The UAE’s AI Sector Could Contribute US $97.9 billion To GDP By 2030
Month: August 2022
Publish Date
11/08/2022
Categories
Blogs
Will You Be Part of the Growth?
Artificial intelligence (AI) has been given a huge vote of confidence with a declaration by the UAE’s Minister of Industry and Advanced Technology, Dr. Sultan Al Jaber that it is one of the “most important economic and social game changers of our era.”
Such is the scale of AI’s game-changing capability that Dr Sultan believes it could contribute up to 14 per cent of the country’s gross domestic product – equal to $97.9 billion – by the end of the decade.
Why AI’s A Game-changer:
At Cobweb we fully concur with Dr. Sultan’s assertion of AI as a gamechanger. We’re already using it to dramatically change up operations for our forward-thinking clients – particularly those with heavy data flows.
We have one client in the travel and hospitality sector, for instance, who turned to us to migrate the input of its lengthy partner contracts to Microsoft’s Azure Form Recognizer (AFR). This Microsoft AI-powered service applies advanced machine learning to extract text, key-value pairs, tables, and structures from documents automatically and accurately, transforming documents into usable data at a fraction of the time and cost.
The upshot of this migration is significant labor and cost benefits as well as increased efficiency and productivity resulting from increased speed of activating previously manually inputted contracts and elimination of human error risks and associated rectification delays. Indeed, the manual input of contractual data, which could previously take up to 10 days to complete and verify, delaying revenue returns, was reduced via AI to an incredible 15-minute process!
Easier Than You Think:
Leveraging AI, particularly the Microsoft Azure Form Recognizer is much easier than you might think. For instance, in the case of the travel and hospitality client, we familiarized ourselves with the client’s existing contract processing system and then, using a few contract samples, tailored a successful proof-of-concept process of AFR’s cognitive service where inbuilt advanced machine learning was able to speedily recognize and understand contract details, extract, and upload the data. AFR’s machine learning application also means any abnormalities are identified for human intervention and that the more the system is used, the more the AFR service learns to consistently improve the operation.
Want to be an AI Game-Changer?
If, in this data-driven era, you find yourself with increasingly heavy data flows AI will deliver time and cost savings while also massively boosting uploads, activation and analysis to deliver a sharper competitive edge and business opportunities. AFR can be tailored to individual business needs. With just a few samples, you can tailor Form Recognizer to understand your documents, both on-premises and in the cloud and turn them into usable data at a fraction of the time and cost so you can focus more on acting on the information, rather than compiling it.
What’s more you don’t have to worry about your data being at risk. AFR keeps your data private. Microsoft does not use any customization of documents; the customization is exclusively yours and you are in control of your data.
Want to know more how you can save time & money while boosting productivity with the secure Azure Form Recognizer – call us now on +97144553100 or email: sales.uae@cobweb.com.
Artificial Intelligence is not just the future but our present. To know how AI can impact your business, tell us a bit about yourself.