However, a separate company document does mention investments in 5 startups that use data analytics, computer vision, natural language processing, and machine learning technologies. We will begin by taking a closer look at Chevron's partnership with Microsoft in leveraging AI capabilities to streamline workflows in extracting data from drilling and completion reports. We will begin by taking a closer look at Chevron's partnership with Microsoft in leveraging AI capabilities to streamline workflows in extracting data from drilling and completion reports. Microsoft states that this process was error-prone and suffered from being unable to take advantage of valuable data that rig managers could use to improve their drilling performance and decision-making abilities. Microsoft implemented its document processing solution, Form Recognizer, to achieve Chevron Canada's goal of more efficient, insight-driven data extraction.

Documents containing business-critical information and data enter the enterprise from multiple channels and in the form of images, PDF, and Word and Excel documents directly or as part of attachments to email, etc. Traditional document processing solutions have tried to automate the extraction of data required operators to build templates. This approach worked like a patchwork, as it could handle documents of a similar format. The system used to fail when a document of a different format from the same or a new vendor entered the system. However, AI-powered IDP solutions can seamlessly extract and process data from a variety of documents in multiple formats. Such IDP products are able to do so by complimenting OCR with AI, which eliminates the painful template creation and management process. AI makes extraction seamless and guarantees high accuracy. AI-powered IDP automates the entire document processing cycle right from extraction to publishing the data into the record-keeping systems.