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Five business cases and benefits of AI in document management

June 3, 2022 - Team EdgeVerve

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Businesses have a gold mine of valuable data at their finger tips, yet many fail to optimize the total value of such insights. The legacy approach to extracting data from various documents during decision-making often leaves subtle inputs negligible to human eyes. Those granular details can make all the difference if pulled on time. Hence, resorting to new-age technologies can prove a blessing in disguise.

AI in document management caters to document extraction, processing, and comprehension and stitching crucial data together using computer vision models, NLP models, and information retrieval technology into a single data pipeline for a simple unified experience across all documents. Integrating the digitized information extracted from documents into enterprise processes and workflow ensures easy data availability and accessibility.

A data is a rich source of information: pictures, audio, infographics – even video or speech. AI document analysis does an incredible job of finding such critical information, regardless of formats and layouts, and making it available, as and when needed. It saves a lot of person-hours and labor for extracting data. It is faster, effortless, and error-free.

How does AI in document management work?

There is no doubt in the fact that we have come a long way with AI. According to a recent report from analyst firm Omdia, the global AI market was valued at $16.4 billion in 2019 and is expected to reach the $100 billion mark by 2025.

Today, AI, powered by other tech capabilities, has the ability to scan text and the basic contextual understanding of font size and spacing. It can read the text in different languages and the hidden sentiments behind those words using Sentiment Analysis. Its multi-modal image extraction combines OCR and computer vision to extract pertinent information and turn it into structured data.

Most importantly, a comprehensive AI document management system handles a massive volume of documents daily to provide a holistic interpretation of the text and images faster than any average human, without any downtime or error.

Five business cases for AI document analysis

  1. Time saved: The sheer amount of admin hours spent extracting inputs from documents, digitizing and analyzing them reduced the overall productivity of the business, delayed workflows, and resulted in incompetent decision-making. For instance, an insurance company struggles with the management of a complex range of policies and exclusions, and so also a healthcare company with thousands of handwritten doctor’s notes. AI in document management comes as a blessing, helping employees save time and money for their company.
  2. Making the most of your employees’ skills: With less time spent in the ‘needle in a haystack search for pertinent data, employees find more bandwidth to use their skills in more value-added roles for which they were hired initially. Having been freed from labor-time-intensive repetitive tasks, employees discovered their morale boosted, and their productivity increased.
  3. An improved customer experience: With structured data easily searchable, decision-making is more insight-driven. Better data-based decisions and strategies transcend into increased customer service. For example, setting up a customized policy might once have taken hours to complete in an insurance company. At the same time, all the information about a customer’s unique circumstances was collated and evaluated. With their credit history, demographics, policy options, and possible exclusionary risks highlighted in a searchable database, a bespoke policy could be set up in a single phone call.
  4. Improved document security: Data breaches are a daily occurrence. Hence, security has never been more critical. AI in document management can help with extensive scanning of sensitive information and automatically redacting it as and when required. The same systems can be on the lookout for unusual activity, warning you of a possible data breach before it happens.
  5. Unexpected business insights: Unlike humans, AI excels with data. When millions of business documents are fed into the Artificial Intelligence document management platform, unexpected insights are extracted, processed, and analyzed in seconds.

Conclusion

AI in document management is very much a reality, and many businesses are already finding ways to leverage the potential of such unique software solutions. One of the companies at the forefront of the Document AI revolution is EdgeVerve. With  XtractEdge, a comprehensive suite of Document AI platform & products, enterprises can unlock business value from enterprise data, regardless of complexity or domain specificity.

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