In an Accounts Payable (AP) life, there can be less of anything but 'Tables.' From invoices (irrespective of formats), claims, and purchase orders to reports, - everything completes with a table. Organizing data manually is like getting your hand trapped in a web, as unstructured invoice data continues to grow exponentially.
If you wish to make your invoice data extraction process a breeze and drive it effectively, shift your focus on implementing Artificial Intelligence (AI) into your business. As we all know, invoicing, data extraction and sales strategies have evolved dramatically over the past decade, and unfortunately, how the invoices were processed earlier are now ceasing to exist. This reiterates that in the present scenario, just selling products and services to customers cannot guarantee a successful customer acquisition, let alone good repeat business.
What is Invoice Data Extraction?
Invoice data extraction is the process of extracting required data from any unstructured and structured invoices. Data is the new oil, and it is never enough. So to make the best of it, there needs to be a solution for managing its complexity. The heroes are Optical Character Recognition (OCR) & NLP extraction boosters for the invoices.
Invoice Processing Extraction Evolution
Phase 1 - Manual Reviewing
- Several invoices are submitted to the concerned POC
- Reviewer scans the documents end-to-end
- Enter/note down every detail in the software, including name, purchase time, item name, and price and more
- Manual calculation of invoices or use of data entry software for accounting if any
- The final receipt is created and payments processed
Phase 2- OCR Extraction & Manual Review
- Invoices are scanned, and digital copies are uploaded
- OCR extracts the data from the digital text
- Relevant data and discard irrelevant data are identified
- Data entry performed via manual review
Phase 3 - OCR & NLP
How Artificial Intelligence (AI) revolutionizes data extraction
AI gives wings to a business by offering access to inaccessible data in a sorted manner. With the right mix of AI and OCR technology, supported by a strong support team, it covers all aspects of data/contact management, invoicing management, reporting and analytics. It is an ideal AI-powered software for small businesses with many constructive features that make it simple to use and navigate.
Unlike the complex and never-ending invoice processes, the AI can essentially understand invoicing format faster, accomplishes it in a few minutes, and even decode terms like "Amount Payable," "Total," and "To Pay" more efficiently.
Benefits of AI Data Extraction
Facilitates Faster Invoicing Management
Instead of reserving a set of your workforce in a manual invoicing process, let AI achieve the target for you with its power of automation that automatically captures data from multiple sources and links into your system. From capturing to the creation, forecasting order history to analytics, you can do it under one platform in a few clicks.
Helps Leverage the Power of Digital
Say ‘no’ to manual procurement invoicing that is also prone to unexpected and unintentional errors. For example, businesses can now digitize piles of paper invoices, keep a record of all customer interactions and reduce the burden from accounts & finance teams via AI data extraction and invoicing software.
User Friendly and Accessible
The best part about using automation software such as Aavenir Invoiceflow is that it is easy to maintain and can be accessed anytime from anywhere. Critically acclaimed, our data extraction invoicing software has successfully been solving the day-to-day challenges of our global customers and is appreciated for delivering exceptional user adoption.
Provides a Self-driven Interface
One of the significant benefits of implementing invoicing software is that it acts as a one-stop destination of client/lead data for an organization’s sales and marketing teams. This includes a customer's demographic information, order history, purchase preferences, payment records, and actionable activities for a given contact or account enabling the streamlined business to development activities.
Increased Productivity
By automating repetitive manual processes, invoicing processing software can help increase your team's productivity. Moreover, document processing, invoice matching, data extraction, automated purchase order, and, intelligent analytics help automate the entire invoicing process and dramatically increase productivity. However, it also facilitates the AP department to engage in more beneficial strategies such as planning, enhancing business-vendor relationships, and receiving actionable insights.
How Aavenir Invoiceflow can Benefit your Business
Built-in AI engine learns your invoice patterns and accounts payable process for automated invoice coding, data entry, 2-way/3-way match, and approval routing with higher accuracy.
With an accounts payable automation solution, organizations can easily categorize invoices as per vendor type or department to get a complete overview of all invoices.
- Up to 71% faster invoices processing
- Up to 80% lower invoice processing cost
- Prevent lost invoices, duplicate payments, incorrect payments, and payment fraud
- Avoid late payment fees and take advantage of early payment discounts
- Identify inconsistencies among purchase orders, invoices, and goods received notes
