AI has the power to transform!

Problem Statement:

Around 80-90% of data is in the form documents, images, video or sound. This means that many companies are navigating almost blind as they stick to what they can see in their numbers combined with input from analysts and the experience of senior leadership.

Imagine what they could achieve if they were able to expand their actionable knowledge-base to say, 40%? How about 60%? Every percentage point counts!

Solution:

AI can help in several ways, starting with extracting information from PDFs, Excels, PPTs, scanned documents, etc. making it available for analyses and storage in more accessible forms. Steps to be taken include

• Use LLMs to extract relevant data points, such as names, IDs, contract numbers, contract specifications, addressess, account numbers, date of creation, etc. - work with the business to identify key data
• Store the data points in a manner that allows easy retrieval.
• Maintaining data versions and snapshots for immutable records.
• As insights start to evolve, the business will want more data points, so iterate!

Value Add:

More data usually means deeper insights, so while data extraction may seem like a small, somewhat annoying, step, its impact cannot be understated! It will be where you will see the highest ROI in the shortest amount of time, and is something that in itself has the potential to transform your business even without having thought about chatbots or autonomous agents.

Done right, GDPR, TPRM, BCCM, DORA, ESG reporting and staying on top of how new legislation impacts every part of your business should all become desktop exercises, not multi million dollar projects. And the beauty is, you can start small, focusing on one document type, and one area, learn from that and expand.