AI's role for enterprises: Reducing document processing time from hours to minutes

The adoption of advanced technologies in the B2B scenario including banking and commercial enterprises has seen a significant surge in recent times, with a particular focus on AI-based solutions. Such solutions have been instrumental in addressing various challenges in the trade, including productivity, cost reduction, compliance improvement, and turnaround time minimization, ultimately leading to increased business outcomes.

One particular area where AI has been useful is in the processing of complex documentary processes across different domains like banking, financial services, insurance, manufacturing, automotive, transportation and logistics, pharmaceuticals, healthcare and many more. These processes involve analyzing multiple documents and filling the data in a required manner to ensure compliance with stringent regulations. These documentary processes involve different types of documents (paper or digital) such Invoices, Bank Guarantees, LCs, Loans, Remittances, Collections, Finance, Accounting & Tax, Legal contracts, ESG statements, Project drawings, Employee forms, Corporate filings and reports.

Organisations typically take several hours, days or even weeks to manually process the data from the documents.

Today, AI/ML-powered Intelligent Document Processing solutions can scan structured and unstructured data; identify, extract, classify, match, and trigger exceptions from multiple documents within a few minutes. Enterprises can achieve several benefits from using AI, including reducing the average time taken to scrutinize these documents, reducing turnaround time, and allowing their staff to spend more time with customers and enhancing overall business outcomes.

The AI solutions can examine documents, compare them with previously vetted 'best-matched documents,' and identify onerous clauses, giving staff the confidence to vet documents quickly and accurately. They are also trained to read documents with poor scan quality. The trainable AI engine can ensure compliance with new regulations, permissions, and pre-vetted clauses.

Enterprises have already invested significantly in existing software and training their staff, so they cannot replace the existing system entirely. However, AI-based technology could improve efficiency without disrupting the existing workflow while retaining security and compliance requirements. The AI solutions integrate smoothly with the existing workflow platforms.

Implementing AI solutions can take up to three months and follow principles of Agile and DevOps. These implementations are carried out in line with the enterprises’ IT guidelines, security, and infrastructure policies, to ensure alignment with prescribed governance requirements. Organisations can create an intelligent document repository that helps with knowledge retention, retrieval, training and analytics.

In conclusion, AI-based solutions help scrutinize and vet complex document related processes within a few minutes while adhering to regulations. The technology helps enterprises eliminate manual, error-prone and cumbersome processes while delivering superlative customer experiences and improving business outcomes multifold.

The article has been written by Dharmarajan Sankara Subrahmanian, CEO, Impactsure