Questions You Must Ask an AI Vendor Before Committing: Avoid Wasting Time and Money
When considering an AI solution for document processing, particularly in industries like real estate, finance, or legal services, it’s essential to dig deep into the vendor's capabilities. Many vendors claim to have the perfect solution, but without thorough due diligence, you could end up wasting both time and money. Here are some key questions to ask an AI vendor before you sign on the dotted line:
1. Indexing / Bookmarking Capability How does the AI index and bookmark documents? Can it handle complex, non-standardized document types? It's important to know if the AI can automatically categorize and tag your files for easy retrieval.
2. Version Control Ability Does the system allow versioning based on different factors, such as date, sample, or duplicate detection? Proper version control ensures you are always working with the most up-to-date documents and data.
3. Custom Bookmarked PDF Creation Can the AI generate custom bookmarked PDFs tailored to your client’s specific requirements? This is critical when you need to customize outputs for different stakeholders.
4. HITL (Human-in-the-Loop): Optional or Required? Does the AI solution require manual intervention for specific tasks or is it fully autonomous? Understanding the role of HITL is essential to knowing how much human oversight will be needed.
5. Document Detection Capabilities Can the AI differentiate between recorded and unrecorded documents, signatures, notaries, or page counts? Accurate detection can prevent errors and save time when reviewing complex files.
6. Time to Process Indexing Per Loan File How long does it take to index a single loan file? You need a clear understanding of the processing speed for basic tasks like indexing.
7. Time to Process Data Extraction and Indexing What’s the time commitment for both data extraction and indexing? Speed here is crucial for scalability, especially in industries with large document volumes.
8. Time to Retrain AI for New Document Types How long does it take to retrain the AI to process new types of documents? As your document types evolve, knowing how fast the system adapts can ensure minimal disruption.
9. Adding New Fields for Data Extraction How much time is required to add new fields to the system for extraction? Flexible AI solutions should allow easy updates and adjustments to extraction parameters.
10. Exception and Extraction Data Reporting How does the AI handle exception reporting? Can it integrate with tools like Excel, PowerBI, or APIs to generate data reports? The ability to easily extract meaningful insights from your data is essential for compliance and operational monitoring.
11. Document Inventory Reporting Does the solution provide comprehensive document inventory reporting options, such as Excel reports, PDF cover pages, or API integrations? It's essential for maintaining a clear overview of your document processing pipeline.
12. Automation for Doc-to-Data Options Does the system offer automated doc-to-data capabilities? Can it seamlessly extract and structure data from documents without manual intervention?
13. Training Document Portal for Missing Documents Is there a dedicated portal for training the system to handle missing documents or documents from counter-parties? Efficient training tools make it easier to keep the system up-to-date.
14. Custom Rules Engine for Compliance Does the system support custom rule development based on Freddie Mac’s Statement of Work (SoW)? A powerful rules engine can automate much of the compliance and exception handling processes.
15. Fee Structure Understand how the vendor charges for various services:
Indexing/Bookmarking (no data extraction) – What’s the cost for basic versioning (v1, v2)?
Minimal Data Extraction – What are the fees when only the date is extracted?
Full Data Extraction – How much does it cost for full data extraction with true versioning by date?
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When considering an AI solution for document processing, particularly in industries like real estate, finance, or legal services, it’s essential to dig deep into the vendor's capabilities. Many vendors claim to have the perfect solution, but without thorough due diligence, you could end up wasting both time and money. Here are some key questions to ask an AI vendor before you sign on the dotted line:
1. Indexing / Bookmarking Capability How does the AI index and bookmark documents? Can it handle complex, non-standardized document types? It's important to know if the AI can automatically categorize and tag your files for easy retrieval.
2. Version Control Ability Does the system allow versioning based on different factors, such as date, sample, or duplicate detection? Proper version control ensures you are always working with the most up-to-date documents and data.
3. Custom Bookmarked PDF Creation Can the AI generate custom bookmarked PDFs tailored to your client’s specific requirements? This is critical when you need to customize outputs for different stakeholders.
4. HITL (Human-in-the-Loop): Optional or Required? Does the AI solution require manual intervention for specific tasks or is it fully autonomous? Understanding the role of HITL is essential to knowing how much human oversight will be needed.
5. Document Detection Capabilities Can the AI differentiate between recorded and unrecorded documents, signatures, notaries, or page counts? Accurate detection can prevent errors and save time when reviewing complex files.
6. Time to Process Indexing Per Loan File How long does it take to index a single loan file? You need a clear understanding of the processing speed for basic tasks like indexing.
7. Time to Process Data Extraction and Indexing What’s the time commitment for both data extraction and indexing? Speed here is crucial for scalability, especially in industries with large document volumes.
8. Time to Retrain AI for New Document Types How long does it take to retrain the AI to process new types of documents? As your document types evolve, knowing how fast the system adapts can ensure minimal disruption.
9. Adding New Fields for Data Extraction How much time is required to add new fields to the system for extraction? Flexible AI solutions should allow easy updates and adjustments to extraction parameters.
10. Exception and Extraction Data Reporting How does the AI handle exception reporting? Can it integrate with tools like Excel, PowerBI, or APIs to generate data reports? The ability to easily extract meaningful insights from your data is essential for compliance and operational monitoring.
11. Document Inventory Reporting Does the solution provide comprehensive document inventory reporting options, such as Excel reports, PDF cover pages, or API integrations? It's essential for maintaining a clear overview of your document processing pipeline.
12. Automation for Doc-to-Data Options Does the system offer automated doc-to-data capabilities? Can it seamlessly extract and structure data from documents without manual intervention?
13. Training Document Portal for Missing Documents Is there a dedicated portal for training the system to handle missing documents or documents from counter-parties? Efficient training tools make it easier to keep the system up-to-date.
14. Custom Rules Engine for Compliance Does the system support custom rule development based on Freddie Mac’s Statement of Work (SoW)? A powerful rules engine can automate much of the compliance and exception handling processes.
15. Fee Structure Understand how the vendor charges for various services:
Indexing/Bookmarking (no data extraction) – What’s the cost for basic versioning (v1, v2)?
Minimal Data Extraction – What are the fees when only the date is extracted?
Full Data Extraction – How much does it cost for full data extraction with true versioning by date?
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