Introduction
We might not have a lot of documents on paper anymore, but the way we process contracts, policies, manuals, and other documents, remain mostly manual.
Generative AI can improve back-office operations by automating repetitive tasks, streamlining workflows, and improving efficiency. By utilizing LLMs, businesses can automate document processing, optimize data analysis, enhance compliance efforts, and empower employees to focus on higher-value tasks.
Benefits
Employees: Generative AI can alleviate tedious and time-consuming back-office tasks, such as data transformation, document review, and compliance checks. This allows employees to dedicate their time and skills to more strategic and engaging work.
Businesses: Implementing Generative AI in back-office processes leads to reduced operational costs, improved accuracy, faster processing times, and better resource allocation.
Business Value
Cost Reduction: Automating repetitive tasks reduces labor costs and minimizes errors associated with manual processing.
Increased Throughput: Generative AI streamlines workflows by automating data extraction, document classification, and other time-consuming processes.
Improved Accuracy and Compliance: Generative AI minimizes errors associated with manual data entry and processing, leading to improved accuracy and data quality.
Enhanced Data Analysis and Insights: Generative AI can analyze large datasets to extract valuable insights and identify patterns, enabling data-driven decision-making.
Example: Cube5's "Magic Table"
Do you know what's in your contracts, policies, agreement and invoices? With AI you can quickly find perform:
Field extraction: extract dates, names, amounts and much more.
Classification: type of contract, level of risk, frame agreements vs amendments, any category you prefer.
Human-level abilities: identify documents that relates to GDPR, agreements that involve cross-border payments or invoices that lack a signed contract, and much more.
