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AI-Powered Document Management Software’s Impact

AI-powered document management software is influencing nearly every facet of our lives. It is augmenting our human capabilities and helping to improve efficiency and quality of life.

From intelligent automation enabling organizations to automate processes that involve unstructured content (text and images), to the creation of new jobs (AI trainers), to the improved compliance and accuracy of security and risk management measures – the new wave of business improvement is one that will continually “learn” new ways to make life easier for employees in every industry. This article will speak about how AI is directly impacting some of those industries today.

AI-Powered Document Management Software in Healthcare

The healthcare industry has recently faced one of its biggest challenges ever with the emergence and spread of COVID-19. With this influx of patients comes more documentation to be monitored and more room for human error. Artificial intelligence has been a huge help to those in the medical field – simplifying the lives of patients, doctors, and hospital administrators by expediting administrative tasks and reducing data entry errors. Even in modern times, misdiagnosis and medical errors account for 10% of U.S. deaths. Many of these miscalculations are due to faulty data entry or file mixups – issues that AI specializes remediating.

In Insurance

The insurance industry is one that has always consisted of numerous manual administrative tasks. Contract management, claims processing, appeals processing, premium pricing calculation, policy creation, customer care documentation – the list of documented processes in insurance seems endless. According to Google Trends, the emergence of AI in insurance has tripled since 2012.

In Banking

Front- and middle-office AI applications offer the greatest cost savings opportunities for digital banking firms. Banks are currently leveraging algorithms on their front ends to smooth customer identification and authentication. They have utilized AI to mimic live employees via chatbots and virtual voice assistants. Broadening their ability to accommodate their massive customer bases has lead to deeper customer relationships and better-personalized insights and recommendations.

AI-Powered Document Management Software in Telecommunications

Telecommunications is one of the industries where AI has been able to prove its worth most broadly. From planning, to implementation, to regulatory and financial compliance, AI-powered document management software currently helps telecom giants both manage and grow their business. From financial projections, to new-site plans, the right artificial intelligence-powered software can automate compliance checks and organize the millions of pages of documents that are involved in every project that a telecommunications company undertakes.

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From automating menial processes to detecting fraud and ensuring compliance, AI-powered document management software fills virtually every gap that major businesses experience due to outdated processes and methodologies. It is becoming an integral part of the future of business, and will stand to improve the way that companies and their employees work to improve both their internal processes and the end-product that their customers experience.

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