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Eugene Xiong is the Founder and Chairman of the Board of Foxit, a leading provider of innovative PDF products and services.

Artificial intelligence (AI) is changing the way work is performed and data is analyzed in virtually every facet of work today. From algorithms that scour millions of court records to determine the value of personal injuries to artificial intelligence software used in the military to predict an enemy’s next move to automation of service and support using intelligent virtual agents, artificial intelligence is reinventing how we process and utilize vast volumes of information in our digital world.

Consider the fact that the AI-created painting “Portrait of Edmond de Belamy” was sold by Christie’s for a handsome sum of $432,500, and the ART AI Gallery was founded in late 2019. Artificial intelligence is clearly a new source of value creation in many walks of life.

In the world of document creation, analytics and processing, AI is also helping organizations dramatically reduce costs and time. For example, AI-powered intelligent document processing is helping to convert unstructured data in digital documents into structured data that can be fed into downstream applications to automate business processes. It is also being used to improve the way we create, read and edit digital documents.

PDF technology, the globally accepted standard for digital documents, is increasingly integrating AI into workflows to improve user experiences and business efficiency. It can help users more rapidly and accurately compare documents when reviewing files, reducing human error and processing costs. I have seen this firsthand at Foxit, as we have integrated AI capabilities into our PDF solutions.

Intelligent document algorithms can spot subtle differences in otherwise look-alike files to pinpoint required changes. For example, AI can look at two similar documents and identify layout differences; it can also identify the type of document being processed in order to route it to the appropriate department.

For businesses operating internationally, AI can be used for translation, so users can quickly understand the contents of a PDF and respond appropriately. And in cases when document redaction is needed to censure private information, such as names, dollar amounts or intellectual property, AI can be used to quickly detect this sensitive information in large volumes of files. AI-powered computer vision technology, for example, is used to identify and capture critical information in document images to detect necessary changes.

Intelligent document processing (IDP) is a fast-growing technology category that allows businesses to automatically capture relevant and valuable information previously trapped in complex documents and use it in important downstream business applications and processes. IDP solutions leverage a variety of AI-related technologies such as optical character recognition, natural language processing, computer vision and machine learning to better automate critical business applications like insurance, government and banking forms processing; patient onboarding; and invoice, order and loan processing.

The IDP category is catching fire across a variety of industries. The market was estimated at $700 million in 2020, and the analyst firm Everest Group estimates IDP will grow between 55% and 65% this year.

I recommend both large and small organizations begin assessing their document-intensive processes to ascertain where and how AI and intelligent document solutions can create new value for their businesses by redesigning, optimizing and automating workflows. Reducing cost and improving productivity are usually key drivers for adoption, but so are employee and customer satisfaction and revenue generation.

Government agencies can significantly streamline the processing of forms at scale to improve government services and reduce costs. Banks and insurance companies can improve cost efficiency and customer satisfaction by accelerating approvals, better understanding customer needs and improving accuracy. Law firms can benefit from faster and more accurate analysis, creation and dissemination of legal documents.

For many organizations, the journey toward AI-powered document processing will begin with the digitization of paper documents and the move toward a paperless office. Converting paper documents and forms to digital will require a high-volume scanner and software solution. Traditional paper documents should be transformed into scanned images and then into digital PDF documents. The move to digitization then opens the door to the intelligent processing of information for the wide variety of business applications and purposes previously discussed.

The journey toward intelligent documents and AI-driven PDF workflows can be a significant undertaking, depending on the underlying complexity of the processes your organization is seeking to automate. Yet, the benefits of cost-efficiency, business productivity, customer satisfaction and revenue generation are too important to ignore.