Did you know 90% of the world’s data has been generated since 2015? And by 2020, it is expected to grow more than four times, hitting 44 zettabytes. A short five years after that, it could reach a whopping 180 zettabytes. With so much data being generated, it is no wonder we are turning to artificial intelligence (AI) and cognitive computing to revolutionise the ways in which we store, archive, process and extract information.
Unlike conventional data processing systems, which consistently follow the same logic, AI algorithms get smarter as more data is provided to them. They are intended to spot trends and patterns, and provide predictions.
This unique ability of AI to ‘learn’ from large amounts of data enables users to manage and control vast volumes of content. Which is why AI promises to transform how document management is done.
Here are 5 ways AI is transforming document management systems in 2020 and beyond.
1. Automatic classification and processing
While OCR (optical character recognition) technology allows for text recognition, AI takes this a step further by being able to “read” the information on that document, classify it correctly and automate workflows based on that classification – all at a fraction of the speed a human could.
Although the system is initially guided by a set of rules, its identification and processing capabilities continue to improve using machine learning, meaning it is able to learn from repeated exposure to documents, as well as from the actions taken by employees upon those documents.
An AI-powered document management system could, for example, identify invoices by recognising elements such as invoice numbers, line items and so forth, despite the fact that these elements can appear in different locations and in varied fonts and sizes, depending on how a company chooses to format their invoices.
When Greenbank RSL in Queensland automated its previously manual Accounts Payable process using ABBYY FlexiCapture’s technology to recognise invoices, they reduced their invoice processing time by 84 percent and decreased their processing costs by 50 percent, as well as increasing data accuracy and integrity.
2. Data extraction
By being able to accurately read information and understand context, an AI-powered document management system can take data extraction to a whole new level – an ability that is more vital than ever as organisations are inundated with more and more data.
3. Document clustering
Document clustering, whereby documents are grouped by topics without prior classification, is another ability made possible by AI.
This can help organisations understand how documents relate to one another within a wider context, and help them find similarities and make inferences that perhaps would not have been possible otherwise.
4. Advanced security
AI-powered document management systems can help to enhance security and protect customer data by detecting sensitive and personal identifying information (PII), and flagging these documents for special handling. Automatic classification and processing also means documents aren’t left in unsecured locations while waiting to be actioned.
It can also help enforce user access by using highly accurate and secure biometric techniques, like facial recognition, to identify employees who have permission to access that data, thereby helping to prevent unauthorised viewing or alteration of documents.
5. Data analytics
Cognitive platforms as a service (PaaS) take document management to new heights by using the data collected and applying techniques such as machine learning, predictive analytics and data visualisation to improve decision-making and optimise business processes.
With the advent of AI, document management systems are progressing in leaps and bounds, and early adopters of the technology will be the first to reap the rewards.
Are you ready for a document management system that will transform your business? Don’t get left behind – find out how your organisation can benefit by booking a complementary enterprise content management (ECM) demo today.
KYOCERA Document Solutions provides document management solutions with ECOSYS technology to reduce the total cost of ownership (TCO) and minimise the impact on the environment, while delivering greater productivity, reliability and uptime.