AI can accelerate document review significantly. According to a study by Deloitte, AI can reduce the time it takes to review documents by up to 75%. This is because AI can automate many tasks involved in document review, such as identifying relevant documents, extracting key information, and flagging potential issues.
Another study by McKinsey found that AI can improve the accuracy of document review by up to 10%. This is because AI can identify patterns and trends that humans may miss.
AI is also becoming more sophisticated and affordable all the time. This means that more and more companies can take advantage of the benefits of AI-powered document review.
Here are some specific examples of how AI can accelerate and improve document review:
- Identifying relevant documents: AI can use natural language processing (NLP) to identify relevant documents from a large dataset. This can save reviewers a lot of time, as they no longer have to review every document manually.
- Extracting key information: AI can use NLP to extract critical information from documents, such as names, dates, and addresses. This information can then be used to populate databases or generate reports.
- Flagging potential issues: AI can be used to flag potential issues in documents, such as inconsistencies or suspicious activity. This can help reviewers to focus their attention on the most critical documents.
- Improving accuracy: AI can improve document review accuracy by identifying patterns and trends humans may miss. For example, AI can identify documents likely to contain fraudulent activity or missing important information.
Overall, AI has the potential to revolutionise the way that document review is done. By automating many of the tasks involved in document review and improving accuracy, AI can save companies time and money.