AI-powered Document Management

A Document Management System is a tool for safely storing organizational content so that it can be easily managed and accessed. This helps organizations to shift away from paper-based documents. DMS is a comprehensive solution that focuses on effectively utilizing structured data such as Word documents, PDFs, Excel sheets, PowerPoints, and other files with defined formats. It empowers knowledge workers to efficiently access and leverage these documents throughout the organization, thereby increasing productivity. A document management solution equips the user with multiple capabilities, including centralized storage, document collaboration support, version control and auditability, easy search and retrieval, security and access control, and indexing and disaster recovery.

A document management system can be implemented in a banking organization that manages thousands of documents received from various channels on a daily basis. Such documents contain confidential information that must be handled carefully while maintaining compliance. They should also be readily available as and when required for operations. And after the appropriate time, as stated by compliance regulations, the documents must be disposed of as per the procedure.

An enterprise document management system is a centralized tool that allows businesses to capture and manage scanned paper documents and multi-format digital documents. It is a comprehensive system that focuses on the optimum usage of structured data such as Word files, PDF files, Excels, PowerPoints, and other documents with defined data formats. This enables knowledge workers to efficiently utilize documents across the organization, boosting productivity.

Document automation is using technology to automate the document creation, management, and distribution process. It involves using software to extract information from various source documents, such as employee records, legal documents, questionnaires, and more, and inserting that extracted information into pre-defined document templates. The generated document is then distributed and managed using workflows and document management tools. Automation is widely used in industries that frequently need to assemble complex, data-driven documents. This allows organizations to minimize manual data entry and improve efficiency, consistency, and accuracy.

Businesses can benefit from document automation in several ways. Some common examples are:

• Billing and invoice: It can simplify generating invoices, collecting payments, and managing billing information.
• HR functions: It can help to manage employee onboarding, benefits enrolment, and other administrative tasks.
• Banking and finance domain: It can ease the process of account opening, claim processing, financial reports, and statements.

Document workflow management is the process of managing and regulating the flow of document-based processes within an organization. It involves coordinating the tasks, activities, and people engaged in a series of steps, from the document creation to the document’s disposition, in a structured and efficient way. These steps include activities like maker and checker functionality for the decisions and approvals of the documents to the further stages, such as collaborating with other users by real-time comments and annotations on the document and distribution of the records within the organization or to the customer. Document workflow management aims to improve productivity, reduce errors and delays, and ensure compliance with regulatory requirements.

An example of this would be a health insurance claim by a customer. The customer will submit his relevant documents to his health insurance agent, who will then route them to the claims officer. The claims officer can verify these documents and assess the proofs. He will then send it to the surveyor, who, after approving it, will intimate the finance team for disbursal, and finally, the customer will be able to get his claim serviced.

Electronic Document Management (EDM) is the process of systematically organizing, storing, accessing, and sharing electronic files and documents within an organization. The process involves using software and applications to manage electronic documents throughout their lifecycle, including the creation, distribution, and archival stages. The tools also provide additional features, including a centralized repository, version control, access rights management, live tracking, and metadata management. EDM enables organizations to improve efficiency, reduce paper usage, and easily retrieve and enhance collaboration and security around electronic documents.

This can be compared to how one manages physical documents. They are stored in files and folders, which are labeled. EDM does the same for electronic documents. It converts physical documents to electronic documents using scanning and data extraction, assigns specific metadata (data about documents) to them, and stores them in a repository similar to the ones we use on our computers/laptops.

Both ECM and DMS software, at their core, are responsible for storing organizational content securely and safely so that it can be managed and accessed easily, helping the organization shift away from paper-based documents. However, ECM offers much more when compared to DMS software.

Document management simplifies the way organizations handle their paperwork. It helps store, organize, find, and share documents easily. This saves time and resources by reducing the need for physical files, making information more secure, and ensuring that the right people can access it quickly. It’s all about making work smoother and more efficient.