Any business relies heavily on its Accounts Payable (AP) and Accounts Receivable (AR) departments to keep meticulous records of every transaction, invoice, and PO with details ready to be retrieved at any given time. Growing companies have hundreds of suppliers & customers, and with that comes a load of processing thousands of supplier invoices, customer PO and other supporting financial documents.
It is not advisable to deal with all these supplier invoices manually, as the risk of human errors in data entry becomes very high. So what are companies like this should do with their high-volume invoice processing?
Enter intelligent data extraction. With game-changing tech like Intelligent Data Extraction that combines the potential of traditional Optical Character Recognition (OCR) Technology with Artificial Intelligence and Machine Learning, extracting structured data from scanned images or image files automatically has now become a reality.
Traditionally, automated data extraction happens via a predetermined layout. But this template-based invoice data extraction presents numerous disadvantages like:
- Time and efforts taken to design a template
- Spend more resources to tend to different invoice formats and layouts from different suppliers
- Different typefaces need to be defined separately
- Automating non-standard invoice formats becomes tedious
- Increased chances of the system not responding to the data due to non-uniform invoice formats
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Template-less Invoice Extraction Vs. Template-Based Technology?
When we talk about revolutionary technologies that are backed by Intelligent OCR Technology, we are talking about using it in multiple places, not just invoice automation. Data is all around us and we need faster, cheaper, and more efficient methods to organize that data.
And while doing so, we cannot compromise on the quality of the result. Template-less invoice extraction technology makes the automation process more flexible and gives you more control of the data as compared to the rigid principles of using templates for data extraction.
That’s why we created the template-less invoice extraction solution – KlearStack.
KlearStack works with free-form invoices, which means you are automatically avoiding a list of issues that arise while automating your data extraction process. Plus you are reducing costs dramatically while improving the productivity of your AP team.
You can go template-less and Regex-free with KlearStack, as the model uses OCR technology along with deep learning, neural networks, and artificial intelligence, to scan and dynamically recognize the characters on the document. This is popularly known as intelligent data extraction. It doesn’t matter what typeface they are in or what kind of text is being scanned. You will ultimately experience accurate and speedy information retrieval.
KlearStack Backed Use Cases
KlearStack models for Customer Purchase Order Automation and Invoice Processing Automation have shown us how OCR technology successfully extracts data with unmatched precision and speed.
Through further development of this OCR technology, we can aim at exploring many other industries, for example extracting data for health records, receipts, forex transaction audits, and even fraud detection related to employee reimbursement.
Electronic Health Record (EHR) and Electronic Medical Record (EMR) systems are gaining pace as we speak. These records are nothing but systematically collected information regarding patients and their health details. But they are very unstructured documents. Details from these documents can be accessed across different health care environments, however, it takes a considerable amount of time and effort to do so manually.
That’s why we are developing our KlearStack OCR technology for EMR/EHR data extraction, and would soon introduce the model in which health practitioners will be able to easily identify patients that are due for checkups, track patient history with the click of a button, provide accurate information to emergency care professionals, and even give patients easy access to their discharge details and follow-up care.
Additionally, we are designing KlearStack for forex transaction audits as well, where critical data pertaining to all foreign exchange transactions, especially related to audits are extracted accurately.
Compliance is an important part of forex transactions and KlearStack will soon be fully equipped to conform to all regulatory compliance policies.
Another field where unstructured data is posing as a hindrance to smooth business processes is Employee Expense Claim Frauds. So we are also designing KlearStack for the detection of the same, where again, using the basic principle of converting unstructured data to machine-readable structured data, we will be able to easily track and keep meticulous records related to employee expense claims and supporting images of receipts.
In conclusion, we can say that by going template-free, enterprises from different industries can now experience smoother and more intelligent process automation, which ultimately takes your company ahead of the game.
Want to know more about template-free invoice extraction solution and how your business can benefit from it?
It’s high time that organizations across all domains and irrespective of the organization size should adopt such AI based template-less invoice extraction solutions and tools to reduce the wastage of resources and leakages in the cash-flow.