Automatic document processing
AI can automate a lot of document processing tasks. From contracts and reports to invoices and policy documents, companies rely on a huge number of documents, many of which have to be read, processed and archived manually. However, these labour-intensive processes are error-prone, time-consuming and expensive.
AI ensures operational efficiency
This is where AI is a true gamechanger.
By deploying machine learning and natural language processing, AI systems can analyse and process huge amounts of documents in no time.
AI not only reduces the likelihood of human error, but also, and more importantly, allows companies to scale up their operational efficiency.
Automatic scanning and categorisation
With Optical Character Recognition technology, AI can identify text in scanned documents and even handwritten notes and convert them into editable digital formats.
Machine learning can then be used to automatically categorise these documents based on content (such as the type of document: invoice, contract, etc.) or via specific keywords.
For example, a large law firm that receives hundreds of legal documents daily can use AI to automatically categorise all these documents and send them to the right department, significantly reducing processing time.
Advanced content analysis
AI can also analyse document content in greater depth. It can detect important information such as contract terms, expiry dates or anomalous clauses and even make predictions about potential risks, for example. For example, a financial institution can use AI to screen credit applications, automatically identifying risk factors that might be overlooked manually. (Note, keep in mind legislation. In Europe, AI is not permitted to make decisions independently that could have a major impact on people or businesses.)
Workflow automation
AI can also automate entire workflows. For example, once AI recognises an invoice as such, it can automatically forward it to the approval and payment systems, without any human intervention. This not only saves time, but also reduces the risk of errors and delays.