In the context of a company’s digital transformation, a DMS (“document management system”) is without question probably the most important tool for sustainably digitizing all paper documents. To ensure that paper documents can actually be destroyed after digital capture, companies must make sure that the system used is revision-proof. Otherwise, legal risks may arise that must be avoided.
For some time now, UMT United Mobility Technology AG has been involved in a project to introduce a document management system with artificial intelligence (AI) and is currently considering acquiring this promising solution as part of its “buy and build” strategy.
The new product differentiates itself from previous solutions in several forward-looking features. The AI-based processes stand out, such as an OCR power search for text recognition, secure signing (encryption) of documents, a document overview with keywording (metadata), and even an AI-based fast capture of incoming documents.
The new AI-based DMS system is deployed via cloud technology, whereby a larger company can also operate the DMS solution in its “private cloud”. Conventional DMS systems are usually proprietary, whereas the new AI-based DMS system is available as a web application. This means, for example, that employees can easily access all of the company’s documents via home office workstations or in the field. If an AI-based DMS software is introduced in a company, all document flows can be mapped in advance in a workflow tool, which then defines the respective process flow and access rights.
Global AI-based software revenue was estimated at $63 billion in 2022, up 21 percent from 2021, according to a November 25, 2021, forecast by consulting firm Gartner.
“The AI software market is thus picking up significant momentum. One of the key products is rapid document capture using AI. UMT would naturally like to participate in this promising market,” says Thomas Teufel, Management Board member of UMT AG, adding: “The enormous potential of this trend-setting market forms the best conditions for the UMT Group to build up a sustainably profitable business area in the medium term. To address medium-sized businesses, an SAP integration interface is also planned. This means that every document generated in the company’s own SAP system will be immediately available as a PDF file in the DMS. Important e-mails can also be stored in the DMS system and linked to documents via a Microsoft Outlook interface. The days of overfilled storerooms and basements with numerous financial accounting folders will thus soon be a thing of the past.”
About UMT AG:
UMT United Mobility Technology AG stands as a “TechnologyHouse” for the development and implementation of customized solutions for the digitalization of business processes. With Mobile Payment, Smart Rental and MEXS, UMT has technological platforms for payment, digital rental and now also for communication. The software-oriented technology portfolio now extends far beyond payment and also includes commerce, IoT and, with MEXS, communication, and forms the basis for forward-looking, integrated products. UMT is now much more than a FinTech company and serves the retail and rental sectors as well as industry.
The IT and consulting expertise built up over a decade in the field of e-commerce and payment is the basis for value-creating investments in companies that contribute to the digital transformation of the co-testing environment and thus provides the answers to the most pressing questions of companies. The focus of the investment activities is on medium-sized companies with future-oriented and stable business models. The aim is to participate in the digital transformation with a forward-looking buy-and-build strategy and thus to achieve significant revenue and earnings growth in the UMT Group with sustainable profitability and steady cash flow.
UMT United Mobility Technology AG
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Tel: +49 89 20500-680
Fax: +49 89 20500-555