Whether you have already implemented AI and automation technologies into your workplace or not, their use is on the rise. According to Forbes, over half of business owners already use this technology for things like cybersecurity and fraud detection. As these programs continue expanding, their uses do as well—which includes how transformative they’ve been for document management.
Utilizing AI for document automation is a significant time saver for businesses. For example, many companies are turning to AI to reimagine their accounts payable processes and make their workflows more efficient.
That’s because these programs can handle simple, monotonous tasks like sorting or filing and more complex tasks like data pulling as well. Because of this efficiency in document management, more and more companies are turning to automation.
Key Benefits of AI and Automation in Document Management
Implementing AI and automation in document management offers numerous advantages:
Improved Efficiency
AI and automation drastically reduce the time and effort required for various document management tasks. This tech can extract data, sort, file, and summarize information.
By handling routine operations, these technologies free up employees to focus on more strategic work. According to the 2024 Future of Professionals Report by the Thomson Reuters Institute, 54% of survey respondents were excited by the idea of AI taking over repetitive tasks. This has the additional benefit of improving team morale and productivity.
Enhanced Accuracy
Automation tools can review documents and minimize human errors, leading to more accurate data and reduced compliance risks. This is particularly crucial in industries with strict regulatory requirements, like healthcare, financial services, and education.
Cost Savings
As employees can focus on higher-value tasks and documents are processed faster with fewer errors, businesses can expect lower operational costs. While specific data for document management is not available, research indicates that AI implementation generally saves companies between 10-20% in various operational areas.
Advanced Analytics
When automation is used to analyze data or documents, businesses can develop more actionable insights, make better-informed decisions, and optimize workflows simultaneously. This data-driven approach can lead to improved business strategies and outcomes.
Scalability
By reducing the need for manual effort, businesses can scale their document management processes more easily. This is particularly beneficial for growing companies or those dealing with increasing volumes of data.
Practical Applications of AI and Automation in Document Management
Implementing AI into a document management system is not always a one-size-fits-all solution. You can tailor the programs to your business’s unique needs.
- Automated Data Extraction: AI-powered optical character recognition (OCR) can automatically extract data from various document types, significantly reducing manual data entry. For example, an invoice processing system can pull relevant information like invoice numbers, dates, and amounts without human intervention.
- Document Classification and Organization: AI algorithms can analyze document content and automatically classify and organize files based on predefined criteria. This streamlines document retrieval and improves overall information governance.
- Workflow Automation: Intelligent workflows can route documents to the right people at the right time. For instance, an AI system can automatically send contracts to the appropriate department for review based on the contract type.
- Smart Search and Retrieval: Advanced search capabilities powered by AI can understand context and intent, making it easier to find specific information within large document repositories. This is particularly useful for legal teams or researchers who need to quickly locate relevant information across vast datasets.
- Compliance Monitoring: AI can continuously monitor documents for compliance with regulations like GDPR or HIPAA, flagging potential issues before they become problems.
Key Challenges and Considerations
Although automation in document management can be applied to most kinds of businesses, new systems always have potential drawbacks. For AI, one unique challenge is that the technology is still evolving. Because of that, there are concerns about things such as data security and privacy. These concerns can be mitigated through varied data and device security solutions like encryption and penetration testing.
Companies may also encounter issues integrating automation with their current systems. That’s why it’s essential to work with technology professionals before setting up workflow automation processes to ensure system cohesion.
Lastly, the best way to save time and resources through document automation is to have all employees on the same page. When implementing these programs into your document management system, it is crucial that employees are trained to use the tools effectively. By carrying out this additional training, your business can maximize the benefits of document automation.
Simplify Your Document Management Process
No matter what kind of business you run, there is a way that automation can better your document management. Whether corralling thirty years of documents or three years of contracts, these intuitive systems can improve how you do business. These document automation systems save countless man-hours, avoid erroneous errors, and simplify workflows.
When you’re ready to put AI to work for you, be sure to contact Meridian. Our expert guidance can help you determine what systems will work best for your business.
