Time, money, and the absolute chance of errors. These are the three major deterrents to the manual processing of invoices in big organizations today. Manual scanning of invoice data to jot down important details takes almost a day to manage. Spending huge amounts of money on recruiting individuals to perform the job or handle paper-based invoices disturbs budgets completely.
Finally, dealing with a high probability of committing the slightest of errors that result in the biggest of losses is definitely one of the biggest putdowns when it comes to invoice processing via traditional ways.
The need of the hour clearly is to get the job done, but in less time, with less expenditure and higher efficiency. Like every other task demanding such peculiarities, automation is the only way out for invoice processing as well.
OCR and deep learning are paving the way for meaningful invoice processing automation. With the best machine learning talent and ample experience in the deployment of OCR and deep learning for invoice automation solution, Klearstack offers a robust business solution.
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How Does Klearstack Use OCR For Invoice Processing Automation?
The need for digitized invoices cannot be emphasized enough. It is the bulk of physical documentation that not only makes manual invoice processing difficult but impractical as well. Optical Character Recognition or OCR is a way of digitizing the text in invoices and converting it into machine-encoded forms that are easier and faster to process.
Klearstack offers a state-of-the-art OCR solution that renders services much beyond the primary scope of the OCR technology. Plugging the loopholes in the traditional OCR methodology, Klearstack introduced AI-based OCR technology that facilitates intelligent document processing.
Our invoice automation solution not only helps businesses pull out data from tons of invoices in a jiffy, but it also helps in organizing the data and create an accounts payable pipeline for faster settlements. Talking more about text organization, the biggest challenge for any OCR tool is providing a structure to the digitized text.
The field extraction capabilities of the Klearstack Invoice Automation solution helps you in automating the extraction of necessary fields in any physical invoice, irrespective of it’s template. The extraction is followed by the automatic organization of the data into tables or a JSON format so that you don’t have to spend time scanning through the digitized text.
Now coming to the reason why we give such immense importance to leveraging AI capabilities. Automation of text extraction is definitely possible via other means as well. However, the problem remains that all those methods are code-intensive and require high technical expertise. The advantage of having an invoice automation solution like Klearstack is that without even writing a single line of code, all extraction and organization are facilitated by a browser-based UI.
Importance of Klearstack Deep Learning For Invoice Automation Solution
Now that it is clear that text extraction for automating invoice processing is crucial for accuracy and efficiency, it will be beneficial to know how the process can be made smarter. Generic freely-available invoice automation solutions like Google Vision face difficulties in creating custom models to extract and process data from invoices of different languages, formats, etc.
Deep learning is Klearstack’s way of dealing with this problem and giving you an impeccable invoice automation solution. Our deep learning expertise allows our invoice automation solution to model the neural networks smartly, such that they identify tables, columns, fields, etc., as separate entities before extraction. This localization of document elements is crucial to prevent digitization that causes invoice details to lose their meaning.
Klearstack constantly works to imbibe as many data structures as possible to create machine learning models that generalize seamlessly when our end-user implements the solution. Having such expertise for your OCR endeavours is always helpful as it improves precision while reducing the need for human intervention to a higher degree.
Essential Features of Klearstack OCR Enriched with Deep Learning for Invoice Automation
- For invoice processing and accounts payable systems, our AI-based OCR solution has a proven human-level accuracy (actually, even more.)
- By leveraging our deep learning expertise, we create models based on the most diverse data sets that make our OCR solution handle every type of invoice easily.
- Artificial Intelligence helps our invoice automation solution in checking the output for errors on its own. The error-detection ability is impeccable.
- Machine learning allows the invoice automation solution to detect certain mandatory details in every invoice before processing payments. This acts as a safety valve to prevent fraud.
Klearstack gives you all the expertise that you need for extracting text from invoices to automate payment processing. The ability to process information from invoices without worrying about time constraints, inefficiencies and frauds are what makes Klearstack invoice automation solution a necessity for your organization. Contact Klearstack experts today to know more about our solution.