Google Announces GA Of DocAI Solutions

Lending DocAI and Procurement DocAI are now generally available.

Recently, Google announced the general availability of Cloud DocAI platform, Lending DocAI and Procurement DocAI.

Google said that Lending DocAI enables banks and other lending institutions fast track the loan application process from weeks to days. It dramatically reduces the cost of issuing a loan. Procurement DocAI helps firms to automate procurement data capture at scale, lowering processing costs by up to 60 percent.

These solutions are built on DocAI platform, which is a unified console for document processing. It enables you quickly access all parsers and tools. Using DocAI platform, users can automate and validate documents to streamline workflows, reduce guesswork, and keep data accurate and compliant. 

Google said that core to its strategy is the creation of industry-specific solutions that help firms get maximum value out of their investments in AI. Lending DocAI is designed specifically for the financial services industry. The platform processes income and asset documents of borrowers using a set of specialized machine learning models, and automates routine document reviews so that mortgage providers can focus on more important work. 

Source: Google

Lending DocAI includes more specialized parsers for critical loan documents including paystubs, bank statements, and more. Procurement DocAI, which is also now generally available, helps firms accelerate document processing for invoices, receipts, and other valuable documents in the procurement cycle. Procurement DocAI leverages Google Knowledge Graph in order to validate and enrich parsed information to make the data even more useful. 

"Google Cloud's Procurement DocAI service allows our document management platform to better automate the processing of invoices; AODocs customers who have tested our new account payables workflow estimate that the productivity of their A/P team has more than doubled, thanks to the reduction of manual data input brought by the Procurement DocAI." remarked Stéphan Donzé, Founder and CEO, AODocs

Google said that the new specialized parsers for Lending and Procurement DocAI can be used alongside Google's existing AutoML Text & Document Classification and AutoML Document Extraction services, for creating new document models.

The company also announced that soon it will also release GA of Human-in-the-Loop AI, which is a new DocAI feature that will help users achieve higher document processing accuracy with the assurance of human review. 

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