The majority of companies waste many hours of human effort on inefficient paper-based workflows every day. They rely on inefficient systems to manage documents that can lead to redundancies, inaccuracies, lost documents and so on. Moreover, the volume of documents and unstructured content that need to be processed is growing every year at a rate of 50-60% per year. Unstructured data and content are a challenge for nearly 95% of businesses.
Due to these pressures, there is a digital transformation underway with a shift towards automating document understanding using smarter solutions with Artificial Intelligence (AI) and Machine Learning (ML) capabilities. Such Intelligent Automation solutions also provide smarter document management systems, making them more streamlined and efficient. This applies to document management across various industries encompassing both physical and digital documents. So, there is exciting potential for harnessing this disruptive technology for massive operational improvements.
5 Crucial Advantages of an AI for Document Management
Let’s take a look at the benefits of leveraging AI-powered solutions for document management for any business that has to deal with paper or digital documents.
- Automate Manual Processes
AI systems can maintain high standards of accuracy while eliminating manual effort to process documents that are scanned or digital. For instance, employing intelligent automation systems to segregate and tag entries, makes them easier to find at a later point. There are solutions that automatically categorize and tag data or automatically prompt users to do so. This capability enables efficient searches as it cuts down delays when trying to find documents, accelerating business processes that rely on these documents. In addition, it spans silos across the organization when a user is looking for a document from another department in a cross-departmental workflow. Imagine someone on the sales or customer support team who needs a particular document to respond to a customer. You can boost sales and speed up customer service with an intelligent document management system.
- Accelerate Business Intelligence
When a system is equipped with smarter capabilities thanks to AI and ML, it can accelerate business intelligence. This is because this technology can spot patterns in huge data sets much faster than a human can. Consider the recruitment process – typically a manager would skim through hundreds of resumes before landing on one that has the best criteria match rate. With an AI powered document management system the same could be done in a matter of minutes with a smart search that identifies keywords associated with successful candidate recruited previously or based on predefined rules. Moreover, the ML capabilities of these solutions ensure that they continue to learn and improve over time.
- Structuring Unstructured Content
In most business interactions documents arrive in varying formats and layouts through emails, text messages, letters or other external organizational forms. This unstructured data and content poses a challenge for nearly 95% of businesses. Moreover, the amount of unstructured content generated every day is huge and is growing exponentially every year at 50-60% per year. Research indicates that in the next few years, up to 80% of a business’s data will be unstructured content. This necessitates harnessing innovative technology such as AI and ML that can manage these huge volumes of unstructured content. Intelligent Automation solutions can automate this processing unstructured content into structured data, and also help manage this data, making document processing and management more efficient, cost-effective and manageable for business operations.
- Streamline & Standardize Internal Documents
The AI powered solution is standardizing formats for internal documents. It is capable of requesting the information required for distinct new documents so your company won’t have to spend time teaching employees how to format various documents. An example would be your document management system automatically creating an employee contract for new recruits based on employee name and other data gathered from the recruitment process.
- Improve Quality of Data
A smarter document management system can also help highlight data redundancies, catch input errors and keep files from being misplaced. Businesses can function better when they are supported by a strong foundation of high quality data. With AI solutions for smarter document management, it is much easier to ensure high quality data with minimal manual effort.
If you’d like to explore opportunities where your business can benefit from commercial RPA and IPA implementations for hyperautomation, the Rapid Acceleration Partners team would be glad to help. Our next-gen, AI-powered content intelligence platform RAPFlow enables full lifecycle AI orchestration on a single platform. When used in tandem with our RPA solution RAPBot, it provides end-to-end workflow automation capabilities that can be deployed in just weeks. You can even build your own use case and the platform can easily integrate with your existing systems. Book a demo to get a more detailed understanding of how our products can transform your business.