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Your docs are a lot like your family—not in the corporate jargony “we are a family” way, but more in the “can’t live with them, can’t live without them” way. Yes, these docs are crucial in more ways than one, but teams that regularly work with them know that the time they spend searching for, cleansing, and prepping their docs can be better utilized elsewhere.

The financial document processing domain has undergone a 360-degree shift in the past decade. It was at the brink of the 1980s when software providers began releasing document management systems aimed at helping companies save time, money, and effort in regard to financial document processing. What started as simple document management systems using Optical Character Recognition to digitize printed financial documents has evolved into advanced, AI-powered solutions.

What if your document processing system could do more than categorize documents and extract data, no matter the format? That’s exactly what you can do with intelligent document processing (IDP) software. IDP tools adapt to varying structures and formats and understand content to summarize lengthy documents, identify anomalies, and flag errors. The best part? IDP software continuously improves in accuracy the more you use it.

The computer revolution in law took flight in the 1970s with the release of the iconic red “UBIQ” terminal. This innovation completely changed how legal document management was performed. It empowered lawyers to easily browse case law online rather than looking through towering racks of yellowed paper. As the years passed, a wave of new document management solutions emerged.

Let’s be honest – AI can seem like a bit of a mystery, and with this mystery comes myths and misconceptions. Is it actually that good? Can it handle varying document structures? Can it integrate with my existing systems? Because of this mystery, many companies have yet to take the leap and incorporate AI into their data processes. Today, we’re going to play MythBusters, separate fact from fiction, and show how you can use AI document processing to maximize efficiency and save costs.

Healthcare data is set to soar, with projections showing that it will grow from 2,300 exabytes in 2020 to an impressive 10,800 exabytes by 2025. To put that in perspective, that’s like having enough data to fill over 2.5 billion DVDs! What’s more is that a large portion of this data is unstructured—scanned documents, handwritten notes, and PDFs that don’t easily integrate into traditional systems. This is where Intelligent Document Processing (IDP) comes in.

What’s one thing all your favorite legal shows have in common? Whether it’s Suits or The Lincoln Lawyer, they rarely show the amount of paperwork lawyers have to handle on a daily basis. Understandably so, paperwork isn’t the most glamorous part of the job but that doesn’t mean it’s not crucial. In fact, lawyers deal with tens, if not hundreds, of documents on a daily basis during most parts of their job, such as discovery, research, or drafting.

In the world of LLMs, size doesn’t matter. It’s how you generate output that counts. Generative AI (GenAI) adoption rate in organizations jumped from 33% to 65% this year, which means if your organization isn’t leveraging AI, it’s time to get on board or get left behind. One powerful way enterprises are leveraging GenAI is by training and deploying private Large Language Models (LLMs).

Retrieval-augmented generation (RAG) is gaining traction, and for good reason. As businesses and AI experts search for more intelligent ways to process information, RAG combines the best of both worlds, i.e., the vast knowledge of retrieval systems and the creative power of generation models. But what exactly is RAG, and why is everyone talking about it?

What do you think of when you think of generative AI? Generating photos, animations, and videos? Coding and solving math problems? Writing content and brainstorming with a chatbot? These have all driven plenty of excitement around AI, but there’s so much more to it than that! From an enterprise perspective, Generative AI’s impact on intelligent document processing technology is remarkable.