Heavy lifting: Why using AI for data extraction is still no easy task
Using AI to extract data from documents and filings should be a no-brainer. But it takes a lot of brains and money to get those processes set up and running reliably and accurately.
Data extraction and AI experts are warning that attempting to use generative AI models to parse data from public company documents such as SEC filings could prove costly and—more importantly—may not deliver accurate results. Specifically, they say financial firms that need very high standards of accuracy should not try to develop solutions using generic AI tools and large language models (LLMs) but will need to invest time and money to build highly custom services.
Patronus AI, which provides a
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