However unbelievable it might have seemed a couple of decades back, but we are seeing incredible advancements in Artificial Intelligence (AI) and Machine Learning. The immense scope and possibilities of how these technologies will be used in our businesses soon are very exciting and mildly scaring at the same time. How has the journey of technological advancements been so far? And how does it impact your business?
For decades, the whole concept of ‘machines that can think’ has remained just a concept and nothing else but fodder for science-fiction writers. But, things have started to change at a remarkably aggressive pace. Theoretical concepts from the 60’s and 70’s like advances in storage capacity, computing power, & software capability have leapfrogged into practical implementations today.
There is a structural change in how data and documents are now stored online in the cloud, rather than in data centers. Also, there is a change in how these are accessed through programming interfaces (called APIs). These advances fuel the possibility of using document management in innovative ways. Artificial intelligence has very much become a part of our daily lives now. Take Siri and Alexa for example! These digital personal assistants are capable of providing personalized services based on what they learn about you with time.
The inception of AI in Document Management System
A very interesting prospect of AI is its potential usage in document management to transform businesses. To understand this in depth, let’s take a quick look at how AI and machine learning work today. And, this starts a story that began with the cloud.
The development of AI is fuelled by cloud solutions to a great extent owing to an unprecedented advantage. There is a lot of raw data in form of documents coming from millions of sources and this essentially lays the foundation on which machine learning and AI stands. This enormous quantity of data is brought together to be used collectively. Machine learning serves up AI insights by studying the information. These insights highlight actions that can boost performance, efficiency, as well as greater convenience, while further terminating tedious, manual, and repetitive tasks.
AI-integrated DMS: The Realities & Possibilities
With the baffling advancement of technology using AI and machine learning gradually penetrating and impacting DMS, the most obvious question is bound to arise! “How does this benefit me?”
Let’s jump straight to the point and briefly discuss some of the advantages & possibilities that the integration of AI in DMS brings forward.
- Classification – Optical character recognition (OCR) technology has been around facilitating text recognition. AI takes this a notch higher by being able to actually read documents, analyse its content, classify them correctly, and also automate workflows in compliance with proper classifications. And, to add a cherry on the cake – all this takes a fraction of a second, saving probably hours of human labour.
- Processing – Machine learning comes into play and fuels identification & processing capabilities by constantly improving and adapting. Continuous exposure to various documents and the actions of the employees/members on the same is the data that feeds machine learning in DMS. For example, DMS powered by AI & machine learning can identify a certain type of document by analysing its content, irrespective of the documents location, font, formats, or size.
- Document Clutters – Companies can benefit from DMS software to prevent clustering of documents. Often, with a bulk quantity of documents being uploaded & different departments or employees uploading, editing, or accessing them – document cluttering is an impending nightmare. Would you rather waste endless hours re-arranging or re-organising them or let an AI-driven DMS platform do it in a jiffy, even without prior classifications?
- Superlative Security – The advanced level security that comes along with the integration of AI in DMS is truly remarkable. AI-powered DMS platforms use accurate and efficient techniques to detect personally identifiable information (PII) and sensitive information and protect the personal data of customers. It easily identifies which employee has access to which documents and prevents any kind of unauthorised access, thereby safeguarding important documents from unwanted edits, alterations, or viewing. DMS uses AI for automated classifications as discussed and this adds to the security feature too by classifying a document instantly. Even if a document is pending any kind of action, the technology ensures it is not kept lying in an unsecured location.
- Data Analytics & Data Extraction – One of the most exciting aspects of AI-powered DMS platform is the potential of machine learning in data analytics – fuelling the decision-making process and enhancing optimisation of business processes. It is truly impressive how technology can analyse the context of a document and act upon it accordingly. With companies being inundated with more and more data & documents, the feasibility of data extraction and data analytics is a vital advantage that DMS has to offer for companies.
With the constant development and adaptation of AI, reducing errors and overhead in categorising and tagging documents has become the prime focus of DMS providers. This will not only ensure better data analytics to meet client’s needs but will also establish optimum search results. The rapid pace at which technology & innovations are engulfing industries with every passing day, it is needless to say that early adopters will also be the first ones to reap the innumerable benefits that come along.
If you think you are ready to take a step further towards transforming your business, an AI-enabled Document Management System is definitely the way ahead.