In a recent study, A law firm shared that they spend over $1.5 million every year on scanning and storing documents for just their own company. A cost like this is unsustainable for any business in 2019.
The solution? A new technology called Docupile uses AI to scan your paper documents and convert them into digital files. This system can be used by anyone with access to the internet, making it an affordable option for small businesses as well!
A lot of paperwork is still hard for people to do in the 21st century. People still have to use virtual and traditional filing cabinets.
Many workers waste a lot of time every day on paper workflows. Workers spend more than 11 hours every week dealing with document management issues.
Documents are hard to find when you need them. People can’t work when they can’t find the documents that they need, and this is bad for customer service.
A law firm has a document but can’t find it. It’s hard for an insurance company to connect the dots when there is not enough information on documents, like contact information or account history. This leaves companies with two choices:
1) You need to keep digging for the needle in the hay pile. This means that you will be using a manual workflow.
2) When using a document management system, you can use artificial intelligence to help.
There are seven areas where artificial intelligence is used to help managers. They are formation, management, and usage of documents.
1. Automating processing and classification.
AI has made a lot of progress with what is called computer vision. This means that computers can recognize what they see and think about it. One way this is being used is in document management, where documents are read by computers and categorized automatically instead of by humans.
The more documents that AI looks at, the better it can understand how employees deal with them. The more intelligent it becomes. The better it can process information.
2. Data extraction
a computer that is powered by artificial intelligence can find out the information that is hidden. It can do this really fast and accurately.
Google’s AI, called Document Understanding AI, allows companies to read documents and extract specific information from them.
This technology is being used by many high-scale companies to make it easier for them to process invoices. They are able to automatically identify and extract meaningful information, like invoice numbers or line items, from each invoice. This helps the company know how much money they have and when they will get more cash.
3. Streamlined documents/data
Some people use the internet to find the perfect meal. They use a search engine to find recipes. A long time ago, people were using artificial intelligence to do this. Now some people are still doing it. Artificial intelligence can give more precise and sophisticated results than regular searching on the internet.
The AI DMS can help you organize your documents in a more specific way. It understands how the documents are all related to each other and can make hypotheses about them.
Tasks like these are essential for offices that have many documents. These make it easy to find the document you need.
4. Bringing order to variable data or database.
The modern enterprise collects a lot of data. Of all the data that it contains, 80% is unstructured, and 70% is text, like memos, emails, and specifications.
People don’t usually communicate in an even way. We sometimes rebel when people want to impose structure on our communications.
But thanks to AI-powered DMS, companies have already found this hidden treasure. One example is the partnership between GrayMeta AI and Dropbox. This partnership permits enterprises to assess files automatically, extract technical metadata, and then tag files with authentic information, like logos or landmarks.
Companies are using technology like AI and machine learning to figure out what people want. They do this by looking at all of the text messages, emails, and other communications that people have. Then they use this information to predict who will buy certain products.
5. Supporting document development and content.
DMS is a computer program. It can make documents and content easier to create. There are programs that use AI, like Grammarly, which will help you with spelling and grammar without any human help.
6. Securing data and documents
Security is more of a thing that people are interested in than they used to be. It is essential for sensitive documents like those in healthcare or financial services. An AI-powered DMS will help you keep documents safe.
AI can help us know how to deal with documents. It can assess what is in them and then automatically put them in the correct file location. This helps when we need to do something with the document.
7. Restructuring DMS
The AI-powered DMS is perfect now. Any company that has a lot of data can use it. It doesn’t matter if a company has many employees or not. They can use this software program. In a document-heavy industry, there are many possibilities, and they change all the time.
A law firm could let computers do most of the hard work. Computers can get information from a lot of documents, so the lawyers would have less to do. Mortgage companies can let an AI program help with processing closing documents.
If you use AI to do everything, then it will be easier for you. You can have lower costs, more productivity, and more precise operations. But it is only for people who work with documents.
The Docupile team can tell you more about AI and how it is used in Document Management. Ask them!