The need for faster operation, especially document processing, in Australian businesses is increasing along with time. The existence of artificial intelligence (AI) helps businesses achieve efficiency. According to McKinsey, in 2023, 62% of tasks have been automated by AI. In addition, based on statistics from Q4 2024, 40% of Australian businesses have adopted AI, with data entry and document processing becoming one of the most popular applications for businesses implementing AI. This shows that AI transforming document handling from manual, which takes hours to complete, into minutes or even seconds significantly helps businesses stay updated in the competitive market era. This article will discuss how AI is elevating document processing in Australia.
Why Document Processing Needs Improvement in Australia
Australian businesses may face some challenges that drive them to implement AI.
1. Ineffective Manual Processing
Manually documenting processing takes hours for a single document. Imagine if your business had a large volume of documents to handle every day. It will take days to complete, which can lead to delays in other departments. Manual processing can also reduce productivity, as employees may become overwhelmed when performing repetitive tasks.
2. Data Accuracy
Data accuracy is important in document processing. If errors are found, they will impact the entire process. As a result, businesses need tools with high levels of accuracy so that employees do not have to multiple-check everything.
3. Compliance
Document processing involves the collection of personal or business data, which may include sensitive information. Thus, Australian businesses must comply with the regulations, such as the Australian Privacy Principles (APPs), to ensure the personal information is protected. This becomes a challenge for businesses as they have to carefully manage documents to avoid leaks or inaccuracies.
How AI Works for Document Processing in Australia
1. Data Extraction
AI, such as OCR, can read and extract all of the information contained in documents quickly and accurately. While in the manual method, we have to input one by one; with AI, we just upload it into the system, and it handles all of it. AI can also process unstructured data without requiring staff to convert it first. While manual processing is prone to errors, AI has a high accuracy, which saves time to process the documents.
2. Automate Routine Tasks
Businesses usually have a lot of documents of many types, such as invoices, bank statements, purchase orders, and more, to handle on a daily basis. With AI, these can be automated. Even with a large number of documents, it takes hours, or advanced AI like Fintelite can handle it in minutes. This increases staff productivity as they can focus on other important tasks without feeling overwhelmed.
3. Fraud Detection
In this era, fraud has evolved into more sophisticated and difficult to detect. With the advances in technology, fraud can be spotted quickly. It detects suspicious patterns in documents that may be hard to identify by human eyes. This helps businesses to avoid unwanted issues that can cause losses.
Fintelite, the Solutions for Document Processing in Australia
As discussed above, AI has benefits for document processing in Australian businesses. Since various AI providers provide many capabilities, Fintelite can be the best solution to implement across industries. You can experience how to process documents 10x faster and with over 90% accuracy. You also do need to worry, as Fintelite has been certified with some trust institutions to protect your business and customer data.
