Advanced Document Understanding (ADU) is a pivotal development in the evolution of Intelligent Document Processing (IDP), a fast-growing domain within Artificial Intelligence (AI). As industries continue their digital transformation, IDP becomes a vital tool for automating the handling of vast quantities of unstructured data. Advanced IDP systems leverage technologies such as machine learning, deep learning, and expert systems, making it possible to analyze, classify, and extract relevant data from documents like invoices, contracts, and purchase orders.
Artificial intelligence is broadly defined as the ability of a computer or machine to learn from past experience. Today, numerous AI models exist in various forms, from dynamic content suggestions on social media platforms to self-driving cars and generative AI such as OpenAI’s GPT-4.
AI technologies come in diverse types. Machine learning enables machines to learn from data without explicit programming. Deep learning handles complex patterns and datasets, while expert systems mimic human expert decision-making. The fusion of these technologies underpins advanced document understanding, enabling systems like the Zillow Zestimate to make highly informed decisions and predictions.
In 2023, it is projected that global spending on AI technology will surpass $500 billion. Artificial intelligence applications range from generative AI and predictive analytics to natural language processing and computer vision. According to Ark Invest, AI could add $200 trillion to the global economic output by 2030. Businesses are increasingly adopting AI, with the average number of AI capabilities used by businesses doubling from 1.9 in 2018 to 3.8 in 2022. The most common AI capabilities include automating processes through robotics, computer vision, and natural language understanding.
While AI promises efficiency, speed, improved monitoring, and enhanced talent management, it is not a one-size-fits-all solution. Businesses must clearly define their needs, set near-term goals, evaluate their capabilities, prepare data, and begin small to successfully incorporate AI into operations. A noteworthy innovation in this context is Lazarus AI’s Intelligent Document Processing System, which requires no training and can extract data from any document regardless of type, format, or language. Such next-generation ADU solutions are outperforming previous-gen IDP tools, creating new opportunities for businesses to harness the power of AI for advanced document understanding.