Today’s businesses are evolving at the speed of innovation, with AI shifting the paradigm on the methods a company can use to improve on operational efficiency while reducing costs. One of the most impactful system upgrades a company can use to scale is finding the right way to automate and replace manual data entry.
Introduction to AI Document Processing
AI document processing is an innovation that positively impacts every corner of industry. It is widely used to replace tedious manual data entry, making it possible to bring data directly into the editable, digital domain. But AI Document Processing provides for so much more.
Terzo recognizes the challenges companies face when managing contracts between multiple vendors. We’ve made it our passion to apply the most current AI-based technology to bring your contracts to life with valuable insights, analytics, and alerts.
We’ll discuss how powerful AI document processing has become, taking an up-close look at the latest advances, and how Terzo is revolutionizing the way companies interact with their documents.
What Is AI Document Processing?
AI document processing automates the process of extracting, analyzing, and organizing data from source documents. The data in its original form can be structured or unstructured. This means AI document processing can help bring that data into programs where that data can then be edited and reorganized as needed.
AI document processing recognizes source material, but beyond extracting and translating it accurately, it leverages AI, machine learning (ML), natural language processing (NLP), and workflow automation to bring powerful new capabilities. More than text extraction and automation based on a defined set of rules, AI document processing can optimize and organize data to make it easy to locate, group, and analyze.
AI, ML, and Automation Unleashed
The power of AI-driven automation is the ability to recognize the value and meaning of documents extracted. The following are specific qualities that come from platforms using AI document processing technology.
Data Extraction
Extract data accurately from invoices, forms, contracts, and any source documents.
Intelligent Data Recognition
Once extracted, AI uses natural language processing (NLP) to take data extraction beyond regular optical character recognition (OCR) to intelligently identify the points behind the data.
Data Classification
AI document processing makes it possible to categorize and classify document types and specific details buried within complex or lengthy documents.
Data Automation
Use AI document processing to automate contract renewals based on a set of criteria, notifications, and alerts, along with grouping your documents according to different sorting options.
Data Organization
When documents are digitized using advanced AI document processing, a powerful transformation takes place. Beyond OCR and accurate extraction, data can be interpreted and properly categorized to meet your needs using AI, ML, and NLP. You can group contracts together based on dates, vendors, product categories, and any way that serves you best, with the ability to intelligently search for any detail.
Examples of AI Document Processing in Use
AI document processing can conceivably be used for virtually any document. Whether they are unique contracts or forms broadly used by people from different industries, AI document processing provides the benefits of AI for so many types of documents. Below are just a handful of examples.
Invoices
AI document processing can help you extract invoice numbers, streamline accounts payable, run totals, and many other details.
Application Forms
AI document processing can automate form processing like onboarding customers, loan applications, and similar documents, dramatically reducing manual labor and human hours.
Contracts
Contracts may be lengthy and complex, or an organization may have certain terms and clauses that are universally a part of their written agreements. AI document processing helps with both scenarios where terms and conditions, obligations, and legal details are all instantly searchable.
Medical Records
AI document processing is transforming the bottlenecks in healthcare administration, where processing data from lab reports, patient data, and insurance claims has suffered backlogs due to overwhelmed administrators. Now, more of that time can be reclaimed without diminished accuracy, freeing personnel to place more focus on the patient.
The Benefits of AI Document Processing
Companies need automation built around AI to assist in making the best use of their data, not just extracting that data. The following are a few primary examples of how AI document processing helps fulfill that need.
Improved Efficiency
The ability to automate data extraction using optical character recognition (OCR) reduces the human workload, while AI document analysis reduces the time spent placing those extractions into their proper context.
Greater Accuracy
AI document processing helps reduce human error while also providing workers more time to double-check digital extractions for errors. ML improves data logic over time, so accurate data continues to get even better.
More Meaningful Insights
AI document processing can validate and verify the accuracy of information and flag data for human review, providing a level of quality control that goes far beyond basic extraction.
Better Streamlined Workflow
AI document processing is able to help optimize processing by removing the bottleneck of time, so human resources can be applied to the most important tasks.
Enhanced Compliance and Security through Auditing
General Data Protection Regulation (GDPR) is a strict international law for privacy and security, providing a good basis for the level of detail AI document processing should derive from extracted data. This means intelligently following specific predefined safety and security rules, formats, and standards.
AI document processing can maintain a perfect audit trail for compliance and accountability throughout an organization.
Terzo’s AI-Based Contract Intelligence
Terzo’s AI-powered platform is designed for three important benefits:
Time efficiency
Cost savings
Risk mitigation
You make better choices for your business when they’re backed by better data. Terzo’s AI-based contract intelligence allows for faster contract reviews with a single, centralized platform.
Keep a close eye on your budgets, inventory, and compliance. Our AI-powered analytics help you retrieve valuable metrics to help you optimize costs, reduce risks, and make better-informed decisions company-wide.
When you’re applying Terzo’s AI document processing to supplier relationship management (SRM), our platform provides you with a real-time view of all of your contracts in configurable groupings. Use your data to negotiate your contracts with vendors by leveraging real-time data that shows room for better performance or prices.
Our platform allows you to search across all of your contracts for specific clauses and other highly-specific data with a responsive search that includes metadata, but also AI natural language queries that understand the context of your searches.
The core of our platform is to allow any detail and customization an organization needs without requiring any coding skills. Develop rules, track KPIs, maximize visibility, and enhance data awareness with alerts.
Terzo: The Ideal Solution
Terzo’s powerful contract intelligence combines front-end analytics with AI-based search capabilities so you can maximize the value of your workforce while reducing costs.
Data that is extracted can be easily configured for automated contract renewals, quality assurance, and compliance terms.
Better data means fewer missed opportunities. You’ll be able to utilize our platform’s intelligence to find any key contract details you need, and use that to stay on top of terms and agreements. You design the workflow that serves you best, with stakeholder mapping, notes, alerts, comprehensive SRM, and deep analytics.
Because the platform is able to integrate with other widely-used platforms, its AI-driven intelligence further reduces manual data entry when trying to coordinate with other systems.
How Can Different Industries Benefit from AI Document Processing?
AI document processing is critical to eliminating time-wasting manual data entry across every business sector. Below we provide a handful of industry-specific AI document processing use cases to demonstrate the technology’s power.
Healthcare
AI document processing is giving medical record-keeping an upgrade for processing insurance claims, managing patient records, billing, and other departmental administrative tasks. With AI-backed insights, AI document processing can improve on sharing data securely without taxing personnel, making patient-based data easier to search, and extracting alerts from documents, such as sending an alert when a vendor contract is about to expire.
Transportation and Logistics
Transportation and logistics depend on timing and accurate data. Coordination between shipping and product management requires an operation to keep tabs on inventory, tracking shipping routes and deliveries. Proper documentation of contract terms and compliance connects stakeholders to costs and quality standards, and AI document processing is the glue binding all of this data together.
Real Estate
Much like the numerous elements bound together through the agreements we see in transportation and logistics, so it is for real estate, with appraisals, loan approvals, purchase agreements, and even regulatory compliance.
Timing impacts every stage of a real estate deal, and manual data entry, scanning, document checks, faxes, and all phases of traditional contract work leave room for missed opportunities and human error.
Implementing AI Document Processing Solutions in Your Business
Your company can grow when you uncover where you can save time, increase productivity, and reduce costs. AI document processing helps in all three areas. To start implementing the right AI document processing for your business, begin with the following:
Assess what resources you currently designate to data entry and administering forms and contracts.
Consider what documents need processing, the volume of that data, and how automation could save you time and resources.
Evaluate how a unified platform can integrate with your current systems.
Measure the cost of using an AI-based platform with data insights, automation, and automated functionality and compare this to the resources saved.
When you measure the ROI of automatic extraction, data entry, and contract intelligence with metrics and insights, the choice to make use of AI document processing is clear.
Future Trends and Developments in AI Document Processing
OCR has come a long way since the introduction of AI and ML. When groundbreaking advancements like this take place, it tends to have a compounding effect. Greater detail, accuracy, and efficiency lead to even further improvements and optimizations. These future trends and developments take on an exponential nature.
As ML evolves, machines will better interpret human languages as models become more contextually intelligent. This can lead to stronger skills with legal terms and medical applications. Powerful algorithms matched to faster computer processors will scale neural network techniques in data processing, data extraction, and data classification.
With new technology will come a heavier reliance on AI-built automation tasks, freeing the workforce to develop new avenues for scaling business.
Along with an increase in AI document processing capabilities will come the accompanying safety and privacy challenges, making it essential for operations to be aware of how their software works and how these fast-paced changes manage security and regulatory requirements. As humans are needed less, the ability to keep up with accuracy and safety increases.
The future of AI document processing is sure to bring us one revolutionary innovation after the next, meaning companies that scale will learn the importance of technology-proficient employees and the ability to quickly adapt to use platforms that provide a competitive edge.
Try Terzo: The Future of Intelligent Contract Management
The future belongs to companies that learn to embrace applications that can help them manage large datasets without sacrificing accuracy. Every aspect of industry hinges on the agreements shared by stakeholders. It’s vital that all parties understand expectations and compliance.
Terzo provides robust features and the latest technology dealing with intelligent contract management, so you gain insights while reducing costs. Renewing important contracts and negotiating terms doesn’t have to drain your resources: neither does entering those terms into your systems.
Explore the many ways AI document processing can help you uncover the hidden efficiencies in your company’s inner workings, and schedule a demo today.
