How to Integrate Artificial Intelligence into Your Document Management Strategy

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The artificial intelligence technology is rapidly growing in adoption and usage. AI solutions are impacting a range of industries as well as the enterprise software market. Artificial Intelligence has the ability to increase the productivity and efficiency of businesses by automating processes that would otherwise require human intervention. Read on to know how AI can help your document management (DM) strategy. Read on to learn more about integrating AI into your document management strategy.

What is AI?

Artificial Intelligence is about machines that can “understand” language, recognize patterns, solve problems and make decisions like humans. Most often, AI is applied to machine learning. ML is about using algorithms to “teach” computers how to do things. AI can be used in a variety of ways in document management. You’ll want to make sure that you’re implementing the most important ones to make the biggest difference in your organization.

Why is Artificial Intelligence Important for Document Management?

AI is useful in document management as it can recognize patterns and patterns can be applied to data documentation. For example, if a computer recognizes the pattern in a picture of a dog, it will recognize a dog in all other pictures. The same applies to data: if a file has been tagged as “contract,” “offer letter” or “insurance policy,” it is easier to find it in the future. In a similar way, AI can be used to detect anomalies. For example, if a word or phrase has been used several times, a computer can search for it and find documents related to it or other people using that word or phrase.

Which Areas Does AI Help in Document Strategies?

- Data tagging - AI can be used for data tagging, which is the process of tagging documents with keywords. The computer can learn what a tag means and then assign it to other documents in the future. - Data organization - AI can be used for organizing documents and information stored in the system’s data repository. This helps in efficient retrieval of the data. - Automatic harvesting - Harvesting is the process of extracting data from unstructured sources like emails, social media, websites, etc. AI can help with automatic harvesting. - Automated approvals - AI can help with approval workflows and automating the approval process. This includes approval of contract, insurance policies, and other important documents. - Predictive analysis - Predictive analysis is used for spotting trends and patterns in data. This can help with forecasting future sales, demand for inventory, lead generation, and other important factors.

AI Based Tools for Document Management

- Automated tagging - An automated tagging application can help with data tagging. This application can learn from past tagging activity and then apply this knowledge to new documents. - Automated classification - An automated classification application can help with organizing data by collecting it from various sources and sorting it into folders and subfolders. - Automated wording - An automated wording application can help with the process of harvesting data from emails, websites, documents, and social media. - Automated harvesting - An automated harvesting application can help with the process of collecting data from emails, websites, and other sources.

Mergers and Acquisitions with AI Help

After a merger or acquisition (M&A) process, there is a lot of documentation that needs to be digitized and integrated with the new organization. - Artificial Intelligence can be used to identify key terms, data elements, and other important information from the legacy documentation related to the M&A process. - AI can then be used to collect the same information from the new organization and integrate the two data sets to produce a single data set. - This single data set can then be used to produce reports that provide a snapshot of the new organization. - The data can also be used for predictive analysis that can help with forecasting future sales, demand for inventory, lead generation, and other important factors.

Summing up

Artificial Intelligence has the potential to bring a lot of value to organizations. While implementing an AI solution, it is important to determine the best use cases and focus on achieving maximum value from it.

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