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The Rise of AI in Document Management
In today’s digital age, managing documents is crucial for businesses. The use of Artificial Intelligence (AI) is becoming increasingly well known in all industries.
A report in Forbes said the UK AI market is worth more than £21 billion and according to the US International Trade Administration, is expected to grow to £1 trillion by 2035.
Additionally, government data shows two of the most adopted AI solutions in the UK focus on data management and analysis (9%), followed by natural language processing (NLP) and generation (8%).
With the amount of data businesses generate, especially in highly regulated industries, traditional document management systems are becoming outdated. To get ahead, organisations are increasingly turning to AI to streamline document management, automate processes, and ensure compliance.
Document Management with AI to Reduce Errors and Enhance Compliance
The volume of documents businesses handle daily—such as contracts, invoices, emails, and reports can be overwhelming. Traditionally, companies have relied on manual, time-consuming processes, which are more prone to human error. In regulated industries, failure to manage documents properly can result in compliance violations and legal risks.
This is where AI document management systems come in. It offers tools to automate document processes, complete data extraction, and ensure secure document handling.
How AI is Transforming Document Management: Faster, Smarter, and More Secure
The developments over the past decade show that AI is reshaping how organisations manage documents.
Automating routine tasks
AI can automate repetitive tasks, such as sorting documents, extracting key information, and ensuring they get to the right teams or departments. The tech can automatically classify documents based on content (such as invoices, contracts or other confidential HR forms) and extract relevant data, reducing the need for manual input and significantly speeding up processes.
Improved extraction
With NLP and optical character recognition (OCR), AI can accurately extract data from scanned documents, handwritten notes, or emails. This is particularly beneficial for finance, healthcare and legal businesses, where accurate data processing is essential.
Enhanced search capabilities
AI improves search functions by understanding the context of the documents, enabling more efficient search results. This means employees can find the information they need much faster, improving productivity.
Security and compliance
Security and compliance are crucial elements in business, and AI helps companies protect sensitive information by automatically categorising and tagging documents based on their level of sensitivity.
This ensures access controls are correctly applied, protecting confidential data and helping companies comply with data protection regulations such as GDPR. AI also tracks document usage, flagging any suspicious activity to prevent breaches.
Cost effective
AI-driven document management systems save businesses time and money by automating routine tasks and reducing the risk of errors. Employees can focus on more strategic work, and reducing manual labour leads to cost savings.
Unlocking the ROI of Going Paperless with Our Live Event
Twofold works with the best suppliers to ensure it has document management solutions that combine the most up-to-date AI technology with robust security features to enhance business operations. Twofold’s solutions are designed to streamline workflows, reduce human error, and improve overall productivity, something all companies will no doubt look to in the future.
Want to optimise your document management system? Join us for our upcoming live event on the 8th of May, where industry experts will break down the ROI of going paperless and share practical insights on streamlining document workflows. Don’t miss out - Register here!
