Financial Services Research Technology

AI-Powered Invoice Recognition & Processing

AI is a hot topic these days and it is steadily permeating a range of industries as well as our everyday lives. Alexa and Siri are at our beck and call and AI is often part of our daily transactions without us even knowing. For instance, Netflix uses AI powered algorithms to make suggestions for the viewer to consider. AI is also helping businesses with automating many functions for greater efficiency, accuracy and lower costs. One such application is AI powered invoice recognition and processing.

It is important to note that invoice recognition differs from form recognition as invoices are not handwritten. So handwriting recognition is not incorporated in such applications.

While OCR technology was used for document recognition in the past, it had many limitations which often led to classification failures or the need to re-scan. These mistakes were inefficient and expensive and moreover, OCR technology could not make intelligent use of this data. AI powered technology can surpass these limitations with flying colors enabling the automation of invoice recognition and processing.

Document classification identifies whether the document is in fact an invoice. Image analysis can be used to categorize invoices from different vendors based on their logos. Spatial analysis, pattern and vocabulary matching also play a part in these applications. Machine learning is what enables AI powered applications to learn quickly and iteratively, so that high levels of accuracy are achieved quickly.

There are many benefits to AI powered invoice recognition:

  • Improve accuracy in invoice processing
  • Reduce costs by eliminating the need for manual data entry
  • Eliminate human errors
  • Integration with the accounting system
  • Streamline processes by automation and integration with other systems
  • Boost the speed and efficiency of invoice processing
  • Faster turnaround results in faster payments

To put it simply, organizations can save money by implementing this technology to reduce time spent by employees on manual data entry. With such applications, it takes a fraction of the time and employee power to process the same volume of invoices. The improved accuracy is also a cost saving as mistakes with inaccurate data can lead to incorrect payments which require employee effort to rectify such issues. Doing it right the first time around saves you a lot of time, effort and money.

The streamlined nature of processes as a result of automation increases speed and efficiency, while integration with other systems allows your accounting system or software such as QuickBooks to pull data from invoices. These improvements serve to speed up your organization overall. There is a clear and measurable ROI from automation of invoice recognition and processing.

Have you considered how your business can leverage AI powered invoice recognition and processing for improvements in efficiency, productivity and cost-cutting? Perhaps it’s time you did. AI can take care of a lot of mundane but essential tasks by automating them, freeing up time to focus on other more strategic aspects of your business, while cutting costs. Sounds like a good choice doesn’t it?

Our next-gen, AI-powered content intelligence platform RAPFlow in tandem with our RPA solution RAPBot, provides end-to-end workflow automation capabilities that can be deployed in just a week. Please book a demo to explore how RAPFlow and RAPBot can transform your business.

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