Lazarus Forms, a developer-friendly API, has compiled an infographic on Intelligent Document Processing (IDP), a category of AI which is gaining popularity among small business owners in various industries.
Businesses are increasingly recognising the value of utilizing IDP technologies, such as Machine Learning, to analyze, classify and extract relevant data from documents like invoice and purchase orders.
The infographic looks at the different AI models, including generative AI, self-driving cars, and dynamic content suggestions of removal on social media platforms.
It explains how AI enables machines to learn from data and experience without being manually programmed. The infographic explains how expert systems mimic human expert decision-making and can scale up human-level decision-making.
Most Common AI Functions
The research unveils that in 2023, global spending on AI technology by businesses and governments will surpass $500 billion. It looks at the most common uses of AI among businesses. Service operations optimization was the most common AI function, followed by the creation of new AI-based products, and then customer service analytics and customer segmentation.
Benefits of AI in Business
The research found that some of the biggest benefits of using AI among businesses is increased efficiency and productivity. In shortening development cycles and cutting time between design and commercialization, AI technology also leads to quicker and higher ROI. Another key benefit is improved monitoring, as AI processes large amounts of data, giving businesses real-time insights and even initiating solutions. AI is also used for enhanced talent management, as the technology streamlines the hiring process by screening and identifying candidates.
How to Successfully Incorporate AI into Business Operations
The infographic highlights some of the leading ways businesses can incorporate AI into operations. Companies should define their needs, set near-terms goals, evaluate their business capabilities, prepare the data, and begin small, to have the best chance of successfully implementing AI technology into their business operations.
Lazurus Form’s infographic underscores the importance of small businesses have an understanding what and how AI can enhance their operations and ultimately help them grow.