What is AI and how can it be used to help businesses?
Intelligent Document Processing, a form of Artificial Intelligence (AI), is growing in popularity and business use. So much so that 63% expect investment in AI to increase over the next three years, emphasizing its fast growth. Before delving into the use of AI in business, it is important to first have a solid foundation of what AI is.
AI is the ability of a computer or machine to learn, understand, and respond to previous experiences like written prompts, math problems, images, and more. The three different types of AI include machine learning, deep learning, and expert systems. All of these learn from data inputs to create outputs and decisions. Further, there are different categories of AI application. Those categories are generative AI, predictive analytics, natural language processing, and computer vision.
Because of the different types and categories of AI, businesses are quickly adapting them into their models. AI is used in businesses to do things like customer segmentation, creating new AI-based products, and numerous others.
Why should businesses adopt AI into their models? There are five given benefits of AI in business. The first is that it increases efficiency and productivity. AI results in greater speed, improved monitoring, and higher quality and increased accuracy. The final benefit of AI is that it results in enhanced talent management, meaning it helps streamline the hiring process.
One example of an Intelligent Document Process is Lazarus AI, which extracts and conceptualizes data. Examples like these have countless benefits for businesses.