There are five critical areas in which Artificial Intelligence is expanding the benefits of DMS.
#1: AUTOMATING CLASSIFICATION AND PROCESSING
Optical Character Recognition (OCR) technology has been around for a while, mainly facilitating text recognition. Artificial Intelligence has taken it a step further. AI enables DMS to automatically read, analyse, and correctly classify file content. All of this is done within a fraction of a second and with no human intervention.
Combining OCR with the power of AI, organisations can automate all the post-scanning character recognition and quality assurance using samples as training materials. Once trained, the OCR system can recognise scans faster and more accurately than a human.
#2: DATA EXTRACTION
As businesses continue drowning in more and more data, the ability to extract relevant pieces of information becomes essential.
An AI-powered DMS takes data extraction to new heights, by being able to read data and understand its context. All information gets analysed thoroughly to retrieve relevant pieces of information, even when hidden in individual documents or scattered around different locations.
The more documents AI reads, the better it gets at processing and classifying extracted data. For example, AI-powered DMS can automatically recognise invoices by spotting specific document items, such as dates or field labels. When exposed to various interactions by employees using said documents, it learns those patterns to automate relevant tasks.
This ability helps you save time, boosts productivity, and allows better decision-making.
#3: CLUSTERING DOCUMENTS
An AI-powered DMS facilitates the assignment of vast libraries of documents to different groups without previous classification. This capability helps to understand and visualise how documents are related, and discovers the similarities between them. In turn, this makes it easier to categorise, organise, and search all business files, which would otherwise take real people a long time to go through.
Of course, the idea of performing a cluster analysis on a body of documents isn’t new–it’s been adapted to search engines for a while. Adding Artificial Intelligence to this task ensures a higher level of precision and accuracy. This is critical for businesses with voluminous documentation, like in the legal or financial sectors.
#4: ORGANISING UNSTRUCTURED DATA
Analysts at Gartner estimate that 80 percent of enterprise data is unstructured, i.e., it consists of information scattered across emails, files, PDFs, or documents.
This situation can prove problematic, especially when it comes to enterprise security. Companies usually have little visibility into what’s happening in their unstructured data – and the majority of them admit to problems with managing and protecting it.
AI-powered DMS helps to address this issue. Machine Learning can scour emails, text messages, and other forms of customer communications to understand words and sentiments. It then connects that data to other sources of information for a clearer overview of assets.
#5: DATA ANALYTICS
One of the most powerful aspects of AI-powered DMS is the potential of Machine Learning to analyse data and deliver insights that optimise decision-making and business processes. This capability becomes particularly important to companies that collect and store increasing amounts of information.
From data discovery to real-time analytics, AI-powered DMS can help companies crunch historical data to predict outcomes. Such analyses would be far less reliable without Artificial Intelligence.