If you read our previous post on purchase orders, you must now be aware of what purchase orders are and what role they play in an organization’s long-term success. This post talks about how businesses can intelligently capture purchase order data to make it happen.
It is important for business owners to have keep an eye on their sales – which customers are bringing them more revenue and what products make them coming back to you. As a result, the sales team can better prepare their strategy for a long-term relationship with loyal customers.
The entire process depends on efficient processing of purchase orders, or rather data capture from purchase orders (POs). Customer POs not just reflect the sales history or transactions a company does. They also describe the overall performance of a company in terms of how well its products are capturing the market.
A purchase order enables the sales team to gauge the potential of a sale before it reflects as a sales invoice directly. However, it all depends on intelligent data capture from purchase orders so the sales team can enter the POs in their system of record (usually a CRM or ERP) and analyze the patterns in company’s sales.
Traditional purchase order processing is highly human dependent and error-prone. It keeps the staff busy in manual data entry when it should be concentrating on PO approval and data analytics. Businesses need more than just OCR-based document scanning to automate data capture from purchase orders.
AI-powered purchase order processing enables businesses to eliminate manual intervention from the process and make it more accurate, time-effective and productive throughout. While traditional data extraction fails to work with different formats/layouts/structures of the documents, AI-enabled OCR is adept at understanding the context of data and interpreting the text irrespective of its position in the document. It thereby reduces the amount of work put into manual data entry and verification process.
The process is commonly termed as intelligent document processing (IDP) wherein data from documents like invoices, receipts, purchase orders, loan documents, etc. is captured cognitively while also generating actionable insights from them.
Like automated invoice processing, businesses can automate purchase order to understand the potential of a particular product for the corresponding set of customers. The intelligent analytics drawn from the POs can help the sales team track and compare sales across the market. As a result, the team can then focus on streamlining the product availability in the most profitable market area.
Hence, businesses need a robust platform that not just automatically captures data from the purchase orders but also utilizes it to improve a company’s overall sales performance.
How KlearStack helps businesses optimize purchase order processing
KlearStack is a disruptive technology that blends deep learning, OCR, natural language processing, and image analytics to intelligently process document data. It converts all types of unstructured documents into structured data sets while generating actionable insights from them.
The solution has been effective in dealing with invoice data extraction, receipt data extraction, data capture from loan documents, purchase orders, and other similar documents. A large number of businesses rely on KlearStack for their document processing needs. The best part is its ability to self-learn from the training data and improve with time, eliminating the human verification process completely after its successful implementation.
Using KlearStack for data capture from purchase orders can improve your overall automation and data capture efficiency to 200% and reduce set up and implementation costs up to 80%. What else does a business need to optimize their purchase order processing tasks! Moreover, it gets better with the number of documents that it processes.
KlearStack in action!
As mentioned, KlearStack employs AI and machine learning algorithms to capture structured data from unstructured documents.
We create a dedicated instance for every client who uses KlearStack for their business. Hence, they have their uniquely segregated login credentials to access the software. The multi-user management feature also enabled the company to divide the tasks between multiple employees and nonetheless monitor all of their tasks in one place.
Getting started, you need to scan and upload purchase orders in the software using the intuitive UI of KlearStack or the API that integrates KlearStack with your workflows. Once you scan and upload a file (or batch files), KlearStack starts processing the document, employing its combination of AI and ML algorithms.
Once done, you can see the dashboard showing the entry of a particular purchase order. Click on the entry to see the details. The data from all the fields will be extracted in their respective places. The information is organized into different fields like customer name, customer address, products, product quantity, tax, date of delivery, total amount, tables and line items, etc.
Data capture from purchase orders is no more tedious with KlearStack. What’s more? You can integrate KlearStack with your ERP and other systems to automate workflows or just download the approved purchase orders into required format. This is how KlearStack makes it easy for organizations to manage, analyze and seamlessly optimize their sales operations.
If you are also looking for a solution to optimize your purchase order processing, book a free consultation call with us today.