- 21 | 10 | 2024
By Jeremy Edwards, Commercial Director
We all know we should stay informed about Artificial Intelligence (AI). Think of it like driving a car – most of us don’t need to know the inner workings of the engine, but we do need to understand how to drive safely and efficiently. Similarly, in the world of Information Management, knowing how AI can impact your business is crucial for staying on course.
Here are the five key things you need to know about AI and what it can do for your organisation or your clients:
1. Making Sense of Unstructured Data
According to Gartner, 80% of organisations struggle with unstructured data, which provides little to no value while taking up valuable space – whether on physical shelves or in digital storage. AI offers a solution by analysing data within documents, recognising patterns, and converting it into structured data. It’s like navigating through a dense forest with a detailed map – AI not only helps you find your destination but also shows you the most efficient route, revealing useful shortcuts and connections.
2. Enhanced Security
In an age where data breaches are increasingly common, AI’s ability to safeguard information is a major benefit. AI tools don’t just store data; they can identify sensitive information, apply encryption, and demand security clearance for access. It learns from past security threats and strengthens systems to mitigate future risks. Imagine your document management system as a vault – AI acts like an ever-evolving guard that’s continually learning how to defend against the latest threats.
3. Document Clustering Done Right
Document clustering – sorting and grouping similar documents – is nothing new, especially in industries like legal or financial services, where it’s been around as long as the paper itself. However, AI does it far more efficiently. It can sift through vast quantities of information, uncovering relationships and pathways that would take humans years to process. It’s like having a digital detective that never sleeps, continuously finding relevant connections that aid decision-making.
4. Effortless Updates
One of AI’s most practical features in Information Management Systems is the “tell me once” capability. AI allows you to update a single entry, then automatically update every related document across your entire system. It’s akin to updating your smartphone contacts – change one detail, and it updates across every app or system that needs it. This not only reduces human error but also streamlines operations, helping businesses stay agile and informed.
5. Improved Decision Making
AI isn’t here to replace human decision-makers; it’s here to empower them. By analysing large sets of data, AI helps to distil information down to what’s most useful, relevant, and accurate. Take audits as an example: traditionally, auditors can only examine around 50 variables. With AI, they can review thousands, flagging important data and trends. The result? Audits become more comprehensive, more insightful, and ultimately, more informed.
Conclusion: AI – A Powerful Tool, Not a Cure-All
AI isn’t a magic wand that will solve every problem instantly. Like any tool, it requires thoughtful application and careful development. But when used effectively, it can revolutionise the way we manage information, protect data, and make decisions. The real value lies in understanding what AI means for your specific organisation and using it to enhance both your internal processes and your client offerings.
