacks, so it’s important to select the one that’s right for your business. If you’re not sure which option to choose, contact us today for a free consultation. We’ll be happy to help you determine if document understanding AI is right for your business. Schedule your free consultation today!
