Breaking the Mold in Information Management with AI and Machine Learning

When you think about AI, your mind may go straight to self-driving cars, robotics, or the recent development of generative AI, such as ChatGPT. It’s no secret that AI is permeating various aspects of our world by elevating business solutions, creating new opportunities, and improving efficiency across the board. However, something that isn’t discussed enough is AI’s ability to disrupt industries that were previously thought to be static or commoditized.

The records & information management (RIM) industry, for example, has traditionally relied upon in-house physical records management to store highly sensitive information. This practice, however, can be risky due to fire and weather damage, deterioration over time from improper storage, loss as documents are transported from one location to another, or common human error such as misfiling, misplacement, and more. The security and compliance risk of records exposure and missing critical information is also high, and the repercussions of accidentally disclosing sensitive information such as personally identifiable information (PII), company financials, or legal records could result in hefty fines or legal action.

As a result, the RIM industry has evolved from the antiquated physical records management process. As a part of the initial switch from physical storage to digitization, related vendors worked with organizations to image and digitize records over time. However, the pandemic accelerated demand and the need became more urgent, causing challenges in process efficiency and expense. Today, by partnering with vendors that are investing in machine learning and AI technology, organizations can index and categorize records at scale, which allows for better record-keeping, faster turnaround and more productivity with less spend.

The RIM industry is rapidly evolving to leverage AI to improve efficiencies, enhance data privacy, and automate daily tasks across highly regulated – and lucrative – industries such as healthcare, financial services/insurance, legal, education, and more. These benefits contribute to more effective management of customer and business assets, enabling organizations to unlock the full potential of their information while mitigating overall risk and improving operational outcomes. As AI becomes increasingly prevalent within the RIM industry, there are four key resulting benefits for companies:

1. Faster Document Discovery and Retrieval: AI-powered systems can streamline document retrieval processes by automating the indexing, boundary detection (i.e., the ability to isolate individual documents within a stack of paper that is fed into a scanner), and categorization of records. This enables machines to analyze document content quickly and efficiently, facilitating the process of faster, more accurate and efficient document discovery and retrieval.
2. Mitigated Risk: AI can significantly reduce errors associated with manual data entry and digitization. By automating previously manual tasks, such as data extraction or data validation, AI can reduce human error and improve overall data accuracy. “Knowing what you have” is especially important for companies who are held to legal and/or regulatory compliance standards.
3. Increased Predictability: AI algorithms can identify patterns and trends in data, allowing organizations to gain valuable insight to make informed decisions. Within RIM, AI analyzes historical data to predict trends, such as document usage patterns, retention requirements, and user behavior. These insights can help companies proactively mitigate risk and address issues before they become future challenges.
4. Lower Costs: By automating labor-intensive tasks, organizations can reduce the need for manual data manipulation, resulting in higher productivity and the ability to focus on more strategic initiatives that positively affect the bottom line. In addition, AI can optimize information lifecycle management, i.e., identify records that are eligible for destruction, thereby reducing physical space requirements and associated real estate expenses.

The integration of AI within the RIM industry is ushering in a new era of innovation and transformation, revolutionizing what was previously thought to be a commoditized and labor-intensive field. The benefits of AI are optimizing the way organizations manage their records and information, bringing automation, intelligence, and agility to RIM processes. This enables organizations to harness the power of their data, make informed decisions, and navigate complex landscapes efficiently. With AI, the RIM industry is embracing innovation and paving the way for a future where information management is streamlined, efficient, and highly optimized.