Regardless of size or industry, many businesses spend countless hours manually processing documents. These documents contain essential information, from employment forms to purchase orders to contracts and invoices. Companies in the 21st century shouldn’t have to waste resources tediously entering, sorting, and analyzing the volumes of data documents contain. Such time-consuming work diverts employees from more valuable business needs and causes unnecessary errors in the process.
Fortunately, artificial intelligence (AI) has progressed to levels that can revolutionize how your business processes data, with far-reaching benefits for virtually every industry. Using AI technology to automate document processing, you can reduce time spent on data entry, improve efficiency, and free up resources to focus on innovation and customer service.
Let’s review the latest advancements in document automation and how your business can benefit from AI-driven software.
What is Robotic Process Automation (RPA)?
When you hear people talk about robots, you probably don’t think about software. But robotic process automation (RPA) is just that: software technology anyone can use to automate repetitive, rule-based tasks. RPA allows users to create digital robots, or “bots,” that can mimic human actions and keystrokes and then interact with any computer application or system in the same way. The difference is that RPA bots operate faster and more precisely than humans— and work continuously 24/7, 365 days a year.
Some of the most common use cases for RPA include:
- Processing invoices
- Onboarding new employees or patients
- Fling insurance claims or tax information
- Managing deliveries and order forms
RPA can also process more advanced forms of data, including mobile device data or documents in multiple languages.
While RPA effectively processes documents using rule-based tasks, Intelligent document processing (IDP) technology goes further by comprehending the data they contain. IDP is one of the fastest-growing robotic technologies that automate data extraction and analysis from various document formats.
IDP solutions use numerous AI-related technologies, including RPA bots, optical character recognition, natural language processing, computer vision, and machine learning to read the unstructured, raw data in complex documents. IDP then captures the valuable information and converts it into structured, relevant formats for use in critical operations, like government, banking, insurance, orders, invoices, and loan processing forms. IDP extracts the necessary information and sends it down the line to the correct location or department to complete the remaining steps.
Business Benefits of AI in Document Processing
Whether it is an algorithm that scours millions of court records in minutes or a military software that predicts enemy moves, AI technology continues to reinvent how you can process vast troves of digital information. Whatever your needs, AI-based document automation can help your business reduce costs, improve productivity, generate more revenue, and improve customer satisfaction.
1. Save time by reducing manual work
Thanks to advances in AI for document automation, software robots easily complete data-processing tasks, which means your employees can focus on higher-level business priorities. For example, Gartner predicts that RPA can save finance departments 25,000 hours of avoidable paperwork annually.
2. Operate and invest more efficiently
When you spend less time and costs on document processing, you can operate more efficiently and provide services faster. For example, international companies can use AI for translation needs, so users can quickly understand a document’s contents and rapidly communicate its contents with relevant stakeholders.
3. Improve customer experience
With increased speed and efficiency comes the ability to respond to customers faster and provide superior service. A key area for automation is managing the overwhelming volume of emails that clutter inboxes daily. A research study of 1,000 companies revealed that most customer emails go ignored or have an average response time of over 12 hours. Yet, most customers expect a response within one to four hours. AI and document automation can help businesses exceed expectations and garner more sales as a result.
4. Mitigate risks caused by human error
Mistakes can add up significantly over a year, as unintentional as they may be. A Gartner press release estimates that finance departments spend up to $878,000 annually correcting staff miscalculations. IDP solutions drastically reduce mistakes, sparing your company and your customers any related losses.
Document automation technology can feel intimidating, especially if you don’t have the time or money to invest in advanced machine learning (ML) computer models. To remove those barriers and empower your business with enterprise-level AI tools, our team at qBotica created DoqumentAI, a product that ingests all possible types of documents and images, defines, classifies and validates them while extracting invaluable data, and then delivers meaningful insights. The product features critical AI capabilities for document automation that any company can implement.
Unlike most document-capture products, DoqumentAI is ready to use out-of-the-box, meaning it’s budget-friendly, easy to customize, integrates easily with your existing data repositories and doesn’t require a labor-intensive setup. Once implemented, this tool automatically processes everything from PDFs and Microsoft Word documents to scanned images and XML files, extracting valuable data and offering meaningful insights. The entire experience is point-and-click, so no one on your team needs coding experience or data-science skills to benefit from the software.
- Accurately captures up to 98% of data from any document layout
- Can be deployed in a matter of days
- Automatically learns from each document it processes
- Captures data up to 10 times faster than manual entry
- Integrates via email, RPA, or API in an entirely adaptable environment
- Offers secure, cloud-based management
And like all AI models, DoqumentAI software performs even better over time because it continuously learns and becomes more intelligent every time you use it.
Document automation has progressed immensely with the latest AI and intelligent processing innovations. Not only can AI-based software improve the way you create, read, and edit digital documents, but these technologies can automate tasks that you never knew were possible. Now is the time for your business to consider how AI and document automation can optimize your workflows, eliminate errors, and boost your bottom line.
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