Benefits of Artificial Intelligence (AI) to file management
A survey carried out by Xerox showed that 46% of SME employees waste time on paper-intensive workflows daily. It’s a clear indication of how traditional filing cabinets stifle productivity. Additionally, organization and customer service are hectic as the paper filing is prone to errors. Take an insurance company or law firm, for instance, once an important document gets misplaced, employees have to come together and try to find the needle in a haystack.
For this reason, AI puts to use machine intelligence to provide work efficiency solutions. Artificial Intelligence has now been integrated with document management systems (DMS) to give companies and customers a competitive advantage. It’s not a duplication of documents into a digital format but rather about creating faster, smarter, and better workflows. No time is wasted as it empowers you to easily process documents for storage and data extraction.
Some businesses have moved towards digitization, away from paperwork. However, without AI they still experience poor document management. Storing data on various hard drives randomly creates data disorganization, redundancy, and insecurity.
AI has brought about revolutionary solutions that improve business practices’ integrity. Let’s dive in and see the benefits of using AI in your organization.
Automating document categorization and processing
With the help of optical character recognition (OCR) technology, AI is able to tag and categorize data entries without human interruptions. The more data AI reads or scans the more it understands human interactions with the data hence making smarter processing information.
For instance, AI is being used by hiring managers to read resumes and identify documents with some keyword phrases that indicate high qualifications for a job requirement.
Documents and data security
When it comes to data confidentiality and privacy, it’s a red line that you don’t want to cross. AI recognizes personally identifiable information (PII) and sensitive data, then flags it for special handling. It is one of the most powerful weapons against cybersecurity. With AI, unauthorized data access is denied and security breach alerts are sent to the relevant teams.
Speeds up data extraction
Data extraction and document preparation have been made easy-peasy with AI-powered DMS. For example, Google’s Document Understanding AI, helps businesses extract key information from documents, forms, or contracts. Through their knowledge service, businesses can add their own schema for data extraction. You can get information like invoice numbers, new hire names, etc.
Improving unstructured data
80% of all the data gathered by businesses is in an unstructured format. Data comes to organizations in emails, letters, Slack, text messages, etc. Generally, we don’t communicate in a structured format but every organization needs order and structure in its data. As a result, employees comb through all this information and extract the data and put it in the required folders or drives.
But, AI does all the heavy lifting. Adobe blog gives an excellent example.
“In a more dramatic example, some companies are using AI and machine learning to scour emails, texts, and other customer communications to understand words, semantics, and sentiments, and connect that data with billing and service history to predict who will buy what products and services. Most remarkably, these models regularly outperform models that use structured data only.”
Data development and transformation
So many applications have come up to support document and content development workflows. Grammarly can pre-edit content without human interaction while data analytics tools use smart algorithms to analyze data.
AI-powered data transformation tools have made it easier to convert data from format to another with minimal data loss. With AI you can convert batch files much more accurately, faster, and securely.
In conclusion
AI has made it quicker to achieve better results than intensive manual labor. Currently, efficient business functionality isn’t for the few elite, but it’s within reach of average organizations. Solution makers are working towards ensuring companies irrespective of their budget, and IT experts can leverage these AI document management systems.
Regardless of the AI-powered solution you choose, businesses are guaranteed of high productivity, agile operations, lower costs, and data-driven decision making. To make the most out of your data, consider using a smart document management system.