Although IDP technology is not entirely new, it has been revolutionary for industries such as insurance and banking. Its development was rapid, moving from manual processes to intelligent automation.
How is generative AI changing the world of intelligent document processing (IDP)?
Generative AI represents a major milestone in the IDP world. From the early probabilistic models of the 2000s to current innovations such as variable autoencoders and neural networks, the field of document processing has developed into new dimensions thanks to transformer technology and large language models such as OpenAI's GPT series.
Generative AI has pushed document processing far beyond its current capabilities. It not only improves text readability and image quality, but also enables fast document classification and efficient data extraction. In addition, the synthetic dataset allows for thorough validation with minimal manual oversight and can even supplement missing information, indicating a coming revolution in data integration.
How does Kofax stand up to the giant hype around ChatGPT and generative AI in general?
The wave of generative AI has been with us since November 2022, when we were able to observe how all the players in the field of automation began to gain customer attention with new products using generative AI.
Kofax, a long-time player in the document processing market, has responded to the growing importance of generative AI cautiously, emphasizing the needs and requirements of its customers. Kofax, after consulting with its customers, announced its following latest innovations in October 2023:
- OpenAI connector available on Kofax Marketplace for integration with both Azure OpenAI and OpenAI, bringing generative AI capabilities to Kofax TotalAgility (KTA) low-code processes.
- Designer workflow processes in Kofax TotalAgility 8.0 containing OpenAI activity, which will be integrated directly into the platform and will allow developers to incorporate generative AI into their processes.
- Another introduced novelty that has the power to change application development within the low-code platform is “Generative AI CoPilot”. This tool is ready to fundamentally change the work of developers. It uses generative AI to simplify and automate the creation of individual activities in low-code applications, data models, forms and other elements within the KTA platform, all based on natural language communication.
- A new approach to data mining without the need for training, where the AI automatically generates a list of index fields and finds the necessary information in documents with high accuracy and without the need for extensive training. By integrating generative AI, Kofax aims to significantly speed up and simplify this process for organizations.
- A plan to more automate content processing using Retrieval Augmented Generation (RAG), combining information retrieval and text generation, allowing organizations to create personalized insights based on their own data.
In addition to these new features, Chris Huff of Kofax introduced the intent with Kofax working on a model that Chris referred to as 'Bring Your Own License', where customers can choose any language model they prefer and Kofax integrates it seamlessly into their existing KTA workflows.
“Customers are at the heart of everything we do in Kofax. For this reason, we started our journey with generative AI by reaching out to our customers and creating a customer advisory board to assist us in designing our strategy in this area. From the very beginning, our strategy was focused on the development of powerful automation using artificial intelligence that can solve the most demanding tasks of digitizing our customers' processes. A new version of the TotalAgility platform with integrated generative AI will be launched soon, which we believe will once again revolutionize the IDP market!” - Chris Huff, Chief Growth Officer, Kofax
After months of speculation in the market about its plans, Kofax has unveiled its well-thought-out strategy for its customer base. Developments in the field of artificial intelligence are changing every day, and even competing companies are coming to market with their innovations.
We believe Kofax has done the right thing, by consulting the future use of generative artificial intelligence with a large customer base. Unlike many other IDP companies, Kofax has an extensive product line of IDP products including RPA. The turnaround of a large tanker at sea takes longer and when it does occur, you hope the crew has thoroughly vetted and double-checked every aspect of the manoeuvre.
Companies that adopt generative AI not only gain a competitive advantage, but also become leading players in the era of digital transformation. At the same time, this technology is only at the beginning of its potential, and with each new breakthrough, a picture of the future looms, where artificial intelligence will not only be an assistant, but an active and intelligent partner at every stage of document processing.
With the promise of continuous improvement and integration into various platforms and business systems, generative AI is not only a trend, but is becoming the new norm. It clearly shows that investing in AI and integrating it into everyday business is no longer a question of “if” but “when”. And it seems “when” is right now.
