Let’s be honest – AI can seem like a bit of a mystery, and with this mystery comes myths and misconceptions. Is it actually that good? Can it handle varying document structures? Can it integrate with my existing systems? Because of this mystery, many companies have yet to take the leap and incorporate AI into their data processes.  

Today, we’re going to play MythBusters, separate fact from fiction, and show how you can use AI document processing to maximize efficiency and save costs. Let’s dive in!  

Myth#1: Traditional automation and AI automation are the same. 

With leaps of advancements in AI in recent years, especially in document-centered processes, AI has evolved to take over more responsibilities. While traditional automation saves time on manual tasks like data entry, it can be restrictive and struggle with varying layouts. For instance, every time you receive a new invoice or document, you need to configure your templates or models. 

Conversely, AI-powered automation, configured correctly, can handle various formats and types of unstructured documents that would otherwise require human oversight. Using AI, you can completely automate the data extraction tasks, leading to faster document processing.  

Myth#2: AI document processing solutions are hard to integrate. 

Most top solutions fit seamlessly into your existing workflows and help simplify tedious data extraction activities without requiring major IT overhauls.  

The Gartner report shows that only 18% of organizations harness the potential of unstructured data, which makes up 80-90% of enterprise data. Skepticism regarding compatibility and outdated IT infrastructures are among the top reasons behind the lack of adoption.  

If you’re using a legacy system that doesn’t support AI document processing solutions, then it’s a good opportunity to reevaluate and modernize your existing data infrastructure.  

Myth#3: IT teams must constantly manage and update the AI document processing solution.  

If you purchase the right solution that invests in AI R&D and continuously improves its solutions, you’ve got nothing to worry about. These solutions providers are typically cloud-based, so the service provider handles maintenance and scalability.  

Also, top companies provide excellent customer support, so you don’t have to spend additional IT resources on troubleshooting technical issues.  

Myth#4: If I implement an AI document processing solution, then I have to lay off my team. 

AI is accurate, efficient, and fast. It certainly is the best choice for document processing, but you still need humans to understand emotions and nuanced contexts for decision-making. So, think of AI as not a replacement for your employees but as simply a solution to get tasks like document processing completed efficiently. 

With an AI document processing solution in place, your employees who were busy with data entry and repetitive extraction tasks can now focus on high-value tasks and strategic decisions that will eventually benefit your organization. 

The Market.us Scoop survey reveals that intelligent document processing can result in cost reductions of as high as 70% and enhances individuals’ efficiency and job satisfaction.  

Myth#5: AI document processing is just a trend and not worth the investment in the long run. 

It’s quite the opposite. AI document processing is here to stay. According to Fortune Business Insights, the global intelligent document processing (IDP) market size is projected to grow from USD 2.30 billion in 2024 to USD 19.32 billion by 2032. The early adopters are destined to reap the most benefits as they learn the IDP nuances and optimize their processes accordingly.  

An AI document processing solution is definitely worth the investment. It ensures seamless document movement through data pipelines, eliminates human errors, improves data accuracy, and results in faster insights for data-driven decision making.  

Using third-party tools for AI document processing 

The advancements in modern third-party AI tools have transformed intelligent document processing. Companies are turning toward third-party solutions to utilize their core expertise in AI and fast-track the implementation time to streamline unstructured data extraction. 

Here are some key aspects to keep in mind to ensure you pick the right AI document processing for your organization: 

1. Ensure integration and connectivity. AI can help process large volumes of unstructured documents in minutes. But that’s only possible through seamless connectivity and integration. Carefully evaluate a solution to ensure that it offers connectivity to your CRMs, ERPs, and other data systems.
2. Support different format types and variations. Invoices, emails, and contracts are examples of some of the different types of documents you need to process. The solution must be able to handle unstructured data coming in different formats and varying layouts. 
3. Access Controls and Security. Digitally storing vast volumes of unstructured data can lead to unauthorized access. Make sure your solution has strong access controls and encryption to keep your data protected. Strong access rights management helps restrict access based on the user’s relevance and position. 

AI-powered document processing solutions are not throwaway technology. You must determine whether the chosen AI solution can adapt and scale to meet your future data management needs.  

A Final Word 

AI document processing isn’t something to be wary of. The myths suggesting that it’s too hard to integrate or update have been debunked. In reality, it provides really impressive accuracy and speed that makes your work easy and fast. It’s smart technology that doesn’t replace your team but makes them more efficient.  

Want to start your AI document processing journey now that you know the facts and reality? Astera is a leading AI solution provider that can help automate and streamline your document processing and data management tasks. Contact our experts to get started today!