As per statistics by Mckinsey, the Account Payable market is to reach 5.8 Bn due to automation with a CAGR of almost 10.8% in the period of 2022-2029. Thus, most businesses are resorting to touchless data capture methods from invoices not just limited to Optical Character Recognition but also include other automotive processes.
Invoices capture is the process by which data is extracted from invoices, whether in paper or digital format. This is the first step for invoice processing in the Accounts payable department. Essentially, most organizations use traditional optical character recognition software (OCR) to turn their invoices into data and punch it into other applications like ERP or enterprise resource solutions.
However, due to the advent of technology, most organizational departments try to adopt artificial learning for touchless data capture from invoices. One of the leading organizations that provide touchless data capture from invoices is KlearStack. At KlearStack, we provide efficient data extraction to get accurate information required for your business processes.
Table of Contents
Why is it Important to Invest in Touchless Data Capture from Invoices
Generally, in any organization, the Account Payable (AP) department handles all the invoices, and most of them either come in paper format or through the mail. Processing this data manually is hectic and also leads to misleading data being entered. Thus it becomes important to invest in touchless data capture from invoices solution. The following are some of the benefits associated with it.
Increases the Productivity of the AP staff
By investing in a quality touchless data capture system like KlearStack, you ensure that the extraction from your document happens intelligently, thereby helping the staff to focus on high-value activities.
Reduces the Possibility of Errors
When you invest in an intelligent invoice capture system like KlearStack, even unstructured data, which is handwritten or not with a template, gets extracted eventually and adequately reduces the possibility of errors.
Reduces Processing Costs
By using a touchless data capture from invoice solution, your processing costs per invoice that you pay can be significantly lowered, thereby reducing your processing fee as a whole.
Saves Cost for Storage
Traditionally if you look at the AP department of an organization, it is one of the most paper-heavy departments as it involves a high cost for paper, cabinets for files, as well as spaces to organize it. Thus when you invest in an automated system for your AP, it automatically reduces such hassles of keeping bundles of paper as everything is captured and stored in digital format.
Handles Template Variability
Invoices can be sent through various formats as well as templates. This can include a hard copy which is sent via email or fax. Unfortunately, this can often lead to changes in the templates and makes it difficult to capture the data. However, with KlearStack, you can put your worries to rest as they employ solutions that can seamlessly capture the invoice’s data, keeping the variability factor in the system.
Extraction of Line Items
Simple OCR based solutions find it difficult to extract, classify as well as arrange line items after it is extracted. This does not happen when you invest in a touchless data capture from invoice solution like KlearStack, which can extract the information in a contextual aspect and accordingly identify the table data of the invoices.
Extraction of Key Value Pair
Essentially key values are identified through the position information reference; however, sometimes there may be no identifiers like invoice number, zip code, etc., thereby capturing invalid information. This can be avoided by investing in an intelligent invoice data capture system like KlearStack, which use an AI-driven OCR and IDP solution that can extract key value pair without the requirement of any identifier.
How does Touchless Data Capture from Invoices Work?
There are majorly two ways by which you can automatically process your invoices. The following are the two ways.
The Template-Based OCR
These are solutions that are particularly template based. This means they are not much adaptable to changes in layouts. However, it can capture numbers, symbols as well s characters and can be in any file format, which includes jpeg, pdf, and png. Though we will discuss the advanced version of this in the next point, it is a solution that is much more than better than that of manual data capture.
The Template-less Solution
These are solutions that particularly use AI as well as ML so that they can suitable adapt to different types of invoice templates. When trained with samples, they can capture data irrespective of the changes in the template. When you adopt our touchless data capture from invoices solution at KlearStack, you can process your invoices at one-fifth of the time what you generally do. Moreover, you can easily manage your workflows by incorporating invoice data through multiple channels.
Touchless Data Capture from Invoices is a revolutionary technology by itself, and we at KlearStack AI, take pride in stating that we are taking it forward with our seamless AI technology by capturing data from invoices with 20-30% higher accuracy level than our competitors. To book a demo with our experts, click here.