The Emergence of AI in Business Applications and Intelligent Document Processing
AI is obviously a hot topic in 2023, especially when it comes to the idea of improving productivity by reducing manual tasks (also known in the tech industry as “toil”). For organizations with document management needs, AI brings great potential with intelligent document processing (IDP).
Intelligent Document Processing (IDP) is a technology that automates the extraction of data from unstructured documents. This could be shorter documents like invoices and receipts, but can also be leveraged for more complex documents like contracts or other legal documents.
Natural Language Processing
This is achieved with Natural Language Processing (NLP). NLP is a branch of Artificial Intelligence (AI) that enables computers to understand, interpret, and generate human language. This is a long way from true intelligence, but it’s still incredibly powerful for analyzing the text in documents and extracting relevant data.
The major benefit is reducing the need for human intervention. It doesn’t eliminate, necessarily, however; a good IDP solution accepts that a person will need to review some results, and provides a mechanism for determining when it’s essential for a knowledge worker to intervene to handle edge cases and other anomalies. But this process of allowing for manual review in a small percentage of situations opens up a larger majority of cases that will not need any human involvement at all. Reducing that involvement not only reduces time and cost, but also reduces human error.
FormKiQ's Upcoming Intelligent Document Processing Module
At FormKiQ, we are currently working on our first generation of IDP. This involves two main areas:
-
Classifying documents by type, based on both structure and content
-
Creating tags based on specific entity types, such as named entities and numeric amounts
Both of these features will be included in our Intelligent Document Processing Module, an add-on for FormKiQ Enterprise. As with other modules, it will deploy into your AWS cloud and will make use of its managed services, in this case relying on
Amazon Comprehend.
This functionality will enable faster and more accurate classification and organization of documents, including the ability to create more metadata based on document content to aid in retrieving specific documents or even extracting business intelligence from a large collection of documents.
Eventually, this work in IDP, NLP, and other AI will be included in areas such as document generation, workflows, and integration with other systems, allowing a more streamlined operation within an enterprise content management system. This will enable an AI-enhanced control center for documents and any other organization and customer content, secured and protected both by best practices in security and compliance, and data governance, as well as by FormKiQ being deployed into your organization’s AWS cloud infrastructure, segregated from outside systems. This separation can be extended to the training models used for AI, ensuring that private IP or PII is not leaked for use by outside parties for AI or any other undesired purpose.
Conclusion
While AI, whether as part of intelligent document processing or otherwise, will not replace the need for knowledge workers, we do expect it to add major improvements to document management and for that to happen this year.
And at FormKiQ, we’re using our Intelligent Document Processing Module to focus on making sure that we leverage AI in ways that make sense for our customers and their business.
For more information on our upcoming Intelligent Document Processing module for FormKiQ Enterprise, please
contact us or schedule a consultation call.
FormKiQ vs. Off-the-Shelf Software and Less Flexible SaaS When is FormKiQ a better choice than Off-the-Shelf Software and Less Flexible SaaS?
FormKiQ vs. Building It Yourself How does FormKiQ save time over custom in-house solutions?
Use Cases FormKiQ works for small and large workflows, across all verticals and industries.
FormKiQ For Teams Find out how FormKiQ can work for your team
FormKiQ For Industries Discover the advantages FormKiQ can bring to your industry
Blockchain and Decentralized Storage Leverage web3 technologies including proof of work and distributed systems for document control and data privacy
Content and Digital Asset Management Integrate with your preferred web content management system while leveraging FormKiQ for managing your digital assets
Document Management Module Integrate all of the required functionality of a document management system into an existing software solution
Integration with QMS or LIMS Add missing functionality for your Quality Management or Laboratory Information Management by integrating with FormKiQ
Job Application Form Receive applications, including cover letter and resume attachments, and import into an existing HR Management System
Legal Discovery Tool Find information quickly by combining full-text search with AI-powered document classification
The Paperless Office: Digital Document Processing Collect, process, and store paper and digital documents, allowing for archival, integration, and future recall
Product Leasing System Process client lease applications, including a credit check and approval workflow
Company-Wide Break down the silos in your organization with a centralized control center for documents, ready for integration with any and all systems
Engineering and Product Reduce development time and agony with battle-tested components for your applications
Finance and Accounting Process paper and electronic invoices and receipts, ready for integration with your important systems
HR and Recruiting Build and support your people across the organization by integrating with your essential tools
IT and InfoSec Provision a secure document store with the encryption and controls needed for compliance and protection
Legal Manage and safeguard contracts and other essential documents across systems
Marketing Add better discovery and reliability to digital assets and other essential content, while enabling integration with a web content management system
Sales Keep track of sales assets and contracts inside and outside of your CRM and other tools
Accounting, Financial Services, and FinTech Standardize financial documents, metadata, and workflows across systems, teams, auditors, and clients
Education, Training, and EdTech Integrate Learning Management Systems with other essential applications and tools
Healthcare, Life Sciences, and MedTech Combine secure and compliant records management with laboratory information management systems
Law Practices and Legal Services Ensure efficient legal discovery and case management
Logistics and Transportation Provide a robust and customized solution for fleet management or other logistics needs
Manufacturing, Production, and Utilities Control and distribute essential documents and standard operating procedures within and between facilities, partners, and clients
Online Entertainment, Gaming, and Gambling Provide the required compliance documents to partners, customers, and government agencies
Professional and Technical Services Ensure that clients, inspectors, and subcontractors are aligned with consistent document control
Tech Startups Build robust document management functionality into your disruptive product
