5 Ways AI in Document Management Will Make Your Business More Efficient
Artificial intelligence (AI) digital transformation refers to using machine intelligence to help solve problems and work more efficiently. According to Xerox, 46% of employees of small- and medium-sized businesses still waste time on inefficient, paper-related workflows, daily. That means that smart document management systems can do plenty to improve these processes.
Companies that already employ sophisticated document management systems gain a competitive edge. The good news is that these smart tools may help most when organizations haven’t relied much upon tech in the past and need to catch up. Even better, smart document management systems have grown accessible and useful for all sizes and types of businesses.
5 Vital Efficiency Boosts from AI in Document Management
Many organizations and industries still struggle with paper documents. Even if the company doesn’t generate them, they may need to use paper forms from the government or business partners. Also, some businesses have moved away from physical paper. At the same time, they may have only made a small step towards digitization by attaching spreadsheets or scanned forms to emails and storing them on various disk drives in random, disorganized ways. All these practices waste time because they can result in the sort of poor data management that causes redundant, incorrect, lost, and insecure documents.
In contrast, consider just a few revolutionary ways that using AI in document management systems like M-Files can speed up and improve the integrity of common business practices:
Automate manual processes. After scanning or entering the document, the AI system can automate a lot of the drudgery while enforcing good standards. Examples include using smart systems to help categorize and tag entries, so they’re easy to find next time. This ability can speed up the initial digitalization efforts and help with future tasks. As employees use the system, efficient searches often rely on correct tagging and categorizing documents, but this is one area that’s often neglected at the time the information gets entered. Even if the system doesn’t automatically tag and categorize, it can enforce preset rules to ensure employees do this extra bit of work when submitting new ones.
Speed up business intelligence: Smart systems can speed up business intelligence. For instance, AI can spot patterns in very large sets of data much faster than people can. As one example, a hiring manager might search through resumes with an intelligent system that will find keywords associated with successful people hired in the past or based on preset rules. Another example could include looking for seasonal sales trends from past invoices or orders.
Applying structure to unstructured data. IT people are used to seeing data organized into formatted databases or reports. Nobody can expect that kind of organization in most documents. Instead, communication often arrives in the form of emails, text messages, letters, or another organization’s forms. In the past, people needed to comb through these kinds of communication to pull out and organize information. Today, intelligent data management can do a lot of heavy lifting. As an example, the Adobe blog mentions a superb use case:
“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.”
Streamline document preparation. Instead of having to teach employees how to correctly format various documents, the AI can simply request the information for unique, new documents. For instance, the system can automatically generate an employment contract for new hires, based on the employee’s name and other information it already has from the recruiting process.
Enhance document security. AI’s ability to secure information may prove one of its biggest benefits. The document management system can automatically scan for sensitive information and flag any documents that contain it. Even better, the software can detect unusual requests for private data and prevent access or alert security teams. According to Market Watch 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 to data security.
Improve data quality. The smart document management system can help reduce data redundancy, catch input errors, and keep files from getting misplaced. Businesses need good data for efficient decision-making and business processing, and that’s another feature that AI can supply.
Document-Based Digital Transformation Can Streamline Most Businesses
From legal teams needing to parse discovery documents to retail stores that must predict sales trends, AI in document management can improve efficiency in revolutionary ways. It can bring order to chaos, deliver useful insights, and even help prevent such common occurrences as data entry errors. To make the most of your valuable data, you should consider getting some assistance from a smart document management system.