11 Benefits of Artificial Intelligence in Enterprise Content Management
Economic Benefits
ECM helps companies save money, preserve critical data and create value throughout the lifecycle of their digital assets. Using ECM, companies store digital assets in central storage, reducing the cost of printing, shipping, and storing documents.
– Nissan saved $500,000 annually by being able to manage all site changes internally after implementing ECM.
– Greenbank reduced the cost of processing digital assets by 50% after implementing artificial intelligence-driven ECM.
– Cato reduced paper and toner costs by at least 60% company-wide by adopting ECM.
– A Fortune 50 company’s oil and gas division saw its accounts receivable, collections improve by 65% over the previous year after implementing ECM. Management estimated that by extending the use of ECM to all agents in the division, cash collections would increase by $600,000 per day.
Reduce processing time
Companies can reduce processing time and costs by automating processes with ECM. Since document processing will be automated, employees in different departments will no longer need any other tools to share content with each other. For example, if an employee needs to email another person to continue a business process, this additional process of sending documents is eliminated. Reducing additional processes can significantly improve productivity.
– Greenbank’s invoice process workflow time was reduced by 84%.
– A global investment bank reduced processing time per contract by 60% by implementing ECM.
Improved decision making process
Machine Learning Implementation
Machine learning is used to extract valuable, actionable information from silos of content data. For example, customer profiles that are more likely to churn can be identified through the use of classification algorithms.
Natural Language Processing
Share Creators' Blueberry DAM implemented a solution in which natural language processing was used to extract information from documents that had lesson plan information associated with them. Based on the knowledge map formed by the analysis, the school re-planned and adapted the objectives and content of the teaching.
Predictive Analytics
Predictive analytics tools integrated into ECM can provide forecasts by extracting historical data from content. For example, time series analysis, tree-based machine learning algorithms, gradient boosting algorithms or neural networks can be used to provide sales or inventory forecasts.
Quality Advantages
Continuity
ECM provides a data skeleton for companies through multiple technologies: IoT sensor data, SaaS content, file platforms, cloud servers, and various data silos that exist throughout the workflow, linked through ECM, making it more efficient to manage data and content types.
ECM enables automatic document version control. By searching for documents and tagging information with dates, ECM can query the history of changes in real time and provide reports accordingly.
Responsibility
ECM enables companies to sift through data and oversee it as needed, as ECM automatically archives content as needed. ECM promotes data consistency within companies, provides efficient data retrieval and better security, and helps companies comply with government and industry regulations:
– By implementing AI-powered ECM, Greenbank has improved data accuracy, integrity, and accountability for department managers.
– A leading energy company archived more than 250 million policy summaries and 7 billion documents when it implemented ECM.
Collaboration
Business legends like Steve Jobs placed a high value on effective collaboration and to that end designed office spaces to help employees from different departments get to know each other.
Consistency in the documentation was also critical to collaboration, and ECM provided an efficient and correct database for internal collaboration by ensuring that documents in the system were updated and consistent in real time.
– Greenbank’s manual business processes and the workload of the accounting department have been significantly reduced.
– Seed, implementing ECM has made the collaboration process between the company and external customers more efficient.
Improved Customer Experience
By using AI-powered ECM, employees can retrieve information faster than traditional ECM. In particular, employees who deal with customers are often expected to retrieve information quickly and take the necessary action. By speeding up this process with AI-powered ECM, the customer experience can be dramatically improved.
Security Advantages
Advanced Security
By scanning documents, the AI-driven ECM can detect sensitive information and it can.
– Edit or block sensitive information and store the correct documents
– Store documents in a more secure environment
– Grant access only to employees working on relevant tasks
These precautions are important to avoid data breaches and protect sensitive data.
Cloud Storage
There are many risks associated with storing documents in hardware such as personal computers or hard drives, as these devices are vulnerable to cyber theft, viruses, etc. ECM can store sensitive content in the cloud and keep the files safe with disaster recovery mechanisms.
The cloud has many benefits over local systems, which is why the vast majority of organizations use cloud storage. These benefits include
– Files stored on cloud servers are encrypted.
– Files are stored in data centers with high levels of security.
– Artificial intelligence-driven cloud storage software relies on built-in algorithms to find and identify possible vulnerabilities in security measures.
– Cloud storage has a built-in firewall.
– Cloud storage stores your data in many different data centers through backup policies so that data can be accessed even when one server is down.
– Cloud Storage regularly invites third-party security firms to conduct tests to ensure they are protected from hackers, malware and viruses.
