Intelligent Document Processing
In today's dynamic business landscape, many organizations are exploring the potential of Generative AI software to revolutionize their operations. This transformative technology can streamline business processes, fuel innovation, and unlock untapped opportunities.
However, choosing the right generative AI software solution can be a daunting task that slows down decisions. In this post, we'll guide you through the key considerations to make when comparing software so you can make an informed choice.
Why Consider Generative AI For Your Business?
Before delving into the selection process, let's briefly touch on why Generative AI could be a game-changer for your business. With its ability to analyze unstructured data, uncover hidden insights, and generate human-like text, it can free up time, allowing your team to focus on strategic tasks that add value to your business versus doing busy work. With these potential benefits in mind, let's move on to a set of questions that will help you select Generative AI software for your business.
Key Questions To Guide Your Generative AI Selection
When evaluating Generative AI software for your business, it can be helpful to ask yourself the following questions:
- Business Relevance: Does the AI software cater to your core business needs? The ideal AI tool should be tailor-made to handle your specific business operations and be neither too broad nor too narrow or rigid in its functionality.
- Data Sources: From where does the AI learn? Ideally, it should be trained on a corpus of relevant business documents, not content that is irrelevant to your business needs. You should also consider whether the AI solution incorporates human feedback to optimize and adapt its models.
- Accuracy and Contextual Understanding: How well does the AI comprehend and generate text that aligns with your business language and context? Accurately understanding and maintaining the context within written information is critical to achieving meaningful results, especially in business contracts, where accuracy is paramount.
- Security and Privacy: How secure is your data with the AI solution? Is the model’s learning from your activity shared with others? Are you inheriting learning from other enterprises with different objectives? Ensure the tool prioritizes data privacy and security, and model uniqueness, keeping your business information, plus legal and operational practices, confidential and protected.
- User Control and Customization: How much control do users have over how the AI results can be verified, finalized and applied? An enterprise--friendly AI solution should provide its users a high degree of transparency and control.
- Intended Users and Ease of Use: Who can put the AI to practical use? The right tool should be easy to use, and fit-for-purpose, whether it's a business user, a data specialist, or management.
- Costs and Benefits: Lastly, compare the costs and benefits. Consider the time, skills, and resources the tool requires to effectively start, the resources it can save, the insights it can provide, and the competitive edge it could offer.
Navigating The Legal Landscape Of Generative AI
Along with the potential benefits, be aware of the legal implications associated with Generative AI. Recent copyright infringement lawsuits and regulatory scrutiny require you to thoroughly understand the legal implications of each tool’s approach. As such, you should work to choose an AI solution that has explicitly addressed the known areas of risk.
In summary, the choice of a Generative AI solution should be carefully considered, taking into account the unique needs and constraints of your business. By asking the right questions and evaluating potential solutions against these key considerations, you can make an informed decision that can bring transformative benefits to your business.
Ready to explore what Generative AI can do for you? Start with a free trial of Docugami today, or contact us for a proof of concept under your direction.
