Artificial intelligence (AI) has already revolutionized hundreds of industries and processes, and document processing is no exception. The advent of AI document processing has not only streamlined mundane tasks but has also improved the efficiency, accuracy, and overall productivity of companies that need to process thousands of documents on a daily basis. If this description matches your company or your role, AI document processing will tremendously support your daily operations. In this article, we will show you the role that AI plays in document processing. We will also mention the biggest advantages of this solution and name some sectors that can benefit from it.
What is AI document processing?
Put shortly, AI document processing involves the use of AI-powered technologies, such as machine learning (ML) and natural language processing (NLP), to analyze, interpret, and extract the necessary information from various documents. This technology is particularly helpful when it comes to handling vast amounts of data, saving time and resources that would otherwise be spent on manual document review and analysis (recent data shows that as much as 95% of corporate information exists in the form of paper documents!).
In other words, if you need to extract a specific piece of information from hundreds of different documents (e.g., customer contracts or employee reviews), you can use AI document processing tools to make your work much faster. The same technology can be used to organize old documents in a specific way that’s tailored to your company’s needs or profile.
But there’s more when it comes to the benefits of this solution.
Discover the benefits of AI document processing
There are four major benefits that this AI-fueled technology offers to companies and institutions:
Automation of Repetitive Tasks
One of the primary advantages of AI document processing is the fact that it can automate repetitive and time-consuming tasks, such as data entry (imagine not having to manually add new entries to dozens of Excel files), as well as sorting and categorizing available information. Thanks to this automation, your employees can focus on more strategic aspects of their work that cannot be automated instead of dealing with mundane tasks that CAN be automated.
AI algorithms are designed to learn and improve over time (that’s what machine learning is for). As a result, AI document processing systems become increasingly accurate in recognizing patterns and extracting information from various documents. This leads to a significant reduction in errors that may occur during manual processing. In other words, the more you use these tools, the more helpful they become.
Boosted Efficiency and Productivity
With the speed and precision that AI document processing offers, your company can enjoy a substantial increase in overall efficiency and productivity, especially when it’s dealing with hundreds of documents on a daily basis. Thanks to artificial intelligence, documents can be processed and analyzed at a much faster rate than human employees can achieve, thus enabling a whole new level of productivity.
Improved Document Search and Data Retrieval
Again, imagine having to find a specific document in a repository that contains thousands of them. It’s a lot like looking for a needle in a haystack! Thanks to AI-powered document processing tools, you don’t have to do so manually. These tools utilize advanced search algorithms, enabling users to quickly find a specific document or even a piece of information within large datasets. This feature is especially valid in industries where timely access to accurate information is critical (e.g., healthcare).
Where Can AI Documenting Process Be Used?
In general, this technology is versatile and can easily be adjusted to different market sectors and industries. However, there are at least three major niches that would highly benefit from the automation of document processing. Let’s have a quick look at them:
Finance and Banking Services
AI document processing is widely used in financial institutions for tasks such as invoice processing, credit scoring, and fraud detection. AI can quickly sift through thousands of wire transfers and other operations and spot potentially dangerous or simply suspicious activity. In such a situation, the AI tool can notify the institution’s staff and advise them to take a closer look at selected operations. This way, automated document analysis ensures accuracy and compliance in financial transactions.
The Legal Industry
Law firms usually produce dozens of documents, even for theoretically simple cases like selling a property. As a result, they end up having tens of thousands of documents! Now, though, those firms can leverage AI document processing for such purposes as contract review and legal research (e.g., looking for precedents – this is something paralegals would usually do manually). This naturally accelerates the majority of legal processes, thus allowing legal professionals to do their jobs in a more efficient manner.
Lastly, we want to briefly mention healthcare. In this industry, AI document processing supports doctors and nurses in the effective extraction and analysis of patient records (a patient that’s admitted to the hospital usually needs to have their medical records verified as quickly as possible as it can affect their treatment) but also when it comes to simplifying medical billing and facilitating medical research (e.g., by verifying the information available in the medical literature).
AI document processing is a fantastic technology, reshaping the way organizations handle and manage vast amounts of documents. The automation, accuracy, and efficiency brought about by AI not only save time and resources but also enable your company to make better, more informed decisions. And this technology is still in the development phase! We can expect the role of AI in document processing to grow in the near future, thus offering new possibilities.