Maintaining low operational costs amid a sea of legal documents is an ongoing challenge for today’s businesses. Manual processes are often costly, inefficient, and fraught with inaccuracies.
Given this prevailing trend, growing numbers of companies are exploring the viability of artificial intelligence (AI) as a potential solution for streamlining their document management systems.
The use of AI is not a new trend. Rather it’s already exerting a quiet presence in our lives. Whether it be personalized playlists on Spotify, book recommendations on Amazon, or the curation of Netflix movie options, AI is fueling an impressive set of advancements.
Now, AI’s algorithmic approach is seen as a revolutionary approach to document management, providing new ways for storing, archiving, processing, and extracting information. Unlike traditional data processing systems tied to a consistent set of logic, AI systems become more intelligent as data volumes increase.
OCR (optical character recognition) is a key element in AI’s promise. Allowing for text recognition, it is able to “read” document information, correctly classify it, and automate workflows based on that classification. This signals a new normal for managing large numbers of scanned documents with human-level accuracy. This information can be efficiently read, contextually understood, and extracted.
By way of example, an AI-powered document management system could sort through invoices and other key information. Organizations will also be able to access data tied to how documents relate to one another (i.e. shipping order and invoice), providing deep levels of analysis that have since been impossible.
Securing The Future
Data security is a top-of-mind concern for today’s business leaders. AI-driven document management systems can boost security and protect customer data by offering permissioned access protocols that help mitigate the unauthorized viewing or alteration of documents. It can protect documents by safeguarding the files in conjunction with whitelists, blacklists, and firewalls.
AI technologies allow for post-scanning character recognition, virtually mitigating the need for human intervention. All this can occur in fractions of a second, resulting in significant cost savings and enhanced efficiency for an organization.
AI thought leader and expert Mariya Yao, in her book Applied Artificial Intelligence: A Handbook For Business Leaders noted:
“While brilliant minds worry about achieving marginal improvements in competitive benchmarks, the nitty-gritty issues of productizing and operationalizing AI for real-world use cases are often ignored. Who cares if you can solve a problem with 99 percent accuracy if no one needs that problem solved? What’s the utility of a tool whose purpose is so arcane that no one is sure what problem it was trying to solve in the first place?”
Equa is committed to these sorts of real-world applications for the business world — With the advent of AI, the future of document management systems hold immense promise, with early adopters first in line to reap the rewards.
Concludes Equa founder and CEO Shawn Owen:
“AI is how we get to frictionless agreements. By knowing the information of all parties involved, AI can instantly answer all of the needed information in any given situation to form agreements that are near ready to sign at any time.”
To learn more about Equa and sign up for a free trial, please visit us at www.equa.global