Unlock the Power of Your Hidden Data: The decades' worth of untapped value embedded in your firm's documents

Nomad Data
December 6, 2023
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In today’s digital world, the most valuable treasures are often hidden in plain sight – within the vast ocean of documents your company generates daily. At Nomad Data, our journey as the largest data market on Earth has revealed a startling truth: the real wealth lies not just in structured databases or neat spreadsheets but in the myriad of internal documents that form the backbone of every organization. This includes everything from Jira tickets, investment documents and legal contracts to emails and board notes.

Historical Perspective: The Evolution of Information Workers

Peter Drucker, in his landmark book "The Landmarks of Tomorrow" (1959), first introduced the concept of the "information worker." Since then, these workers have been diligently embedding valuable data into documents for over six decades. This hidden data is akin to the untapped energy reserves formed by organic materials over millions of years,which powered humanity's progress once discovered and harnessed.

For years, extracting this data required massive human effort or highly specialized, limited applications. However, the advent of Large Language Models (LLMs) marks a seismic shift. These AI-driven models mimic human reasoning, adeptly extracting information from any document,regardless of its format. Queries like “Who are the parties in this contract?”or “What are the restrictions in our rental agreement?” are effortlessly answered by these models, akin to asking a skilled data entry professional.

The Role of Large Language Models (LLMs) in Data Extraction

Shifting from Manual Effort to AI-Powered Solutions

The latest breakthrough lies in harnessing these LLMs to analyze vast text corpora, extracting critical information at speeds and scales unimaginable to human capabilities. A task that would take an hour for a human– like distilling key information from a hundred-page document – is now accomplished by our AI in mere seconds.

What’s more, implementing these revolutionary models is astonishingly simple. APIs from giants like OpenAI, Microsoft, and Anthropic require minimal parameters. A straightforward English command coupled with ther elevant text is all it takes. For instance, a command like, “Analyze these meeting notes to identify potential needs for our new document search product,”could uncover invaluable sales opportunities hidden in your CRM notes.

Real-World Applications and Speed of LLMs

This transformative capability is not just theoretical; it’s the foundation of Nomad Data's latest offering: Document Search. This product goes beyond mere text retrieval from a single document. It connects your organization’s entire history of documents – from vendor agreements to employee contracts – to a powerful search engine, delivering decades of information inseconds.

While many large, household name companies are continually releasing new innovations around AI, most are foundational, meaning that they are the building blocks of the real-world business applications that people use, not the polished end user applications. In practice these off-the-shelf modules are extremely rate limited and generic and are more a proof of concept than an application. In order to use them in production applications, a significant amount of tuning and training goes into making them perform up to customer expectations. And all of this requires access to differentiated data,an area that is core to us here at Nomad Data.

Initially, we envisioned our clients using Document Search for managing vendor agreements, but the applications have expanded rapidly as customers have become increasingly creative. Now, users are exploring novel ways to leverage this technology, like interacting with every commercial lease,internal research report, investment memo, non-disclosure agreement, compliance form, regulatory document, and employee agreement through a simple chat interface.

AI-Powered Document Search

The impact of this technology is magnified by the sheer volume of document-based data most firms possess. Previously, extracting value from this mass of data seemed impractical due to high costs and low reliability. But with Nomad Data's AI-powered Document Search, customers can apply these advances to their own document stores overnight. Join us in this new era where every document is a potential store of value, waiting to be unlocked by the power of AI.

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