The next big thing in document processing is not about the automation of doing things; it is about doing an entire transformation. With AI mercilessly pushing its limits, there is an increasing convergence of human intelligence and artificial intelligence that is changing the way we transact business with documents.
You may recall the good old days when everything was manually done. We have now overcome those traditions through Intelligent Document Processing (IDP). History of document processing is reeking of technological advancements which have incredibly changed the way businesses handle data in a paper or otherwise.
This paper will be a memory ticker as it lists the history of document handling and its development to the rise of IDP and how vital this has become in the present day business world.
The History of Document Processing
The history of document processing can be traced back to the very beginning of human civilization when people were keeping records of their matters with the help of mud slates and scrolls. It only took shape however when Edwin Sebels came up with the filing cabinet in the late 19th century.
His genius contraption tool was the angel of God when sorting and getting documents and it was a priceless instrument to medical, legal as well as financial geniuses. Then came computers and primitive automation devices that redefined how we handle documents on the front side all the way down to the bottom, with the door opening to Intelligent Document Processing (IDP).
The development of IDP has been quite spectacular, starting with simple Optical Character Recognition (OCR) traps up to the latest AI-driven implementations, capable of reading between the lines, learning dynamically through machine learning panache, and reading and manipulating all types of documents without quantifiable challenges.
The Rise of Intelligent Document Processing (IDP)
The advent of Intelligent Document Processing (IDP) has been a revolutionary process that has been informed by the rapid changes in technology usage and the skyrocketing demand of efficient document management. When businesses have stepped to the digital age, it did not take long before they realized the necessity to abandon the cumbersome, error-prone systems in favor of smoother methods using the power of technology-enabled methods – the eventual change of gears in document processing practices.
IDP uses artificial intelligence, machine learning, and natural language processing to read, label, and process unstructured, messy data in documents that – growing up, that was quite a big leap in comparison to the manual-based methods.
The shift to the IDP is gaining momentum with the explosive growth in the number of digitized documents that are demanding a slippery ride and are calling out to creative solutions that can streamline the wheels of operations.
Benefits of AI-Driven Automation
The use of AI-based automation can deliver numerous benefits to companies, such as increased productivity, increased efficiency, enhanced user experience, and the discovery of deep insights. We shall have a closer look at some of the important positives:
- Higher productivity and efficiency – the automation made possible by AI can enable companies to perform tasks much faster and with greater precision, releasing human resources to more productive and innovative activities.
- Lower expenses- Saying goodbye to the manual effort in favor of automated sequences and process optimization, companies may see huge cost cuts, and operational expenses due to the miracle that is AI-mediated automation.
- Better user experience – Your clients are about to experience faster results that are backed by uncompromising accuracy provided by AI-driven automation, which helps increase customer satisfaction rates drastically.
- Availability of superior insights – The ability of AI-driven automation extends all the way to digging great data tapestries – finding invaluable gold nuggets of insight that can supplement the process of decision-making among business gladiators in their journey to excellence.
- Efficient document processing – AI-driven automation might entirely revolutionize the world in terms of document processing by doing data extraction, validation and sorting on their own. This results in a reduced error margin of operation and makes it more efficient.
- Better accuracy and less mistakes – AI-based document processing systems can be so impressive with their accuracy rates; more than 99%! It is a big step up on what conventional human-operated techniques can offer.
The Future of Document Processing Leveraging AI
We have been seeing the quick paces of how companies work, then the changing world of document processing, with artificial intelligence at its core. It will not be long before we will encounter these systems in collaboration with other technologies such as Optical Character Recognition (OCR), machine learning, and Natural Language Processing (NLP) to further advance the decision-making process in the future.
The following are some of the possible sub-topics that need to be reviewed in detail:
- Document Processing on the Cloud.The future is prognosing cloudy, positively! The emerging capital of cloud-based document processing permits an organization extensive storage, access and processing features of data; at any given time, in any location, and on any device. When extra features such as large scale adaptability, flexibility and pocket friendly cost are added, it is not surprising that cloud-hosted docket wrangling is becoming one of the most appropriate choices, be it a big or a small venture.
- Intelligent AutomationIntelligent automation is the power of AI and machine learning to replace boring jobs like punching-in data, categorizing documents, and extracting information. This technological miracle saves companies time that would otherwise be used wisely besides reducing error rates, which amounts to a smoother operation.
- Enhanced Data SecurityAI-enhanced document processing can perform miracles in enhancing the data protection game of your business, as well! It automates its flagging down and redacting of sensitive information in documents, including threats that lurk even in direct violations of privacy laws, helping to keep them at bay and deter unsanctioned accesses.
- Predictive AnalyticsThe document processing application of AI can help companies to extract meaningful information from the available documents, thereby giving the company the power to make sound business decisions. Predictive analytics assists these organizations in identifying emergent trends, patterns or anomalies within their data sets, in other words, data-driven decision-making.
- Natural Language Processing (NLP)NLP is a branch of artificial intelligence which gives the machines the ability to read and understand human speech with great ease. By exploiting NLP, organizations will be able to extract useful information using unstructured data such as customer reviews or social media posts, even emails that are not beyond their reach!
Conclusion
The future of the paperwork management with AI appears to be abundant with potential and is eager to rain a host of benefits on both large and smaller organizations. The introduction of AI and machine learning into the process of working with papers has turned the tables on how companies process papers and introduced enormous volumes of output and expertise and brought detailed precision and reduced costs and increased user experiences.
To remain pioneers in the changing scenery, businesses must identify which modes complement their mission and objectives best and then implement them respectively. Got questions? Connect with qBotica to find out how our efficient high-tech automation can reverse your document management fashion.
