5 Ways AI is Revolutionizing Document Processing
Around two quintillion bytes of data are generated each day across all sectors. Some estimates place its value at $77 billion by 2023.
In the past few years, there has been an explosion of digital content across all industries around the globe. Not only is data generated in large quantities, but it also comes in different formats with varying quality. The data format varies due to data aggregation from multiple sources, and input channels, and due to the utilization of various data capturing techniques. Such large volumes of unstructured data require an organization to correctly manage and visualize the data to make it worthwhile.
According to a Forbes survey, more than 95% of businesses face some kind of need to manage unstructured data, with over 40% of businesses feeling they must do so frequently.
By processing and analyzing the data, organizations can get actionable insights that boost productivity and assist in improving project management. However, if an organization is processing documents manually they will end up spending a lot of time, effort, and costs in the process. Despite this, there is a high probability of errors with the manual processing of documents. Automated document processing systems have enabled organizations to overcome such roadblocks. But to keep in tandem with the varied types of document processing requirements, organizations also need their automation systems to be intelligent and efficient.
Embracing AI and Automation for Document Processing
Artificial intelligence (AI) concepts have been there for quite some time now. It enables organizations to process unstructured documents faster, combining the power of both human and machine intelligence, omitting the scope for manual errors. Leveraging the power of AI, organizations can process complex information sources (such as non-standard PDFs and similar document formats) and identify the valid contextual patterns to gain an authentic understanding of unstructured information without human intervention. This heightened level of intelligence can transform the document processing operations for organizations, giving them room to focus on other business-critical tasks.
How do AI-powered automation tools revolutionize document processing?
AI-powered automation tools are poised to close the information gap between people, documents, and machines. They empower both the stakeholders and the workers to improve efficiency at work. Here are a few ways AI-based automation tools are revolutionizing document processing:
- Faster Return on Investment: AI-powered automation tools for document processing can be configured quickly and require minimum handholding and training. These tools are codeless; therefore, does not require professionals with specialized skill-sets to work on the automation system. No-code solutions enable business users to automate document processing without writing granular script rules or complex codes. Thus, ensuring rapid document processing for a wide range of documents and faster ROI realization at a lower cost of ownership.
- Built-in File Processing Support: Supports all file operations from simple file renaming, compressing, or uncompressing to file editing, parsing, and upload or downloads.
- End-to-end Automation: Enables users to automate processes and procedures involving multiple sub-systems and potentially diverse touchpoints – Web UI, Mobile, APIs, Desktop apps, Batch processes, Databases, and Files. Thus, enterprises need not have multiple tools to process different types of documents.
- Data Validation Configuration: Allows users to set data-validation rules that can be used to filter out any data that doesn’t meet the specifications. Invalid data is written out as “failed” in data files and the reason for failure. These reports can then be reviewed by the employees, and they can make the corrections manually. Employees can also request additional information while collaborating with customers or partners and process the document in the next cycle. This process saves time, ensures data accuracy, and delivers transparency to everyone involved in a business process.
- Unattended processing of documents: Enables processing of documents in a scheduled manner without requiring any human intervention. The execution output includes screenshots, video recordings, and detailed reports for reviewing the results and analyzing any errors.
AI & Automation is the Future of Intelligent Document Processing
The volume of unstructured data is set to grow from 33 zettabytes in 2018 to 175 zettabytes or 175 billion terabytes by 2025.
Leveraging the AI-powered tools for automating the processing of documents, organizations can deal with the voluminous unstructured data and make it useful for their business by digging deep into the data and getting valuable insights. By embracing business document process automation, organizations can save time and resources, improve and secure digital sharing, enhance customer experience, and build well-thought-out strategies for business growth.
Adopt Automation for Document Processing with BeatBlip
Let us introduce you to BeatBlip, an AI-led business process automation solution that empowers organizations to bring efficiency and transparency into their business processes. BeatBlip is an award-winning solution that offers built-in constructs for looping over files and data records. It also allows conditional processing of the data. BeatBlip offers a comprehensive set of interfaces to integrate with databases, FTP servers, and files. The solution supports Excel, CSV, PDF, Text, XML, and MS Word file formats. Contact us for further details.