Document AI and Why You Need It

Hilee Avrahami at KMS Lighthouse provides insights on why you need document AI.

Statistics tell us artificial intelligence improves the employee self-help experience. It’s why the number of enterprises implementing AI has grown nearly 300 percent since 2015.

We know that giving employees and customers 24/7 access to fast and accurate answers is critical to business success. Document AI speeds the process and promises to help organizations reduce operating costs, increase scalability, and enhance employee and customer experiences. Here’s how.

Overcoming Knowledge Management Obstacles With Document AI

The fusing of unstructured data processing and automation is a complex one, with several circumstances affecting the rapid delivery of information that’s both accurate and useful.

• The sheer volume of information, which increases every day.
• Documents that change over time and contain diverse data fields.
• Verification processes to validate information.
• Extracting data from documents that don’t have a specific format.

Document AI extracts information contained in digital and printed documents using machine learning and natural language processing. It helps enterprises reduce manual tasks and eliminates guesswork so employees can focus on more important work.

Why You Need Document AI

It’s simple: using intelligent techniques for knowledge management (KM) lowers labor costs, reduces information bottlenecks, and helps people make better, faster decisions.

Nearly 50 percent of employees of SMBs continue to waste time on inefficient, paper-based work on a daily basis. Document AI was developed to improve these unproductive processes. Using it to make knowledge management more intelligent is beneficial for all sizes and types of business.

• Automating manual processes like categorizing and tagging entries helps speed up future tasks.
• As AI can spot patterns in large data sets much more quickly than humans can, business intelligence is accelerated.
• Instead of combing through dissimilar documents to find and organize information, AI and machine learning can scour diverse data sources, learn relevant words, sentiments, and semantics, and connect that to people’s future behaviors.
• Data quality is improved through reduced data redundancy, input errors, and misplaced files and documents.

AI in knowledge management can improve efficiency in radical ways, bringing order to chaos, delivering useful insights, and improving the employee and customer experiences.

Improve Employee Experience With Smart Documentation

Using natural language processing for document review and analysis helps an organization unlock its data’s power in ways that enable employees to reach new heights of success.

Document AI provides instant access to the exact information employees need and improves the overall employee experience by:

• Focusing on how to help employees find what they need.
• Eliminating time wasted on doing manual research, which research shows can be up to 75 percent of the time an employee spends on a customer interaction.

The results are increased employee satisfaction and overall performance, which means more revenue for a business.

Improve Customer Experience With Document AI

Over 60% of consumers and 80% of business buyers say they expect real-time responses to their queries.

With no human reviews, Document AI provides solutions up to two-and-a-half times faster than usual. An AI-driven knowledge management system benefits customer service in three significant ways:

1. It saves time by providing customers with online documentation that helps solve their problems. They don’t need to wait on hold or get bounced from agent to agent. From the agent’s advantage point, it reduces the number of support requests and their daily workload.
2. It promotes self-service and allows each customer to learn in their preferred way, be it manuals, blogs, FAQs, videos, and more.
3. It details and organizes documentation by identifying out-of-date knowledge base articles and updating them with new information. And when the knowledge database is organized, customers can more easily search for the information they need.

Make the Right Choice

Picture this: A support team member knows the information they want exists; they just can’t find it. To get a customer the answer they need, the agent spends a lot of time looking for that one nugget of wisdom.

That’s the reality for many enterprises that lack an efficient, agile document management system. If you’re one of them, you now have two options:

1. Carry on as usual, looking for needles in haystacks every time a piece of information is needed.
2. Implement an AI-driven knowledge management system and adopt Document AI to help sort and access data quickly from anywhere, any time, on any device.

It seems pretty obvious the most desirable choice is #2. Document AI streamlines every step of the workflow, making it faster and better—for everyone.

The possibilities offered by Document AI are numerous, with entire processes automated and extracted data integrated seamlessly with internal systems. It can help enterprises advance their digital transformation efforts and drive cross-functional efficiencies.

Worldwide spending on AI is expected to reach $110 billion by 2024. That should come as no surprise, as the past year has reinforced the fact that business circumstances can turn on a dime.

Companies must be increasingly agile to overcome the inevitable challenges that lie ahead. The Document AI future has arrived. Is your enterprise ready?