In today’s digital age, businesses are constantly bombarded with documents. From invoices and contracts to loan applications and tax forms, the sheer volume of paperwork can be overwhelming. This can lead to errors in data entry, slow processing times, and missed opportunities.

Document AI is a powerful technology that can help businesses automate document processing tasks and extract valuable data from documents. Explore this cheat sheet to understand how Document AI technologies are revolutionising the industry by automating complex processes, enhancing accuracy, and speeding up operations.

What is Document AI?

Document AI leverages machine learning (ML) algorithms to extract data from documents like invoices, contracts, and loan applications. This automates tasks traditionally done by humans, such as classification, data extraction, and data entry.

Document AI for Asset Finance, Lending and Leasing

Our industry stands to gain significant advantages from Document AI. By automating tedious document-related tasks, Document AI can revolutionise operations, improve accuracy, and enhance the customer experience. Let’s see how this technology can directly benefit the asset finance sector:

• Streamlined workflows: Automates repetitive tasks, freeing up human time for higher-value activities like risk assessment and customer service.
• Improved accuracy: Reduces errors in data extraction compared to manual processing.
• Faster processing: Documents are processed and decisions are made quicker.

Key Considerations

Document AI can be a game-changer for businesses, but successful implementation requires careful planning. Here are some essential factors to consider to ensure you maximise the benefits of this transformative technology:

• Document quality: Document AI works best with high-quality scans or electronic documents. Poor quality images or handwritten notes will require human intervention.
• Training data: The accuracy of AI models relies heavily on the quality and relevance of training data.
• Human-in-the-Loop (HITL): While AI automates tasks, human oversight is crucial for verification, handling exceptions, and ensuring regulatory compliance.
• Change management: Preparing your workforce for the transition to automation is crucial. Open communication and reskilling initiatives are key to employee buy-in.

Document AI Technology Providers

With an array of Document AI providers available, finding the perfect fit for your business needs can be challenging. To simplify your selection process, let’s take a closer look at some of the industry-leading solutions:

• Google Cloud Document AI: Offers a robust suite of pre-trained models for common document types like invoices, receipts, and IDs. Additionally, it provides custom model training capabilities for specific document formats or data extraction needs.
• Microsoft Azure AI Document Intelligence: Specialises in extracting data from forms and semi-structured documents, particularly useful for asset finance applications like loan applications and tax forms. It boasts high accuracy and integrates seamlessly with other Microsoft Azure services.
• AWS Textract: Provides a range of features for document analysis and data extraction, including text recognition, table extraction, and form processing. AWS Textract offers a cost-effective option with pay-as-you-go pricing.
• IBM Automation Document Processing: Features pre-trained models for various document types and integrates with other IBM AI services for a comprehensive solution. Customisation options allow for tailoring the solution to specific industry needs.
• Salesforce Einstein Document Understanding: Leverages the power of Salesforce Einstein AI to extract data from documents within the Salesforce CRM platform. This streamlines document processing within existing workflows and is particularly beneficial for businesses already invested in the Salesforce ecosystem.
• Oracle Intelligent Document Processing: Integrates with Oracle Cloud ERP and other Oracle applications, offering a native solution for businesses using Oracle’s enterprise software suite. This facilitates a smooth integration with existing workflows and data management systems.

AMOBI Methodology for Document AI Implementation

The VIP Apps Consulting AMOBI Methodology provides a structured approach to implementing Document AI in your asset finance workflows:

• Assess
• Map
• Optimise
• Benchmark
• Implement

By leveraging the AMOBI Methodology and VIPS Apps Consulting’s expertise, asset finance businesses can navigate the journey towards automated document processing with confidence, ensuring a successful transition and a future-proof workforce.

Ready to harness the full potential of Document AI? Reach out directly to Nilesh Chadva and take the first step towards AI document processing solutions. Email now: nilesh.chavda@vipappsconsulting.com