When it comes to compliance, you can’t leave anything to chance. Even the most minor risks could have lasting consequences. Now that AI is available in a broad and affordable range of applications; businesses are leveraging this technology for everything from customer service to compliance. Some vendors are now using AI parsers for compliance in their solutions, specifically those concerned with meeting particular regulatory standards. If you’re still trying to figure out what an AI parser has to do with compliance and why you should care about this emerging trend, you’ve come to the right place. This blog will introduce you to the world of AI parsers for compliance and explain how they can improve your business processes and reduce risk in your organization.

What is an Artificial Intelligence Parser?

An AI parser is a computer program designed for parsing text. In other words, it is a software application that can interpret written materials and break them down into smaller components. AI parsers are often designed for specialized use cases and rely on a set of algorithms to achieve their goals. Artificial intelligence is the field of computer science that studies how computers can be made to simulate human intelligence. AI is studied as an academic discipline, with research broken into subfields that include natural language processing, machine learning, and computer vision.

Why Use an AI Parser for Compliance?

As more organizations look to leverage AI, it’s essential to remember that AI parsers don’t have all the capabilities of their human counterparts. However, they are capable of things humans aren’t, like the ability to work around the clock. This can be critical in industries where regulatory compliance is required 24 hours a day, seven days a week. It can also help you scale your operations by taking on some workloads that slow down your manual review processes. As you consider the benefits of AI for compliance, consider how long it could take you to review a single document manually. Reviewing hundreds of pages of long documents could take days to finish the job with a team of compliance specialists. While AI parsers aren’t yet capable of reading the entire contents of a document, they are great at finding patterns and anomalies in large volumes of data. As a result, they can help you identify and correct potential issues, reducing risk and improving your compliance record.

How Does an AI Parser Work?

AI parsers use machine learning algorithms to find patterns in data. As new documents are added to the system, the parsers look at the data to determine whether it falls within a particular range. If it does, the system will add it to a new set of documents to be reviewed and approved. If not, the document will be flagged as a potential issue. Here’s an example that shows how an AI parser could help a grocery store to stay compliant: Let’s say you’ve been using an AI parser to review your inventory reports. You notice that your canned goods are running low. When you check your inventory database, you notice that you’ve run out of green beans. You might be tempted to add green beans to your grocery shopping list. However, if you’re compliant, you know that you can’t add any new items to the list. Instead, you could use the built-in AI parser to correct the inventory issue. The system can be used to reorder the green beans, but it can also add a new requirement to your grocery list. This requirement will automatically integrate with your inventory system and flow through to your ERP system.

Which Industries are Using AI Parsers for Compliance?

Right now, AI parsers are primarily used in financial services and healthcare. However, businesses in all industries are looking at how AI can be used to improve their compliance operations. This includes enterprises in the insurance, pharmaceutical, and healthcare industries and government agencies. For example, the healthcare industry uses AI parsers to improve regulatory compliance. Healthcare providers are required to follow a dizzying array of regulations and procedures. These rules are designed to protect patients and ensure that healthcare providers meet certain quality standards. Using AI parsers to review patient data can help providers to ensure that they meet regulatory standards.

Conclusion

As businesses adopt artificial intelligence tools for compliance, the question is not whether AI tools can replace human reviewers. Instead, the question is how companies can best integrate AI tools into their existing workflows. In other words, how can businesses use AI to improve compliance and reduce risk in their organizations? At the same time, companies must remember that AI tools are not a replacement for human review. Instead, AI tools can help businesses scale their compliance operations by reducing the amount of time spent on manual review. They can also help companies to minimize the risk by identifying potential issues and anomalies in large volumes of data. To know more about how AI parsers from DeepDatum.ai can help your company, contact us at ask@deepdatum.ai.