Top 5 Ways In Which Artificial Intelligence (AI) Is Transforming Document Management Systems (DMS)
Every business needs a Document Management System (DMS) to store and manage all its documents with the help of a software. An effective DMS is essential to ensure that all employees are working with the most current and relevant data available. It can also prevent the valuable time of your employees, which was otherwise spent in recovering documents that have been poorly filed or haphazardly archived. But the way in which documents are captured and managed has evolved with the technology. In the recent past, AI has revolutionized the way in which a business store, archive, process, and extract information. Let’s take a look at the major five ways in which AI is transforming the DMS.
1. Automatic Classification & Processing: AI has taken the OCR (optical character recognition) technology a step further by enabling the DMS to “read” the information on the document, classify it correctly and automate workflows based on that classification. Machine learning is being used to improve the identification and processing capabilities of such a system. This system can automatically identify and process information from repeated exposure to documents, as well as from the actions taken by your employees upon those documents. For example, an AI-powered DMS can identify invoices on its own by recognizing elements such as invoice numbers or line items.
2. Data Extraction: An AI-powered DMS can take data extraction to a whole new level by being able to accurately read the information and understand its context. All the data is analyzed and crawled through to retrieve relevant information from a DMS in a specific pattern. As a business is continually inundated with more and more data, it becomes significant to extract the relevant data in order to accomplish a certain task. With the help of blending your DMS with Machine learning consulting, you can develop a system through which your employees can easily extract the information they actually want. This also helps in saving a lot of time which was otherwise spent on extracting the information which is needed.
3. Document Clustering: In document clustering, all the documents are grouped by topics without prior classification. This process is made easy with the help of AI technology. An AI-powered DMS facilitate effective assigning of documents to different topics or topic hierarchies when these topics or hierarchies are not known in advance. This helps you to understand how documents are related to one another within a wider context. It lets you make inferences and find out similarities that would not have been possible earlier.
4. Advanced Security: With the help of an AI-powered DMS you can easily enhance security and protect your customers’ data. It is because this kind of DMS can detect sensitive and personal identifying information (PII). You can also flag documents which require special handling. Furthermore, with the help of automatic classification and processing, there are no documents left in unsecured locations while waiting to be actioned. You can also prevent unauthorized viewing or alteration of documents by securing user access with secure biometric techniques, like facial recognition so that only the employees who have an authorized access to the system can use it.
5. Data Analytics: The most interesting prospect of AI in DMS is the potential for analytics and the value this can bring to your business. You can improve your decision making and optimize all your business processes by using data collection and applying techniques such as machine learning, predictive analytics, and data visualization. For instance, some of the Cognitive platforms as a service (PaaS), such as OpenText Magellan, IBM Watson, and Microsoft Azure Cognitive Services use this technique for data analytics. An AI-powered DMS have multi-layered file permissions, which makes data secured from loss, damage, and alteration.
With the advent of AI technology, document management systems are growing by leaps and bounds. AI-powered DMS systems are transforming the way in which a business operates. In future, AI is expected to give rise to many new possibilities such as talking documents which will take DMS to a new level altogether. Get in touch with a reputed AI development companies in order to harness the benefits of AI technology in order to develop an influential DMS for increasing your workforce’s productivity and efficiency.