As we progress further into the 21st century, automation is becoming more common and imperative to your company’s success. As businesses navigate increasing data resources and regulations, records management has become an area of focus for presidents and CEOs aiming to stay competitive and compliant. According to Inside Small Business, Artificial Intelligence (AI) can make data handling procedures more efficient, analyze data faster, and increase your company’s protection from security breaches.
The AI advantage in records management
As one of an organization’s most laborious aspects, it’s no surprise AI tools have targeted records management. It has a history of being a meticulous procedure that requires dedicated organization, categorization, and retrieval. In short, it is time intensive.
With AI software such as deep learning implemented in your business, many tasks can be automated, reducing human error and saving employee time. By adding parameters, Generative AI can clean data for you, remove inconsistencies, and create a stronger database. It also assists in analyzing insights by creating easy-to-digest data visuals, such as pie charts and graphics.
For example: Handling vital information is critical in many sectors, one of them being healthcare, and they are using it to develop better innovations as well. For instance, deep learning is used to decrease diagnosis timelines. Johnson & Johnson, the health and family company, is developing software with AI businesses, the Mayo Clinic, and the University of California San Fransisco health system that can help detect a patient’s pulmonary hypertension risk through two cardiovascular tests: transthoracic echocardiogram (TTE) and electrocardiogram (EKG). These tests generate images and electrical activity of the heart, and with the help of AI, this technology is speculated to help detect hypertension sooner.
Enhanced data retrieval and accessibility
Data retrieval and accessibility are considered among AI’s most beneficial processes in records management. Information retrieval systems can search through a database and identify records within seconds. Sectors like legal, financial, government, healthcare, and energy and utilities are among the strictest areas in record management. These departments require accurate and precise information with little room for error. Search time is critical, and semantic search, an AI procedure that focuses on the intent rather than keywords, can provide greater accuracy and enhance procedures.
For example: Uber is the ride-share app that has revolutionized getting from A to B. Their AI algorithm predicts demand and manages clients and employees by matching riders and drivers, while reducing drive time.
Automating to improve compliance and governance
A vital concern in records management is compliance with regulatory requirements. Without meticulous compliance, your business is more likely to be at risk for fiscal liabilities. Automation has changed the game by monitoring records to comply with regulations, and flagging or correcting inconsistencies. By keeping your compliance knowledge up to date, your team can adjust tools in real-time to reduce the risk of cost penalties.
For example: The United States government uses high-aerial imagery to assess town properties. With the use of AI, this sector can collect data, alter, and track it to improve maintenance and repair work in the area.
AI-powered insights and analytics
Data and analytics give business owners the most fruitful opportunities to grow. By leveraging deep learning, companies gain incredible insights through data collection. For instance, detecting changes in organizational patterns protects companies from possible fraud or fiscal mismanagement.
Using AI-powered insights makes it simpler to follow procedures, improve your service or goods, and increase operational efficiency. These insights are a strategic asset that drives your company to growth when leveraged properly.
For example: John Deere has pioneered AI for the agricultural industry and uses computer vision and machine learning to detect weeds from crops and reduce more than two-thirds of non-residual herbicide. In this instance, AI assists the farming process by saving time, resources, and decreasing environmental impact.
Enhancing data security
Unfortunately, security breaches are on the rise, and many sectors like those listed above require data security at their peak. New-age firewall systems infused with AI safeguard records by monitoring access, detecting discrepancies, and alerting your security team, in real-time, to concerns. When looking for a third-party tool, remember that your company is only as strong as its weakest system, and data breaches are more likely without thorough research.
For example: For client protection, banks are at the forefront of AI data security development. To continually improve, Goldman Sachs is currently working on a tool that pens 40% of its code. With Generative AI paired with trained professionals overseeing this system, engineers build a stronger, safer system, while devoting more attention to other projects.
Looking ahead: The future of AI in records management
AI is an ever-evolving entity in businesses and will continue to adapt as time goes on. Predictive analysis that anticipates records management needs or systems that manage entire record lifecycles are a few AI procedures that will continue to be more sophisticated than the last version. These processes are developed by natural language processing, machine learning, and deep learning. More organizations are implementing current AI processes and are adjusting their business to better fit the needs of their customers. Utilizing AI is quickly becoming the standard practice, and more advantages will follow.