Artificial Intelligence (AI) has driven significant transformation on businesses in Australia. The capability of AI to make complex and time-consuming tasks more efficient has led to its widespread adoption across various sectors. AI has increasingly benefited many aspects of business, empowering daily operations to support more informed decisions. NAIC even found that data entry and document processing is one of the top five AI applications in Australia’s business sector, as these tasks are often tiring and prone to error.
In this article, we will take you to explore how AI is impacting Australian businesses and how it is used to enhance the efficiency of document processing.
Why Australia’s Businesses Are Turning to AI
AI is not a thing of the future — it is already here transforming the way businesses operate. However, the large-scale implementation of AI we see today is the result of several key factors. There are multiple reasons why Australia’s business sector has rapidly embraced AI in their operations, including the following:
Growing industry competitiveness
In today’s competitive business landscape, companies must adapt and take actions to remain viable in the long term. This condition pressures companies to act faster, and this is where they view AI as a strategic solution to gain competitive advantage.
Operational limitations and inefficiencies
Companies where most tasks are performed manually often struggle with its slow moving process. AI, with its cutting-edge capabilities that can help automate tasks in daily operations, has therefore become a major factor that influences its widespread utilization.
The opportunities and benefits AI presents
AI emerges as a game-changing solution for businesses, enabling them to accelerate operations and improve efficiency. Moreover, innovative AI solutions are now increasingly available for various business sectors, helping them solve industry-specific challenges faster and smarter.
AI Adoption Across Various Business Sectors in Australia
As highlighted in a recent CSIRO report, 68% of Australian businesses have already adopted AI. AI in Australia has proven to be an effective solution, with applications across a wide range of industries. Here are several examples of how business from various sectors have implemented AI in their operations:
Financial services
AI has demonstrated the most significant advancements in the finance sector. Banks, P2P lending, and other financial services companies are harnessing AI across various areas of work. From optimizing KYC/KYB verification processes, automating bank statement analysis, and supporting loan decision-making.
Healthcare
AI utilization has also widely shown in hospitals and healthcare facilities. AI helps medical staff streamline administrative tasks and even leverages virtual assistants to answer patients’ questions or make doctor appointments.
Supply chain
The process of distributing goods from the producer to the end seller involves multiple complex stages. During this process, AI technologies like OCR (Optical Character Recognition) can automate data entry tasks in inventory management, and predictive analytics can help forecast demand more accurately for better resource allocation.
How Fintelite Leverages AI for Intelligent Document Processing
Fintelite is an AI-powered solution designed to help businesses automate data extraction from documents. Harnessing the power of AI, Fintelite adapts to any type of document you need to process. Additionally, it is equipped with fraud detection capabilities, enabling you to identify potential duplications and forgeries within documents.
Fintelite not only delivers automated data capture, but also a streamlined workflow that enables your team to move smoothly from end to end. To fit seamlessly into your existing system, Fintelite offers API integration with fast implementation, helping you get started without delay.
Our team is ready to walk you through how Fintelite works and how it can benefit your business. Contact us or book a demo at your convenience.
