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Indian IT company MphasiS has launched a generative AI document assistant named DeepInsights Doc AI. 

Using generative AI, Mphasis DeepInsights tool can process documents to create context specific data insights regardless of the document’s format or layout. 

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These information insights can then be integrated into a company’s IT system to provide businesses with recommendations for future actions. 

Mphasis stated that its DeepInsights LLM (large language model) can be self-hosted within a business cloud infrastructure to provide greater flexibility. 

DeepInsights is ta customisable programme that can help speed up the workload of businesses needing to process a large number of documents and information. Mphasis also stated that DeepInsights could help businesses save money on information processing. 

Mphasis’ managing director and CEO Nitin Rakesh stated: “We believe this new iteration will be a game-changer for organizations seeking more efficient, accurate, and cost effective ways to process a diverse range of documents.”

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“Moreover, this will also lead to significant improvements in productivity, customer service, and risk management for enterprise clients,” he stated. 

Research and analysis company GlobalData forecast the total AI market to be worth over $909bn worldwide by 2030, with generative AI leading this growth. 

As generative AI becomes ubiquitous outside of the traditional tech realm, GlobalData advises that every company moving forward into 2024 should become an AI thinking company. 

In its 2023 executive briefing on AI, GlobalData forecast that AI could reach 99% accuracy as soon as the next 10 years.