As markets become more crowded and competitive across the board, companies will need to seek out every possible advantage to help them remain relevant and appealing. Some companies discovering automation solutions may find a solution that can do A and B. The problem is, there may also be a C,D,E, and F (and so on) in their process. Not every intelligent document management system is capable of handling full-cycle document management.
What to Look For
- A solution that is customizable and industry-agnostic ─ Although there are document management systems built specifically for different industries and target markets, this is usually more limiting than it is efficient. The reason behind this is that, even in the same target market, every business runs differently. Every business carries out tasks in a different way and prioritizes certain things over others. In this aspect, a customizable and industry-agnostic approach will allow you to set up and tailor your solution to your unique business needs.
- Ample document processing capacity ─ Depending on the size of your business and your plans for scaling, you may want to ensure that your intelligent document management system can process up to a billion extractions per day.
- Ability to read and properly structure unstructured data ─ A common roadblock when transitioning to digital automation is the need to convert physical documents into digital data. When working through this process, you may notice that many of your physical documents will not provide data that is sufficient for a traditional OCR to convert to digital data, which can set you back on your quest to automation nirvana. Be sure that the intelligent document management system you decide to work with implements some degree of artificial intelligence and/or machine learning. This allows your intelligent document management system to “learn” the typical types of documents that your company processes and become “smarter” and more efficient for you in the long-run.
- Cooperate and share documents & data with cloud and on-premises content management systems ─ Be sure that whichever intelligent document management system you choose provides permissions-based accessibility for all collaborators.
- Provide appropriate support and setup ─ Just as with any software solution, be sure that the company you work with isn’t just selling you the product. You’ll want to make sure that your intelligent document management system comes complete with integration support and general support for every step of the way.
Intelligent Document Management, in Numbers…
To put some research behind the prospect of automation, consider a few things:
Customers of AI-driven intelligent document management softwares have seen a cost reduction of 20-50% per document processed.
They’ve also been able to increase their capacity for document processing from 100-500%.
Their process cycle time has been reduced by 50-70%.
They have been able to boost revenue by an average of 40%.
This is to say ─ intelligent document management systems don’t only affect your workforce by making life easier, they also greatly improve your bottom line.
The CEErtia Advantage
As mentioned before, many intelligent document management systems may be able to automate steps A and B (let’s call A: data extraction and B: document management). However, many businesses’ document and data lifecycles also include administrative tasks like document classification, document verification, data management, and data synchronization. A solution like CEErtia can not only gather and organize your information, but it can also learn a few things from just a few uploaded documents. These variables are: what the different document types your company uses, what is required by each document type, and continuously learn how to more efficiently read the information entered in each field of your document.
Intelligent document management has shown several businesses the correct way to deal with menial administrative document management and data management. The key to choosing a proper intelligent document management system is to ensure that it covers all of the bases: document management, document classification, document verification, data extraction, data management, data verification – and availability for customization and new features.
An exceptional intelligent document management system like CEErtia should be thought of as the best employee imaginable. This is an employee that can focus on the most menial and arduous of tasks, doesn’t need to take breaks or vacation, and achieves the job at hand with world-class efficiency and accuracy.