1 minute read
PROBLEM #3
To understand this problem, you will need a piece of paper, a pen, and a scientific calculator. Ready? Here goes - if a document has 10 data points for extraction and each of them is extracted with 90% confidence, then what is the confidence level for the entire document?
If your answer is 90%, then you are wrong. Indulge me for a moment. The probability of two events happening at the same time is the product of their individual productivity. So, if event one has a 90% probability, it must occur with a second event that also has a 90% probability, which then combined probability for both of them happening together is: 0.9 X 0.9 = 0.81 or 81%
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So, when you apply the same math to 10 fields in a document extracted with 90% accuracy each, then the result is:
Will you make financial decisions on a document with a 34% probability of being correct? It’s not likely.
No-Touch Processing :
NTP addresses all these problems. NTP ensures that you get 100%, not 90%, not 99% reliable data that does not need human reviews. It works for semi-structured documents as well as unstructured documents. Basically, it is AI’s guarantee that it has done a really good job with the extracted data and that you do not need to look at it. We have put 7 years of fundamental research toward this concept, as well as have filed and granted several patents into making this happen.
We started this year by delivering 18% NTP processing rates for our customers. That meant that every 18 documents out of 100 did not need any review and that our customers have taken financial decisions based on this extraction, without any human review. As I write this, a few of our customers have crossed the 57% NTP rate. In 2023, we will continue to make investments in AI research around reasoning and certainty to take this rate beyond 70% and eventually to our old friend - the beloved 90%.
Not too far out in the future, when you apply for a mortgage online and upload your documents, you will get a loan decision instantly because the AI has perfectly read your documents and there was no need to wait for a human review. Infrrd is on a mission to make that happen!
