Case Study on “How Infosys NIA helping market for Revenue Leakage Analysis using AI-Powered Contracts”
What is AI ?
Artificial Intelligence (AI) is a rapidly advancing technology, made possible by the Internet, that may soon have significant impacts on our everyday lives. AI traditionally refers to an artificial creation of human-like intelligence embraced on Processor Chips that can learn, reason, plan, perceive, or process natural language and can do predictions and analytical decision making using those piece of code they are trained on.
Types Of Artificial Intelligent
When we talk about AI enabled machine the Algorithms are created using ML approach Artificial intelligence is further defined as “narrow AI” or “general AI”. Narrow AI, which we interact with today, is designed to perform specific tasks within a domain (e.g. language translation). General AI is hypothetical and not domain specific, but can learn and perform tasks anywhere. This is outside the scope of this paper. This paper focuses on advances in narrow AI, particularly on the development of new algorithms and models in a field of computer science referred to as machine learning.
1. REACTIVE MACHINES
To perform Decision making processes these AI system do not use historical data just keep reacting according to the current situation based output.
Eg: Deep Blue, IBM’s chess-playing supercomputer , Google’s AlphaGo
2. LIMITED MEMORY
The machine like Self Driving Car programmed on the representation of world which includes the human being experience records, have tried Darwinian evolution to start with the machine history learning like humans learn after a age of experience of their own.
Eg: Self Driving Cars detecting the turns and driving safe on roads.
3. THEORY OF MIND
Machines using AI are becoming more advanced, class not only form representations about the world, but also about other agents or entities in the world. In psychology, this is called “theory of mind” — the understanding that people, creatures and objects in the world can have thoughts and emotions that affect their own behavior.
The machine if be a self aware they can inference the feelings of human over the common moments like hurting someone could be felt when someone hurts you. This kind of intelligence is exception as no machine could fell other then the data we provide to run a specific condition.
What is NIA ?
Infosys NIA is a knowledge based AI platform, It brings machine Learning together with the deep knowledge on an organization to drive automation and innovation. The Platform Enables Businesses to continuously reinvent their System Landscapes.
Benefits of NIA services :-
- Simplify the AI journey to enable the enterprise’s digital transformation
- Industrialize AI deployments to accelerate business outcomes
- Digitize and harvest intelligence from documents and data across the polycloud.
- Nia integrates with existing AI infrastructure to protect your investments
- Nia enhances your consumption of AI workloads through the end-to-end lifecycle
- Nia empowers your citizen data scientists to build complex use-cases easily and accelerate the AI journey
What #BuiltOnNia works on?
The Product aims to bring faster “Time-To-Market” that mainly focus on AI Solutions.
- Future-proof your IT operations by using Big Data, AI Models and Automation
- Shift the paradigm of IT operations from reactive to proactive failure management
- The Nia DocAI platform automates the end-to-end document processing lifecycle from ingestion to consumption, using AI capabilities such as InfoExtractor, Computer Vision, NLP and Cognitive Search.
- It provides ease of use, scalability and out of the box integration features, that allow enterprises to get faster access to actionable data.
Nia Contracts Analysis
- Enterprise-grade AI offering that leverages advanced Machine Learning (ML) techniques such as vision, semantics, language sequence to help customers across industries to derive insights from their contracts and legal documents.
- Enables business, procurement, and legal teams to read and interpret the contract documents, navigating the complex hierarchy between the contracts, their sub-agreements, and related documents with ease.
What is Revenue Leakage ?
When Supplier moves from an organization the revenues coming from that end disappear, Revenue Leakage is not analyzed frequently as it show a very mild changes even various companies have revenue analysis theory which some times leave these loop holes unread.
There may be various reasons of revenue leakage, the most common ones are errors in data entry, unpaid accounts, client management issues, incorrect reporting and discounting, which are rooted in lack of visibility, transparency, automation and accountability that have financial impact on the organization.
How Nia Contracts Analysis Can Help in Preventing Revenue Leakage ?
Nia Contracts Analysis utilizes advanced Machine Learning (ML) techniques to automate contracts extraction, risk analysis and review of unstructured contracts. It acts as a single source of truth to answer any kind of contracts-related information. It leverages ML techniques such as vision-based, semantics-based, and language-sequence-based to transform the process of analyzing and reviewing contracts, providing an intuitive workbench with different personas to configure and train ML models.