Cognitive document processing refers to highly capable IDPs that possess added intelligence that content-aware and context-aware automation provides. More intelligent processing enables more automation over document workflows, eliminating much of the tedious manual processing that still exists today.
Intelligent document processing (IDP) covers a broad range of capabilities from mere keyword extraction to deeper cognitive understanding of document content and relationships between documents that enables more complex automation workflows. Cognitive Document Automation refers to a select group of IDPs that are trained to “understand” even the most highly complex documents at a deeper level in order to provide superior data extraction power and accuracy to feed workflows and end systems with less human intervention.
Cognitive document processing platforms can break down content into meaningful datapoints to feed end systems because they are content-aware. They are also context-aware, providing a deeper level of document processing, classification and organization capability derived from interpreting relationships between documents.
Content-Aware IDPs “Understand” Document Content
Intelligent document processing (IDP) that’s content-aware involves secondary layers of analytics, reflecting industry-specific training with thousands of related documents, to create a taxonomy or “knowledge graph” that enables more accurate processing. IDP without industry-specific training lacks the content awareness to automatically formulate a knowledge graph and a taxonomy for interpreting the text. Less-intelligent IDPs can rarely retrieve relevant data points from unstructured docs in unpredictable formats, requiring human intervention to process more complex docs manually.
While basic IDPs routinely claim to extract dozens of datapoints with a high degree of accuracy, "content-aware IDPs can accurately retrieve thousands of relevant data points even if documents are handwritten," working faster on a larger variety of documents than IDPs that rely on pre-set taxonomy and keyword extraction alone.
For example, fully automated Lease Abstraction might go something like this: when the lease says “rent increases in any 12-month period no more than 5% plus the percentage change in the cost of living (CPI)” the platform can fully interpret that statement and calculate CPI and create the rent table, going beyond just finding values in a document and adding an extra layer of real estate specific application and automation.
ADEx’s cognitive document processing capabilities are content aware. ADEx can provide deeper understanding of content and language ( interpret the difference between “right of first refusal” and “right of first offer”), broader content capabilities (to extract and classify tables and images), and better OCR (handwriting).
Context-Aware IDPs “Understand” Document Relationships
Cognitive document processing can also include the context-level processing that understands relationships between documents enabling better, smarter, more context-aware organization and more intuitive search and retrieval of relevant documents later.
Context-aware processing understands the relationships between documents, regardless of location, file types and naming conventions. Context-aware automation provides grouping and classification across disparate yet related collections of documents so that relevant documents can be easily located no matter where they are actually stored or how they are named.
For example, a lease for a specific address and a loan doc for the same address can be associated with a specific CRE portfolio, even if the documents are named in a way that does not reflect these specific relationships. If someone had to find all of the documents related to a specific CRE portfolio, a simple search would show all of the relevant documents no matter where they are located or how they are named.
ADEx’s cognitive document processing capabilities are also context-aware. ADEx can provide automation over disparate collections of documents easily, and also organize documents into Smart Folders, so that related documents can be easily retrieved for viewing no matter where they are actually stored.
Unique benefits of cognitive document processing
Benefits of Cognitive Document Processing
Content-aware document processing platforms that provide libraries of pre-trained models relevant to your business and industry, require less training time for your document and workflow automation to succeed. This means that if you have complex documents and processes and you’re tired of waiting for the AI to benefit your organization you can reduce the setup and training time and reap the benefits of AI implementations faster with a content-aware document automation solution, without sacrificing accuracy.
Cognitive document automation also understands a broader range of documents out-of-the-box, providing smaller organizations a more powerful, effective, turnkey option with less onboarding.
When IDPs are more content-aware and context-aware, they approach a level of document understanding or “cognition” that reduces manual document review and processing.
For real estate, ADEx has the most comprehensive document automation platform (over 2000 types of documents) but also understands content at a deeper level, is able to extract and interpret complex data (such as tables, graphs, etc), provides libraries of pre-trained models, tools and calculators already trained on millions of documents related to the real estate industry.