The short answer is no. Computers can easily construct a concordance (a list of words or phrases and where they appear), but this is not an index, and is not very useful to someone looking for information. The so-called automatic indexing software programs now appearing on the market are simply not up to the task of indexing a book. Book indexing involves a little bit of manipulating words appearing in a text, which computers can do, and a lot of understanding and organizing the ideas and information in the text, which computers cannot do and will not do for many years to come. An example of the difference is that a book on protective gloves for occupational use might have a chapter discussing surgical gloves, how they get punctured and how they are tested for integrity, but might never use the word holes. Yet a user of the book would expect to find this word in the index and be directed to the appropriate chapter. The indexer handles dozens or hundreds of such issues in every book.
Where the text is already on computer disk, the indexing features of word processing programs can ease the handling of page numbers and sorting, but the real indexing work is still done by the human. Powerful dedicated software is also available for personal computers to aid the professional indexer in constructing, sorting, editing and formatting the index, whether from hard-copy text or computer files. Many indexers use one of the programs listed on the Indexing Software page.
Automated indexing was never intended to produce back-of-the-book indexes. As Indexicon demonstrates so well, back-of-the-book indexes cannot be automatically generated.
-Nancy Mulvany and Jessica Milstead, review of Indexicon, Key Words, Sep/Oct 1994