Invoice Automation with Artificial Intelligence (AI)

Business automation has moved ahead at lightning pace over the past couple of decades with technology adding tremendous value to businesses in terms of productivity and profitability. However, one of the key aspects that have got left behind are the Accounts Payable processes. Despite being a mission-critical step, automating invoice processing has been a significant challenge for businesses. Let’s examine why…

Challenges in Invoice Automation

Document Formats: Accounts Payable teams typically receive invoices on paper, as images, in emails, PDFs and a variety of document formats. This makes them difficult to process further without manual effort.

Invoice Structure/Layout: Vendors often send invoices with varying layouts. Until now, automating the process of data extraction from these widely ranging invoice layouts has been problematic.

Rigid Technology: While tech like OCR to automate data extraction from documents has been around, it requires documents (invoices) to be in very specific and fixed layouts. Even the slightest deviation from the prescribed layout leads to failed or faulty data extraction.

How AI Works in Invoice Automation

One of the basic principles of AI is that it trawls through huge amounts of data to identify patterns that lead to the desired output. This is how AI works with invoices too. Initially, a large volume of invoices are examined with the algorithm designed to recognise patterns, learn from them and deconstruct the contents of an invoice.

With this training complete, the algorithm is then able to examine large document sets to identify invoices and extract the data needed from them such as invoice numbers, dates, amounts, taxes and other components.

The Benefits of Invoice Automation with AI

Deploying robust cognitive data capture products like CAELUM : Text AI to automate invoice processing helps in these ways:

Data is Accurate: Proven & well-designed products can provide over 99% data accuracy.
Boost Productivity: By limiting manual intervention, resources can be utilised for higher value tasks.
Achieve Faster ROI: The best AI-driven data extraction products enable you to generate ROI from day one with almost no investment in additional hardware or heavy upfront payments.
Happier Vendors: A streamlined Accounts Payable system leads to fewer errors and faster invoice processing. In turn, this results in better vendor relationships.

Harness the Power of AI-Driven Invoice Automation If you’d like to make AI real for your business, get in touch with a Mindrops consultant today!