As a professional immersed in the ever-evolving landscape of technological advancements, I find myself increasingly fielding customer inquiries regarding the potential impact of new AI solutions, such as ChatGPT & BARD, on IDP platforms.
Well, I think we’ll face a huge increase in the automation rates and reduction in processing times of the standard processes and other processes that apparently are impossible to improve will be 100% automated in a very short time.
Let’s start from the beginning and explore the transformative power of AI and its implications for IDP platforms.
What’s an AI Solution?
An AI solution refers to a technology or system that incorporates artificial intelligence (AI) capabilities to address specific problems or tasks. It typically involves the use of machine learning algorithms, deep learning models, natural language processing, or other AI techniques to perform complex tasks, make predictions, or generate insights.
One notable breakthrough in AI technology is ChatGPT, an advanced language model created by OpenAI. With its exceptional natural language processing capabilities and coherent response generation, ChatGPT represents a remarkable milestone in the field of AI.
What’s IDP?
An IDP platform, or Intelligent Document Processing platform, is an incredible software application that uses different components to automate the extraction of data from documents.
IDP plataforms typically work by first identifying the type of document being processed. Once the type of document is known, the IDP platform will use different engines to extract the relevant data from the document. The extracted data can then be used to automate business processes, such as billing, compliance, and customer service.
As a professional who has worked closely with IDP projects, I’ve witnessed the transformative impact they have had in various sectors.
- Banking & Finance
Within the financial industry, IDP platforms have revolutionized the processing of invoices and payments. By automating these tasks, businesses can now experience improved cash flow management, reduced manual errors, and enhanced fraud detection capabilities. This not only streamlines financial operations but also safeguards the financial well-being of organizations.
- Retail
In the dynamic realm of retail, IDP platforms have become indispensable in automating the processing of customer orders. This seamless integration has yielded multiple benefits, including enhanced customer satisfaction through faster order fulfillment and accurate tracking. By reducing manual intervention and associated errors, IDP plataforms also contribute to cost savings and increased operational efficiency for retail businesses.
- Healthcare
In the healthcare industry, for instance, IDP platforms have proven invaluable in automating the extraction of data from medical records. This breakthrough has significantly enhanced patient care by enabling doctors and nurses to effortlessly access vital information, leading to more informed decision-making and improved treatment outcomes.
What is the point of convergence between IDP platforms & AI solutions?
In my professional perspective, the synergy between IDP & AI is paramount for achieving optimal process automation outcomes. By harnessing the combined capabilities of these solutions, it becomes possible to automate a wide range of human tasks within a business, effectively eliminating the need for human intervention in the loop (HITL). This collaborative approach not only reduces processing times but also enhances customer satisfaction through streamlined operations. Using the power of IDP and AI together enables organizations to achieve heightened levels of efficiency, productivity, and overall business success.
By leveraging a robust IDP platform to orchestrate business processes and intelligently determine the optimal routing of each transaction to be processed by the most suitable AI engine, we can harness the combined power of these solutions to achieve superior outcomes. This seamless integration allows for a synergistic collaboration that enhances overall performance and delivers optimal results.
The scope of document processing goes beyond the mere classification and extraction of various types of documents, including those that are completely unstructured, such as legal documents & contracts. Using knowledge acquired from years of processed documents and training within a learning model, AI solutions can effectively address an old IDP challenge: Take decisions based on document context.
Which means that with the correct training model an AI solution can take different decisions (or generate different results) by analyzing the whole documents context in a transaction not only cross-checking extracted data against business rules like IDP platforms generally does.
Conclusion
It is truly fascinating to witness the profound interest and curiosity surrounding the convergence of these cutting-edge technologies and how they may shape the future of IDP. The evolving relationship between AI and IDP holds tremendous promise, and I am excited to explore the potential implications and possibilities that lie ahead for this dynamic intersection.
If your business permits, do not be afraid to consider AI solutions on your processes automation, I believe with right approach using AI & IDP platforms we can have an unbelievable automation rate in some of the most complex business processes!