Why generative AI?

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The world of artificial intelligence (AI) has been rapidly evolving with the introduction of generative models such as ChatGPT. These innovative AI approaches are not only revolutionizing the way we interact with information, but are also transforming a wide range of industries by automating complex tasks. In this blog post, we explore the fascinating use cases of generative AI (GenAI) and examine the future possibilities of this technology.

$4.4 trillion: GenAI will change the world of work
In its study “The Economic Potential of Generative Artificial Intelligence” for 2023, McKinsey & Company describes an increase in the value of the global economy from $2.6 to $4.4 trillion – figures that can only be achieved through extensive application potential across all industries and processes. According to the study, up to 75% of this potential lies in the areas of customer operations, research and development, software engineering, and sales and marketing. In particular, language- or syntax-intensive tasks and creative tasks often found in these areas can be supported and partially automated by using language models.

Here we take a look at five of the most common use cases for generative AI.

Intelligent document processing: more than just OCR
Intelligent document processing (IDP) is a core area where bc data generative AI offers immense benefits. Modern IDP systems go far beyond traditional optical character recognition (OCR). They recognize not only text, but also the structure and context of documents. Solutions such as Tamed AI recognize documents in three dimensions and accurately extract information, significantly increasing efficiency when dealing with correspondence, faxes, and sometimes handwritten notes.

An example of AI being used is in the automation of invoice processing. Generative AI can be used to capture, validate, and process invoices in different formats, languages, and currencies. This reduces manual effort, speeds up payment processing, and improves accuracy. Additionally, AI can extract and analyze information from invoices to identify patterns, detect anomalies, and provide valuable business insights. This helps organizations reduce costs, increase liquidity, and strengthen regulatory compliance.

Domain Knowledge Agents: Specialists in specialized knowledge
Domain Knowledge Agents are specialized applications of generative AI that are trained to act not only as a source of information, but also as active participants in specific domains. These agents can assimilate extensive knowledge in a specific domain and use it in a way that goes beyond merely reproducing information. They can use this knowledge to generate new ideas, answer complex questions, and even formulate and evaluate hypotheses.