Every business needs to manage tens of thousands of documents, including financial reports, employee agreements, business plans, non-disclosure agreements, operation agreements, and many more.
Without organized document management, finding specific files or papers when necessary can be challenging. This is where document analysis comes into the picture.
Here are some reasons that show why you need document analysis software for your business.
Easy Categorization of Documents
To store documents in an organized manner, you need first to categorize them. A business document may have hundreds of pages, and to assign it the correct category for storage, you need to read it and understand the contents. If you do it manually, you might need hours to read and assign the right category to each document.
However, document analysis software simplifies the categorization of documents. You just upload all your important documents, and the software intelligently reads them, classifies them, and then categorizes the document. The whole process is completed in a few seconds.
The software can process tens of thousands of documents simultaneously, saving you time and money.
Easy Search and Share
The primary purpose of storing business documents is maintaining records and compliance. Many times, you may need old documents for references. The automated software helps in the easy search and sharing of documents.
For example, you can search for a document by name, date, name of the owner or, category. In addition, you can get access to hard-to-find information from document archives in a few mouse clicks.
The software will find the information for you within seconds, and you can share it with your team quickly.
Review and Validate Documents
Many times you need to review business documents in detail to validate the information. The document analysis program allows you to review the document through the program interface and validate it based on your business rules and attributes.
The document review can help you break information silos in your organization, and you can help everyone understand the whole picture.
Iterate and Integrate
It is common for businesses to deploy different business systems for various processes. The document analysis software allows you to save and repeat tasks that help save time. The software also supports integration with other business tools giving you more flexibility in managing documents.
For example, its integration with the ERP system will ensure you can access any document from another business system through the program interface.
Using document analysis systems also eliminates the need to use a separate system for every department. In addition, the support for integrating these solutions with other business systems allows centralized and secure data storage, which simplifies workflow and improves operations.
Minimize Risks and Hit Targets
Business data is a gold mine of information. Every business has specific targets to achieve. Data analytics can give you clear insights into business operations and help you know which strategies work and which don’t.
The document analysis program can identify and extract crucial information from contracts that help teams in different ways.
- They can identify new business opportunities across their entire contract portfolio, like opportunities for cross-selling or up-selling.
- You can make the right pricing decisions, like when to raise the price and when not to consider the business opportunities in the pipeline.
- The AI algorithm can present you with a single source of truth and deliver meaningful and complex information in a structured manner that is easy to understand and can be used to make informed business decisions.
Leverage Data Relationships
A document analysis application acts as a platform for qualitative research. Using the content analysis engine, businesses can determine concepts, themes, and words within the text (qualitative data).
The software can help organizations uncover hidden associations in data that can be a catalyst for business insights. Exposing data relationships could help businesses create new opportunities and advance their business goals.