How Can Artificial Intelligence Influence Document Management in the Near Future?

Artificial intelligence is one of the fastest-growing industries in the world. According to research conducted by Tractica, business applications powered with artificial intelligence will increase relevant market opportunities by as much as $11.1 billion by 2024. It is expected that over the next 5 years AI will give way to a rise of new possibilities including driverless vehicles, facial recognition, talking documents and more.

Why is AI in such high demand these days? First, the implementation of these innovative technologies helps for locating and analyzing critical data as well as making quick and smart decisions. The International Data Corporation (IDC) reported that the amount of data that will be required by smart management will increase by more than 40 times by 2020. Many organizations are looking for ways to increase their information security and minimize delays. Companies strive for hiring fewer people and saving money by implementing advanced security algorithms.


Artificial Intelligence and document management technologies

Over the last year, the impact AI has had on industries of distinct spheres has grown significantly. Companies that deal with large quantities of data have begun writing and embedding algorithms into their programs that help identify critical patterns and trends by processing data faster.


AI classifies data faster, saving time and money

With the help of an AI-driven engine, form scanning and processing has evolved. Smart software recognizes document categories while they’re being scanned and automatically removes index values. Paper documents are converted to digital ones without the necessity of manually sorting them afterward as advanced AI algorithms recognize the order.

Companies that handle invoices can now do so in far larger quantities at no extra cost with the help of AI. For example, a company may receive 1,200 invoices each month. By generating and implementing AI code into their document management system (DMS), they’re able to automate their process of paying invoices.

Here’s how it all works. First, invoices are categorized by type. Essential information for the company’s accounting system is then extracted from each document. Because of this, time spent on processing a single invoice is reduced by approximately 45 minutes. Moreover, the cost per invoice decreases by $50. As a result, this company can save more than $670,000 over the course of a year.


Security is another benefit of AI for document management

Due to smart algorithms, unauthorized users attempting to access your documents or other files are immediately flagged. Multi-layer permissions and security access protocols mean that information is protected from being misplaced, damaged or altered.

Companies store their documents in many places. This can cause many problems when looking for a specific file. Searching manually may influence data protection. AI technologies now allow organizations to access sensitive documents without any passwords but with something you have around every day and is unavailable to anyone else – your face. Facial recognition is one of the most secure ways to access data because your face is unique and unmatched.

To sum up, artificial intelligence and machine learning can help you manage your documents and:

  • Boost control
  • Save time and money
  • Improve process efficiency
  • Secure sensitive data



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