In today’s article, we are going to talk about intelligent document management. What makes this process “intelligent” is that it utilizes… you guessed it – artificial intelligence – to accelerate the traditional practice of manually handling, sorting, and verifying paper documents. Intelligent document management can process both structured and unstructured data, enabling organization of massive datasets no matter how different these forms appear when presented for analysis.
In a typical document management process, physical employees are required to sort, verify, and enter the data from documents into a structured system. As we’ve covered before, the costs accrued from labor and the human errors that are committed throughout the process cost businesses anywhere from hundreds of thousands to billions of dollars. Even with earlier technologies like optical character recognition (OCR)-powered document management systems, these early tools could not detect everything on a page – so human intervention was still typical and frequent in the process. Wouldn’t it be great if you and your team could depend on a virtual “super employee” to hand all of the boring and repetitive tasks associated with managing documents, without needing to worry about humans intervening regularly to “guide” the system?
What Makes Intelligent Document Management “Intelligent”?
Well, good news! It’s possible, and already gaining popularity among document-heavy industries from telecommunications to legal firms and insurance companies. AI-powered document management softwares like CEErtia can drastically reduce the costs associated with document management and compliance operations by completely automating the entire process from document creation to final verification and storage.
As mentioned above, these (currently) human-led processes cost businesses anywhere from hundreds of thousands to billions of dollars. To put that into perspective, let’s look at it more granularly: administrative employees in charge of document management spend around 50 minutes to an hour searching for documents every day. On top of that, they also spend about two and a half hours searching for information within these documents – turning a simple data analysis project into multiple days of operational complexity. With an intelligent document management solution like CEErtia, the timeframe for a project like this goes from about a dozen hours to five minutes.
Early document management systems, like those powered by OCR, could only handle some of the tasks of the ongoing document management and verification project that is prevalent in every business. Now – from document storage to data entry and verification, intelligent document management software solutions like CEErtia can handle every facet of these projects. CEErtia even goes so far as to notify a project’s end-users about anomalies and missing required information for all unique document types!