Pop quiz: Do you know how well you’re converting your document data into insights that your business can use effectively? If your brain is returning the meme “No thoughts, head empty,” Laserfiche has the answer: using artificial intelligence (AI) with your document management system. Through the responsible use of AI, you can access data from any source, say goodbye to data entry errors, and help your business serve your clients better.
Why data is important
In a business, data helps you
- Make better decisions. Data analysis gives you the ability to understand past trends and current situations so you can make more informed decisions. That, in turn, gives your business a much better chance of realizing future outcomes everyone in your company wants.
- Measure. Data helps your business establish baselines, benchmarks, and performance goals so you can measure progress and find where you need to improve.
- Innovate. The data you collect and extrapolate helps you with your internal processes but also uncovers patterns and insights that can lead to new products and services, so you stay ahead of your competition.
There’s a better way
Today’s modern solution is intelligent data capture, also known as intelligent document processing. Intelligent data capture leverages AI to extract and categorize specific pieces of text, such as an invoice number or a customer name.
Then intelligent data capture systems store this information as metadata, which enables you to search for this data within specific categories, such as a document type or date range. This categorization makes it much easier for anyone in your business to sort, organize, and create reports around this data.
AI data extraction
AI-based data extraction allows you to use natural language instructions (yes, just like AI tools such as ChatGPT) to quickly extract data no matter the source or format.
Here are some ways to extract data from documents in different industries:
- Financial documents: Capture line-item data and multivalue fields, including amounts, dates, and vendors so you can expedite invoices and purchase orders.
- Human resources: Streamline onboarding and support employee development by extracting employee IDs, job titles, and hire dates from employment contracts and performance reviews.
- Sales and marketing: Empower your sales teams and keep your marketing materials current by capturing data that identifies customer information, lead information, campaign dates, and version numbers.
Maintaining proper oversight
There are important considerations when implementing AI responsibly with proper security and oversight. Organizations, not the tools they use, are ultimately responsible for sustaining ethical practices and preserving data integrity. Human factors, including critical thinking, are still necessary to ensure AI outputs are aligned with your business objectives.
There are four key aspects of human oversight that ensure that critical business decisions aren’t left to an algorithm:
- Ethical review: Employees trained to oversee AI decisions and outputs ensure alignment with company values and ensure user access to documents they need.
- Accuracy: By continuously monitoring AI system performance, humans can reduce errors and improve the quality of AI inputs and outputs.
- Intervention and correction: Administrators can intervene, overrule, or adjust AI decisions. They can also disable specific AI functions such as document summarization.
- Accountability: Assigning clear oversight responsibility to specific employees ensures responsibility, reliability, and timely error correction.
Eager to read more about how you can use AI in your document management system to grow your business and beat your competition? Download Leveraging AI in Document Management For Dummies, Laserfiche Special Edition, right now!
About This Article
This article can be found in the category:
