Processing huge volumes of semi- and unstructured documents, storing and accessing them securely, and making them available for advanced analytics is a challenge common across enterprises in various sectors. It’s why Intelligent Document Processing (IDP), the technology category specializing in the use of artificial intelligence (AI) and machine learning (ML) to extract, classify, enrich, structure, and search relevant information from documents like invoices, forms, contracts, orders, receipts, and customer and employee emails is witnessing a rapid uptake among organizations like yours.
Projected to be adopted by businesses at a CAGR of 37.5% between 2022 and 2027 (Markets and Markets), IDP is already an important enabler of faster operations, innovation, and competitiveness. Banks and insurance companies automate the processing of loan applications, mortgage documents, and insurance claims. Healthcare organizations streamline the processing of patient and staff records, insurance claims, and medical invoices, automate billing processes, and ensure compliance with regulatory requirements. Law firms automate their paper stream by using IDP systems to extract relevant clauses, terms, and other key data.
As an orchestration platform that deploys AI to streamline many across-the-org operations for leading enterprises, Vue.ai’s IDP system is equipped with many valuable features to solve your most exacting document challenges.
4 in 40: Four salient features of Vue.ai's IDP platform explained in less than forty seconds by Swarna Rethas, Associate Vice President - Platform Solutions & Architecture
One-Shot Learning: For once, say ‘No’ to manual document processing
Traditional machine learning often struggles with a diverse range of documents that comes in. With minimal training data, Vue.ai’s IDP System leverages one-shot learning, processing any document type with phenomenal accuracy and speed.
What to expect:
- Rapid adaptation: Quickly adjusts to new document formats without extensive data collection or model retraining, saving time and resources.
- Seamless processing: Accurately processes complex financial documents, contracts, and forms, minimizing errors and ensuring compliance.
- Cost-effective solution: Eliminates the need for costly data preparation and annotation.
- Future-proof operations: Handles evolving document requirements as business grows.
Straight Through Processing (STP): Tackling Automation Challenges
Achieving true automation is essential for sustainable success. Vue.ai's STP-driven IDP System elevates enterprise operations through:
Efficient model training: Rapid model training and one-shot learning enable swift adaptation to data variations.
- Seamless automation: Powered by workflows, documents flow effortlessly without manual intervention.
- Enhanced productivity: Minimizing manual validation and handling empowers teams to focus on high-value tasks, driving productivity and efficiency.
This optimization not only increases productivity but also enhances customer experiences while ensuring scalability and reliability in business processes.
Meet Forty Two (42) – AI picks AI
Long hours spent selecting the right AI model for each document type is often ineffective and have downstream implications. Vue.ai's intelligent federated model, Forty-Two (42), simplifies model selection, allowing enterprise teams to focus on tasks that matter. With 42, almost 80% of your documents are processed autonomously without human intervention.
The Power of Precision: 80:20 Automation with Human In The Loop
Think of manual overrides as intelligent STP guardrails. The resulting system endows the platform with many favorable features.
- Exception handling: Swiftly and accurately resolve discrepancies
- Data security: Protect sensitive information with robust protocols
- Compliance: Stay ahead of regulatory requirements effortlessly
- Efficiency: Streamline workflows for maximum productivity
Workflow Manager: Simplify with Drag-and-Drop
When the platform is trained to learn with minimal data, pick the optimal AI model itself and is set up with STP guardrails, building complex workflows becomes easier. Vue.ai’s IDP System helps you easily orchestrate …
- Customizable workflows: Automate claims processing systems and handle unique cases with custom nodes
- Seamless integrations: Implement Connector Nodes for real-time credit checks during loan approvals
- Advanced data processing: Use Compute Nodes for financial calculations like interest rates and risk assessments
- Effective data management: Automatically generate datasets segmented by type, region, and outcome.
And so ...
While it costs $128 to onboard a customer at a mid-sized bank, cumbersome documentation processes and subpar onboarding experiences force 18% of applicants to abandon their paperwork midway. Inadequate support and guidance, lengthy, time consuming and repetitive processes were among the major reasons cited for the inefficiency (World Retail Banking Report 2024, Capgemini). Irrespective of whether organizations are reassessing their cost base, streamlining operations through workforce optimization or looking to improve customer engagement, IDP holds great promise to improve ROI.
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Experience the ease
Glimpse through Vue.ai's IDP platform, end-to-end. From registering your own type of document to auto-accessing a list of extracted taxonomies to creating custom workflows to deriving insights from the extracted data, it's a breeze.
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Make automation work for you (Not the other way around)
The STP capability of Vue.ai eliminates manual data handling and validation, enables teams to focus on high-value tasks and trains models quickly for data variations, explains Shripath Shankar, Associate Director - Product Engineering in this post.
