Every growing business has an accounts payable team; a team that knows all too well, how time-consuming and tedious invoice processing can get when done manually.
According to Sterling Commerce, it costs about $30 per invoice to process manually, with the added risk of multiple errors. Not to mention the need for extra storage and complex organization.
FinTech companies that are forecasting a more digitized and automated future for themselves, know that it’s time to take their AP and AR departments to the next level. That comes with the knowledge of numbers connected to implementing these automated systems and software.
Research says that automating the invoice process saves up to 90% of the costs AP side, reducing the cost of processing per invoice to just $3.50.
Wondering how invoice processing can be automated, especially when you receive physical invoices or scans via email? The answer lies in implementing an Intelligent Data Processing (IDP) software backed by AI-powered OCR technology; a revolutionary tech that is redesigning finance and banking industries!
OCR, short for Optical Character Recognition, is a technology that is capable of recognizing text (semi-structured or unstructured data) from images and converting it into machine-encoded text (unstructured data), for data extraction. This makes the text searchable and editable on the computer, eliminating data entry and tedious paperwork.
But OCR alone is not capable of fully automating invoice processing. That’s why we created KlearStack, an intelligent software that learns and grows along with you.
KlearStack’s artificial intelligence coupled with OCR technology brings an end-to-end solution that can minimize costs and maximize productivity effortlessly.
Advantages of Intelligent OCR Tech in Invoice Data Extraction
Transform your accounts management by automating your PO and invoice processes with KlearStack. Our model gives you complete control and visibility of all your invoices and their details. Simply sign in to your account and you are good to go.
Our software uses principles of OCR technology combined with deep neural networks and natural language processing (NLP) to deliver not just extracted but structured results from template free documents. Here are some benefits of our proprietary Intelligent Data Extraction (IDE) technology:
1.Reduced Manual Data Entry
Klearstack tech allows data to be extracted via intelligent scanning and dynamic reproduction, reducing the time and efforts taken to type. The scanner and pattern recognition features, easily identify patterns whether they are words or numbers, and convert them into fully-searchable digital documents. KlearStack uses that very feature and lets you scan parts of the invoice (even discolored ones) accurately and sort them into their designated fields.
2.Enhanced Information Retrieval
It’s not just important to be able to digitize data, it’s also very important to be able to retrieve information whenever needed. That means the extracted data needs to be properly filed and organized for finding later.
With KlearStack’s automatic data structuring it is now possible to retrieve data using a simple search. KlearStack’s AI supports sorting data into not just predetermined fields such as Invoice number, Supplier name, VAT details, but also custom fields as defined by the user. These fields can also be customized as per your requirements.
Any other OCR scanning and pattern recognition technology might still deliver erroneous results, leading to the additional function of checking and inspecting manually. But with Kleartack, you can trust that your information is accurately extracted without manpower. We are so confident of the capability of KlearStack that in case the system doesn’t achieve 90% accuracy within 90 days, we guarantee to provide free data extraction services until the accuracy rate hits the 90% target.*
KlearStack’s perceptive design gives you an option to provide any feedback to the software, in the cases where additional information needs to be added. A simple selection of the data you want to add completes the process by dynamically reproducing it in the created field.
4. Extraction Up To the Line Item Level
There is an opportunity to develop numerous smart features leveraging OCR technology in combination with Artificial Intelligence. And one such feature KlearStack offers is that of the line item extraction.
In this feature, we can see OCR tech at its best. The line item extraction feature lets you create a table that lists all the items on the invoice. For example, if there are 20 items on your invoice, you can find them all listed and organized clearly under the Line Item section of our dashboard.
You can create fields like Line item number, description of the item, any code if given, unit value, and more. Automatically, these fields will project the appropriate extracted data in a tabular format in addition to each cell being editable until approved. You can even download or export your invoices in other formats like Excel, where all the details can be viewed in the Excel sheet automatically.
5. Time, Cost and Manpower Effective
With Intelligent OCR technology backed software, it is very clear that automating your invoice process equals saving precious time and reducing expenses. You are not only cutting costs spent on hiring professionals to see thorough data extraction, but you are also reducing your overheads like printing, copying, and shipping.
Time spent on manual data entry, auditing that data, or inspecting accuracy levels, can now be directed towards other productive tasks that are of consequence to the success of your business.
All this and more can be achieved with KlearStack which is available as a SaaS or on-premise model on a pay-per-use basis.
In conclusion, it can be said that OCR technology may not be a very new concept, but with artificial intelligence and smartly built software like KlearStack, it can offer much more powerful and intelligent business solutions.
Want to know more about OCR Technology and how your business can benefit from it? Click here to get a free E-Book today!
It’s high time that organizations across all domains and irrespective of the organization size should adopt such AI based tools to reduce the wastage of resources and leakages in the cash-flow.