Artificial intelligence (AI) sounds like the stuff of science fiction: computers learning from large amounts of information to perform human-like tasks. But today, it’s a reality. Machines are now capable of following voice commands, automating time-consuming jobs, and even beating chess grandmasters at their own game.
As far as technological innovations go, AI-augmented software is a game changer for businesses. In fact, it has dramatically improved how document management systems (DMS) process, archive, and analyze information.
Most DMS software solutions have optical character recognition (OCR) features that convert scanned documents into text-based files so you can quickly search the content they contain. AI takes this technology a step further by actually “reading” the document, understanding its context, and performing specific actions based on the information.
For example, an AI-powered DMS can be trained to identify invoices and forward them to other staff by automatically processing vendor names, line items, invoice numbers, and so on. Although there will be a few false positives at first, the AI-powered software will learn from its mistakes. Over time, it will get better at recognizing invoices, even if they have different layouts and fonts.
The technology also studies how invoices are passed around so it can eventually automate the entire procure-to-pay process with minimal human intervention.
Another benefit to AI-enhanced OCR is that it’s capable of extracting data directly from documents. When paired with advanced document search features, OCR enables employees to retrieve the specific data they need from a vast content library in seconds. This is especially useful when compiling data for analysis.
AI has massive implications when it comes to document security. For one, it empowers your DMS to detect personally identifiable information (PII) and handle that information with utmost care. Automatic processing routes sensitive documents to highly encrypted locations. What’s more, AI-based DMS enables biometric detection techniques, like fingerprint scanning and facial recognition, to prevent unauthorized access and modification of data.
Where AI truly shines, however, is in threat detection. Rather than looking for specific attack patterns, AI monitors your DMS for any unusual behavior that could indicate a breach, like abnormally high data transfer rates. By identifying these subtle anomalies, your system can secure vulnerabilities that have yet to be patched by developers.
Ultimately, this smart layer of protection makes it much easier for your business to comply with stringent industry-specific data regulations like PCI-DSS and HIPAA.
Document clustering is an AI-enabled feature whereby a large collection of documents are grouped into smaller clusters that represent a specific topic. This allows you to quickly tell how different documents are related to one another and identify similarities across a large data set.
Some scenarios where this feature is helpful include: segmenting your customer database based on buying patterns, compiling information on employee performance, and grouping newsletters and updates that apply to you.
When infused into analytics, AI has immense business potential. Not only can it collate and extract massive quantities of data, but it can also derive meaningful insights from them using techniques like predictive analytics and data visualization.
This means, in practice, you’ll be able to plot product performance figures and purchasing habits into graphs and quickly identify opportunities you can capitalize on. You can even make sense of all your financial data to improve decision-making and optimize business processes.
Given all the features AI-powered DMS brings to the table, there’s no reason why you should dismiss the technology. It greatly reduces employee workloads, improves your security posture, and helps you make smarter decisions. It’s a must for businesses that want to be well ahead of the curve.
If you’re interested in taking document management to a new level, talk to the experts at PaperSave. We’re well-versed in AI and document management technologies, and we provide feature-rich DMS solutions, too. Sign up for a free personalized demo to learn more.