Achieving Paperless Operations and Document Automation with AI and ML
Achieving Paperless Operations and Document Automation with AI and ML
Paper is an essential commodity for office operations. Most conventional offices rely on paper for completing the simplest tasks. Even after digitization, the dream of a completely paperless office is far from reality. Humans are used to a standard form of note-taking and documentation. Here is how to achieve paperless operations and document automation with AI and ML.
Progressive technologies like artificial intelligence and machine learning help enterprises achieve their goal of paperless offices. Using these technologies, the issues associated with managing large volumes of data documented on paper can be efficiently solved.
Concept of Paperless Enterprises
Paperless enterprises run on digital devices with minimum paper consumption. In a digitally connected world, this gives businesses an unprecedented edge. All data is stored digitally, on the cloud or on-premise, which can be used in real-time to derive valuable insights about operational efficiency, marketing campaigns, employee engagement and a lot more.
Machine Learning (ML) is making it possible to achieve next-gen digital transformation by automating several business operations, that requires filling up loads of paper documents. Already, businesses are making an effort to integrate machine learning and artificial intelligence to go digital and achieve higher efficiency.
Growing Penetration of Machine Learning in Modern Enterprises
Growing Penetration of Machine Learning in Modern Enterprises
Source: https://www.fingent.com/blog/machine-learning-to-accelerate-paperless-offices
Benefits of Paperless Operations
Automation can offer several benefits to modern enterprises. Not only the tedious task of filing and storing a large number of documents can be minimized, but organizations can improve their data discovery and utilization capabilities. Here are some of the benefits of adopting paperless processes:
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Efficient Document Organization
Digitization through artificial intelligence and machine learning allows companies to organize all information in easily accessible formats. This saves time as employees don’t have to waste hours searching for a document. Also, this promotes remote working culture and bring next-level authentication as the origin of digital information can be identified.
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Enhanced Security
One of the biggest drawbacks of paper-based data storage is associated with the security and safety of data. Conventionally, office cultures were not serious about data protection and stored critical information either in filing cabinets or any similar method.
All these methods are prone to data theft or damage due to unavoidable circumstances. Paperless office enhances the security measures as companies can take a backup of data, secure data through passwords and take steps to enforce security measures.
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Reduced Overheads
Storing data using paper-based techniques is a cumbersome and costly affair. Companies can save millions of dollars annually by eliminating the need for paper, copier equipment, and maintenance. Also, companies don’t have to waste valuable real estate for storage of files and other documents.
Paperless digitization promotes easy accessibility from anywhere, which means less money is spent on the physical transmission of data using conventional methods.
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Real-time Insights
Digitally stored data serves as a massive data pool to derive real-time insights from available data. This means that the information available to an enterprise can be put to better use for boosting efficiency. Marketing managers can utilize real-time data gathered from various campaigns; production teams can understand customer preferences.
Machine learning and artificial intelligence can enhance data analysis capabilities and make organizational processes closer to the customer’s needs and preferences.
Industry Use Cases: Who will Benefit the Most?
1. Legal firms
AI/ML-based paperless workflows will significantly improve the productivity of law firms. Traditionally, the legal profession is seen as a labor-intensive task- browsing through thousands of legal case files, reviewing past case studies, examining legal contracts and more.
AI can reduce manual intervention for data analysis and processing, leaving more time with advocates, lawyers and legal firms to advise their clients and appeal in courts. Artificial intelligence (AI) can be leveraged to keep a record of legal contracts and provide real-time alerts on renewals, proofreading legal documents and locate valuable information in seconds. For the legal system, artificial intelligence is the key to paper-free litigation and trials in the future.
2. Automobile industries
The automobile industry is one of the biggest beneficiaries of the AI/ML innovation. Machine learning has allowed automobile factories to create autonomous systems for managing large volumes of data generated during the manufacturing process.
Moreover, AI is reducing the effort required for filing claims in case of shop-floor accidents as data is digitized and form filing can be automated. Also, ML algorithms allow customers to get real-time diagnostic support without needing to file paper-based forms as a vehicle can be directly connected to the manufacturer via cloud infrastructure. This means that repairs, service and general performance issues can be reported in real-time without the need for paper.
3. Insurance
The insurance sector can use machine learning to automate claims will prove delightful for customer service processes. Machine learning and artificial intelligence can be leveraged to create sophisticated rating systems for evaluating risks and predicting an efficient pricing structure for each policy. All this can be automated, which reduces the need for manual intervention from human agents for classifying risks.
Also, artificial intelligence can streamline workflow by managing a large volume of claims data, policy benefits, medical/personal records, digitally. The data stored on the cloud can be used by an AI algorithm to derive real-time insights about policyholders and bring efficiency to the fraud detection process.
Wrapping Up
Artificial intelligence has the potential to revolutionize workspaces like never before. With the help of an AI development company, small, medium and large-scale enterprises can make a substantial move towards a paperless future. Not only will it reduce the cost of operations but it will boost the overall efficiency of the existing business processes. The industry use cases suggested above is just the tip of a massive iceberg.
The possibilities are limitless. An AI-driven product development company can understand your existing business processes and suggest custom solutions that can be a suitable fit for your business operations.
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