How companies manage and maintain their documents may be the next business function facing technological disruption. While document and record management remains a vital process, companies find it to be an increasingly complex and labor-intensive practice. This is precisely why data scientists and software developers are now looking for ways that Artificial Intelligence (AI) systems and Machine Learning (ML) algorithms could help.
Since the rise of the first document management systems, companies could streamline their workflows and ensure the accurate execution of their processes. However, it still required humans to enter all the related data, initiate the workflows, and compare versions of documents manually. In an IDC whitepaper from 2012, professionals still reported that they spent, on average 4.5 hours per week searching for documents. Often, if they cannot find what they are looking for, they will recreate a document or file leading to higher productivity losses.