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Transforming business documents into business value with AI

In the world of document processing, data is king. The data locked in documents do not readily become actionable value to a business unless it is captured, extracted and processed. Today, organizations of different sizes are data rich, and information poor as most of the business critical information remain trapped in documents. Thankfully, new technologies in Artificial Intelligence like Intelligent Capture are helping businesses to obtain business intelligence (BI), value and insights locked in unstructured data. Having the ability to process unstructured information and transforming it into actionable business data, strips away the inherent latency in business operations. This accelerate business transactions and optimizes successful business outcomes.

 

Today, ABBYY is a global leader in intelligent capture and provide organizations throughout the world with optical character recognition, document capture and language software for both PC and mobile devices. Powered on AI, ABBYY’s technologies leverage deep learning and multi-level analyses to process text, documents and data to function like a high-powered human brain. ABBYY intelligent technologies are helping to augment business teams to achieve greater efficiency, accelerated decision-making and higher revenue.

 

AI as enabler of business value

 

The implementation of AI in document processing solutions is helping businesses capture significant gains across the value chain. Intelligent document capture and processing has radically changed customers' expectations of the service experience, creating higher expectations for service, selection and convenience. This is more evident in Financial services sector, which is fast becoming the most aggressive adopter of AI and document processing capabilities. A recent report on Study of Mobile Banking & Payments show that around 70% of millennials use mobile banking apps and payment services. While the trend is spurring the technological transformation of the financial sector, a more critical implication is that the widespread use of digital payments is fueling growth in expectations with high-value customers.

 

Since consumers expectations are contagious – consumers expect the same level of ease, comfort and speed from every customer-facing service - there is additional pressure on other industries to follow suit, including insurance, public services, transportation, logistics, and healthcare. Companies cannot delay advancing their digital journeys, including AI. They need to keep up the pace in order to stay relevant in the minds of their customers while delivering on growth and profitability for investors.

 

Insurance is already a key sector for investment in AI-based systems. Many insurance companies are seeing opportunities to reallocate adjusters and human capital focused on claims or customer onboarding with automated and intelligent systems. Insurance companies can leverage AI to report the claim, capture damage, audit the system, and communicate with the customer.  Instead of relying on humans to manually comb through reports to catch inaccurate claims, AI algorithms can identify patterns in the data and recognize when something is fraudulent. This reduces the need for brick and mortar and field resources. It also means that they can be more responsive to customers and deliver a better user experience.

 

It doesn’t end there, however. This increased utilization of AI in industry will place greater pressure on government agencies to improve engagement, onboarding, and customer experience. Since governments must serve their constituents, the user base has expectations for the same level of service obtainable across business entities thanks to the innovations in financial services or insurance companies. Moreover, new technologies like Real-Time Recognition are known to reduce operational costs while streamlining processes in financial services. This puts additional pressure on government agencies to put more focus on controlling administrative costs through reliance on modern technologies.

 

The changes stemming from the AI revolution will affect much more than specific industries. As data become more widely available, cross-border data flows will become the global drivers of AI development and application. According to Harvard Business Review, cross-border data flows have grown by a factor of 45 over the past decade, and they’re projected to post another ninefold increase by 2020. AI is a global opportunity which will be led by the advanced economies but will rapidly benefit emerging markets. Innovation and research is emerging from all parts of the world. North America as the largest market is a target for a lot of innovation around AI. However, AI is going to have a significant global impact, rendering services and solutions available to users and constituents who would never have had this capability due to investment and costs. Innovation will come from all over the world.

 

Securing the future of AI

 

If consumer data fuels AI, there are wide-reaching implications for the future of data protection and consumer privacy. If these are not contended with effectively, it could jeopardize the development of AI as we know it. As the EU’s record $2.7 billion fine of Google recently demonstrated, consumer protections are becoming increasingly important issues. Penalties for those who fail to comply can be severe.

 

Security and privacy are paramount to the success and growth of AI. There is an inherent trust between users and the systems/organizations with whom they share personal information. Data protection is something that all in the industry must respect. This is a huge challenge as governments have now become engaged in the process to protect their citizens.

Technology vendors have obligations to ensure that this trust in AI is not broken - responsibility to the market, our partners, and our customers to ensure that we are securing their information and not allowing the capabilities to be used for deception or fraud. Transparency is key, and organizations must be open and willing to answer difficult questions in order to keep users and their information safe.

 

There is a noticeable growth in the number of organizations using text analytics and data extraction capabilities to monitor content and information leaving their networks and data centers to ensure compliance. It is a very interesting time as the need for data protection and privacy will create many new opportunities for AI. It will also present new challenges in ensuring this data is protected and only used for the defined and desired outcome.

 

 

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AI EUROPE 2017 is organized by Corp Events, a corporate event management agency that specializes in the organization of first-class trade shows in the field of new technologies