How AI is tackling recurring challenges in document process automation11 November 2021
In the fast-paced world of document creation, analytics, and processing, AI is helping organizations dramatically reduce costs and time. AI-powered intelligent document automation, an emerging technology, is redefining the way businesses interact with information-intensive documents that typically require subject-matter expertise. Businesses across domains are taking to intelligent automation to convert unstructured data in digital documents into structured data that can be fed into downstream applications to automate business processes.
Listed below are some of the common roadblocks that challenge existing automation solutions and how AI helps overcome them:
1. Unstructured data
Research states that the total enterprise data volume will double by 2022 worldwide, reaching more than 2 petabytes. And about 80% of this data will be unstructured (emails, images, etc.). This presents a problem to RPA and OCR based solutions that operate along simple rules. While RPA and OCR has helped enterprises automate simple routine work, it has failed in automating workflows that require a certain level of understanding and decision-making. Enterprise documents are domain-specific, data-rich, and come in multiple formats, containing multiple data elements such as tables, forms, etc. To handle such fluidity associated with documents that change formats and templates, an AI-first approach is needed.
2. Multi-page, large documents
Documents such as contracts and tenders are voluminous and can run into thousands of pages making it difficult to respond to them in an accurate and time-bound manner. But with an AI-led approach, there is literally no waiting period to get started with automating such high-value processes. For instance, the Botminds intelligent automation platform allows you to search, query, review, and set up workflows for millions of enterprise documents from a single interface, from day-1. This is possible due to readily-available custom AI models that are trained using millions of documents. Not just that, a powerful AI-powered solution can bring much-needed efficiency and scalability to your document-centric business workflows.
3. Multiple documents
In addition to the bulky nature of contract and tender documents, processing them also requires having multiple other documents in one place. This may involve domain experts doing the menial job of collating documents of different formats from multiple sources. With Botminds’ AI-powered platform, you can upload, search, query, review, and set up workflows for millions of documents from one place. This enables you to seamlessly handle documents of any format in real-time and is scalable to help you meet tight guidelines.
4. Domain-rich data that demands SME expertise
While simple rules-based RPA offers speed and reduced manual intervention, it's not equipped to handle multifarious document-based processes that require domain-level expertise. This is a pertinent challenge that can drastically impact the accuracy and quality of document process automation. AI presents a way around this challenge. For instance, the Botminds platform fully comprehends your business documents and understands them with human-like intelligence, but without the subjectivity of a human's experience. In other words, Botminds translates subject-matter expertise into replicable AI models that do the job for you.
5. Complexities in review and validation
So, how do enterprises make the data they have drive real business value, and how do they do it without overburdening the employees? Integrating AI into document workflows not just solves some of the challenges mentioned above, but also improves user experiences, and business efficiency. It can help users collaborate more rapidly, and accurately compare documents when reviewing files, reducing human error and processing costs. You can simply load documents of any format and from any source so that you can train a custom AI model that automatically extracts and validates your data to present a comprehensive summary.
6. Integration with upstream and downstream systems
While inter-operability of extracted data and integrating it with disparate systems are constant challenges in existing automation solutions. Powered by AI, the Botminds platform ensures the inter-operability of extracted data and includes the capability to enrich the external database with documents, and makes integration with upstream and downstream systems seamless.
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