AI and Policy Management: A powerful combination for the policy lifecycle

Artificial intelligence (AI) has become entrenched in nearly every aspect of the business cycle. AI-enhanced software abounds in the management of everything from warehouse logistics to building maintenance and inventory control. This is true too of AI software that aids in policy and procedure management.

This article will succinctly discuss how AI technologies can be leveraged at every stage of the policy lifecycle, from inception/drafting to review and eventual retirement. Context will be provided with some insight into ConvergePoint’s very own AI plugin feature.

AI & Policy Management: An Overview

Policy management is fundamentally about the management of documentation and data systems. If a documentation system is dated or irrelevant to an organization’s strategic and operational needs, then its policies will either prove useless or even fail. AI has done much to revolutionize documentation systems (and, by extension, policy management) in a slew of different ways. These include:

• Document classification that is smart and intuitive: huge volumes of documents, including policies and procedures, can be instantaneously indexed and cross-referenced with AI-embedded software. That means improved creation, editing, accessing, and, when needed, the retirement of policies, as needed.
  
  
• The automation of data extraction: accessing policies can be complex and even near-impossible in large enterprises. AI ensures that pinpointed metadata extraction means that all data is instantly and easily accessible.
  
  
• More secure policy management: AI can allow software to have in-built security measures that can, for example, red flag unauthorized access to certain policies. Furthermore, AI instantly updates real-time versions of policies being edited,  ensuring that only the most contemporary versions of policies are worked on or reviewed. A further benefit is that outdated policy versions can be more efficiently retired or even deleted,

ConvergePoint’s AI Plugin

It is worth noting that the ConvergePoint's policy management software focuses on three areas within the policy lifecycle, all of which should enable maximized functionalities:

1. Helping to automate the policy workflow;
2. Acting as the central storage facility and library of published content; and
3. The automated provision of documents for the purpose of attestation or acknowledgment, as needed.

With the above in mind, ConvergePoint has also chosen to harness the benefits of AI. This is in the form of an embedded AI plugin that should facilitate. For starters, there is the plugin’s AI analysis feature, whereby AI can be harnessed to compare a document being written up or reviewed against other, existing procedures already in the system. The plugin can analyze clauses right across all documents, matching proposed clauses for a new policy or one under review with other existing documents in which similar clauses may already be available for use or requiring nothing more than slight tweaking. This ultra-quick, impressively exacting comparative analysis is achieved with the help of AI.

The AI plugin further allows an authorized user to insert features specific to a document. These metadata tags can be inserted or removed as needed, so as to further heighten a document’s accessibility and ease with which to be viewed and reviewed. The plugin also has a version history, whereby previous or minor versions of the document can be analysed during a specific stage of the document’s evolution. This can be especially helpful if tracking changes had not been live during the editing or updating of a document. This facilitates comparative analysis between different iterations of the same document or family of documents. Lastly, the same AI feature can also generate an on-point and succinct summary of the policy/document.

AI has dramatically altered the policy management landscape in recent years. This has resulted in policies that are more easily accessed, worked on, reviewed, and retired. With AI-enhanced policy management software, your policy life cycle can be as manageable and accessible as your organization requires.

The opportunity to move your policy management systems to the next level with AI is closer than you may think. To learn more about our software available on  SharePoint Online via Office 365, schedule a demo now.

Read More Articles:

• Advantages of Using Automation Tools for Policy Management
• Why Automated Policy Management Software is the Future of Compliance