Fireside chat recap: beyond ChatGPT for document processing
Companies are increasing their investments in AI due to the influence of ChatGPT. In this Fireside Chat, three industry experts led an in-depth discussion on the potential impact of AI on how we work and operate enterprises.
The panelists discussed the need to process unstructured data using enterprise-ready AI models, such as intelligent document processing (IDP), vs. popular generative AI tools known to compromise data security.
Jun 21, 2023 by Craig Woolard
If you are exploring enterprise-ready automation technologies for unstructured data, you will find this fireside chat a must-watch. The three participants from Automation Hero were:
- Stefan Groschupf, Founder and CEO of Automation Hero
- Max Michel, Chief Product Officer
- Mark Stripp, Head of Global Sales
You can read the full bios of the speakers at the end of the article, but in the meantime, here’s a quick summary recapping the discussion between these three industry veterans:
- Automation Hero CEO Stefan Groschupf emphasized the increasing importance and availability of AI tools for businesses. The panelists discussed the widespread global use of artificial intelligence and highlighted recent advancements in AI models like Generative Pre-trained Transformers (commonly known as GPT).
- They also explored the applications of AI in document processing and decision-making, highlighting the value of technology that can read and process documents with above-human accuracy, including the ability to “unlock” the business intelligence stuck in contracts, historical data, and more to improve business performance.
- Concerns are raised about truthfulness and security with popular pre-trained large language models (LLMs), such as ChatGPT. The panelists stressed the need for organizations to adopt enterprise-ready AI tools quickly to stay competitive.
Watch the full recording below for more details.
Below, we captured the best questions that stood out and highlighted the key insights from the webinar:
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What are the potential economic impacts of AI?
Now that we can overcome nearly all of the obstacles that plagued the Big Data era through the revolutions in transformer technology, the time for large language models has arrived. According to Mark Stripp, ChatGPT, the fastest-growing app of all time, and Nvidia’s emergence as a trillion-dollar company are signs that AI is having its iPhone moment.
Automation Hero CEO Stefan Groschupf set the scene by weighing in on AI’s potential business impacts over the next 20 years. According to a well known University of Oxford study, AI could eliminate 47% of US jobs over the next 20 years.
On this, Stefan elaborated further, noting the potential impact AI will have on an organization’s ability to remain competitive in the future:
Stefan highlighted the potential opportunities AI can bring to the table. According to the same Oxford University study:
Stefan also called attention to the wide adoption of AI tools since ChatGPT’s 2022 introduction, noting that more business leaders are increasingly recognizing the importance of AI as a business strategy:
Every time a new disruptive technology emerges, there are those who thrive and those who are disrupted. On this topic, Stefan reminded viewers of what happened when electricity eventually replaced the steam engine. By 1920, electricity had already replaced steam as the major source of automotive power, and in 1929, electric motors represented almost 78% of the total capacity for automotive machinery. Stefan emphasized the importance for business leaders to act by incorporating enterprise-ready AI technology now or be left behind:
What is the business value of technology that reads documents?
The panelists emphasized the value of technology that can read and process documents. When addressing this question, Stefan cited research conducted by the IDC, raising an interesting data point about the intelligence trapped inside business documents:
The panel also discussed how the ability to “unlock” the hidden value in contracts and historical data can improve executive decision-making and business performance. However, without the help of enterprise-ready AI, the data we need to process is growing rapidly, causing significant challenges for organizations worldwide:
Enterprise-ready AI that understands documents at the semantic level is needed to automate critical document-centric processes. Stefan explained how enterprise-ready intelligent document processing (IDP) technology helps organizations realize the full potential of their data:
What exactly is generative AI?
Automation Hero’s Chief Product Officer, Max Michel, gave a high-level definition of generative AI.
Max also explained how generative AI tools, which generate outputs based on inputs, contrast with discriminative AI, which provides specific answers based on given parameters:
What is a large language model?
Max explained that language models are a way to make languages computable for machines to understand. On the topic of human and computer interactions, he says:
To close the gap so that technology can become even better at performing tasks that humans traditionally excel at, Max explained the concept of large language models further:
What does “GPT” stand for?
For the uninitiated, Mark Stripp asked Max to explain what “GPT” in ChatGPT means:
Stefan provided an interesting metaphor on the topic, describing AI research as “simulating the human brain”:
What are AI “hallucinations”?
Mark Stripp asked Max to explain the concept of AI hallucinations to the audience:
What is the issue with generative AI for documents?
Max described his own research into generative AI models and their limitations:
What is the relationship between automation and AI, specifically with documents?
Responding to Mark’s question about the relationship between AI and automation, Stefan said:
Stefan described self-driving cars and daily life in Silicon Valley as examples of autonomous business processes:
When it comes to documents and the need for AI to streamline efficient document-centric business processes, Stefan said:
On what companies need, Stefan emphasized that companies need an operating system:
Finally, as someone who discusses AI-driven automation technology daily with business leaders worldwide, Mark Stripp offers some concluding thoughts on AI’s business value:
What should we learn from this AI moment?
Circling back to the original point on the potential economic impacts of AI, Stefan weighed in on a controversial topic with a sense of optimism:
Unlock the intelligence in your documents with our AI-driven automation today
Regardless of the scale of your enterprise or use case, we can help you get there. Here are a few ways to get started:
- Speak with an expert — tell us about your specific use case.
- Get a personalized demo — schedule a demo, and our Heroes will get in touch!
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Who are the AI experts?
Stefan Groschupf, CEO, Automation Hero
When he started his previous company, Datameer, Stefan Groschupf saw firsthand the challenges financial institutions confronted as they navigated “unstructured” data. As founder and CEO of Automation Hero, Stefan focuses his data analytics experience on processing the diversity of data hiding in unstructured documents faster than ever using the most advanced and complete IDP platform.
Max Michel, Chief Product Officer, Automation Hero
As Chief Product Officer, Max Michel is focused on scaling the product organization by further delivering world-class innovations that address and delight customer needs while aligning with the company’s strategic goals. He also leads research and development in AI, machine learning, and data science. Previously, he was a data scientist at Datameer, where he built smart AI tools for big data analytics and helped the company leverage the power of machine learning to optimize sales operations.
He is a Bauhaus alumnus and holds a master’s degree in computer science and media. He spent four years publishing research on natural language processing and information retrieval.
Mark Stripp, Head of Global Sales, Automation Hero
As Head of Global Sales at Automation Hero, Mark Stripp develops sales teams across all regions and leads our GTM strategy, worldwide. He is passionate about technology and has an eye for strategies that help organizations accelerate their digital transformations. Mark brings nearly two decades of experience in multiple industries across the UK and North America.
Mark started his career at Automation Hero as Regional Sales Director of EMEA following a year of substantial growth and key wins, Mark is now leading the global go-to-market strategy. Prior to Automation Hero, Mark helped strategic clients in multiple sectors achieve their goals and digitally transform through optimizing IoT, business process automation, and integration capabilities.
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