A large amount of unstructured data produced daily by the businesses and even a minor mishandling can lead to document management challenges.
Human data extraction is not only time-consuming but also increases the chances of errors. Artificial Intelligence-based document management solutions provide a safe, robust, and efficient way for storing and retrieving a large amount of data.
AI document management systems are transforming the way in which a business operates. They are essential to ensure that organization employees are working with the most current and relevant data available. It also saves valuable time for your employees, which would otherwise spend in processing and organizing data from documents.
A recent study, published by Accenture indicates that Artificial Intelligence can enhance the employee’s productivity up to 40%, and also assist them in more accurate and efficient time management.
In this article, we presented 7 different ways that AI can add value to your business.
1. Automates documents processing
Organizations produce massive amounts of data daily. In 2019 only 10% of the world's 550 billion invoices were exchanged on a paperless basis. The remaining 90% would require at least some level of manual processing. On top of that, we need to add other documents like various internal order forms, contracts. Those documents are continuously growing volumes, often change over time, and contain unstructured data.
Identifying, classifying, categorizing, and separating different document types can be a labor-intensive process. With rules and categories to take into account, it’s easy to make mistakes when going through a larger number of documents to classify.
2. Brings structure to unstructured data
Unstructured data is any data that resides in emails, files, PDFs, or documents. Analysts at Gartner estimate that 80% of organizations’ data is unstructured. In the past, people needed to comb through these to pull out and organize information i.e. using spreadsheets.
AI takes data extraction to a whole new level by being able to accurately read the information and understand its context. It allows not only to parse the text available in the document but also to capture the relationships across various fields and text and thus helps to automate generating structured data.
3. Ensures your data is accurate and compliant
AI document management system alerts users on errors in data. Users can create and execute cross-departments reconciliation tasks with automated workflows that can be deployed and easily monitored.
You can create audit trails for important documents. Keep the history of data validation, corrections, discrepancies, and approvals for each transaction, activity, or workflow.
4. Enhances data security
Sensitive data should be accessed on a "need to know" basis. According to cybersecurity researches, many of today’s cyber threats come from inside jobs, either intentionally or unintentionally. AI can offer a powerful weapon against all sorts of threats.
Deep visibility into structured data access combined with user behavior analytics can help them beat this challenge and mitigate the risk of data leakage by validating security policies, increasing user accountability, and detecting insider and outsider threats at early stages.
This is especially important as regulations like General Data Protection Regulation (GDPR) open the organization up to steep penalties in case of any consumer data breach.
5. Accelerates business processes
Whether it’s processing insurance claims or using data to identify new business growth trends, AI and machine learning can help to accelerate better business decisions.
While it can take employees hours to comb through data for needed information, automated document processing enables efficient access to accurate, high-quality data. This means employees can use that data that much faster.
6. Improves decision-making
One of the major contributions of Artificial Intelligence in the field of document management is the enhancement in decision making. AI provides in-depth analysis of recorded data which helps in better understanding of the situation and improves the decision-making capability.
Various kinds of AI techniques such as predictive analysis and data visualization greatly contribute to quick and accurate decision-making. These techniques avoid input errors, protect files and minimize data redundancy and provide useful insight for decision making.
7. Brings new business insights
By integrating a document management system integrated with a business intelligence tool can help you realize the full potential of both systems, provide better business insights, and achieve a higher return on investment (ROI).
For example, recruiters might analyze resumes to find keywords associated with successful people hired in the past or based on preset rules. Based on the findings they can prioritize candidates with that keywords to reduce recruitment processes efficiency.
AI document management is a necessity for businesses of today
Various businesses around the world rapidly adopting Artificial Intelligence for document management. The safer and quick data extraction, analysis, decision making and other benefits demonstrated in this article greatly improves the efficiency of document management.
AI document management assists in building a smart workplace by automation of daily tasks. It not only safeguards confidential data but also provides desired information whenever or wherever needed.