Through our continued commitment to using technology at the heart of our AI-powered Accounts Payables transformation platform, we have continuously tested and refined our AI models. By testing our AI models on millions of supplier invoices we have been able to enhance our Optical Character Recognition (OCR) software. So much so, that our AI-powered OCR software is able to export more than 98% of the correct data from supplier invoices, as needed by our clients’ internal ERP systems.
This data can then automatically be deployed against 2-way and 3-way invoice matching – against Purchase orders, contracts and receipts data. This means clients can reduce their invoice cycle times and avoid the unnecessary headaches of manual searching and reconciling invoice data. This improves supplier relationships and gives control back to Accounts Payable teams.
Having spoken at the Fintech Summit on AI and financial services, we were invited by Tata Consulting Services the global IT consulting service group with over 500,000 consultants to be one of four technology companies showcasing their technology at the Generative AI technologies showcase in Sydney, Australia, run by Amazon Web Services.
We were able to showcase the great work from our amazing development team that has worked on our AI over the past three years. Through the use of our AI, we have been able to resolve many of our clients’ AP and supplier invoice data problems.
This is particularly challenging when supplier invoices are received through multiple channels and in multiple formats, eg email, pdf Peppol (the open-source emerging international e-procurement processes for exchange of data), and even handwritten invoices. Our AI has driven
- Automating over 98% data extraction.
- Reducing workloads by up to 75% and
- Reducing invoice cycle times and approval times from an average of around 17 days to hours.
This means that Accounts Payable teams now only have to deal with exceptions rather than the backlog and are back in control.