Do you want to improve productivity on operational and financial workflow?
“Cost is more important than the quality, but the quality is the best way to reduce cost”.
It is estimated that 50% of companies employ manual data entry in industrial processes. Businesses lose a lot of money and time to tackle issues on entering invoices/Purchase orders data manually into their ERPs or accounting systems or any other systems. It includes manual errors, delays, a lot more, comes with a high-cost tag and unnecessary risks.
Over the past few years, the Accounts payable department in every company has had a major task in getting Instant data from Invoices/Purchase orders. The manual data entry processing and the invoice field’s extraction have become the most time-consuming process in industries especially for BFSI, Telecom, Manufacturing, and logistics. This problem has provided the basis for introducing AI-enabled technology for Invoices and Purchase Orders.
Generating E-Invoices has reached a value of $6.6 billion in 2020 and has a potential to grow by $15.49 billion by 2025 and is growing at a CAGR of 19.22%. Having such a huge market in place, an AI-enabled PDF extraction system is the answer. There are two types of pdf extraction systems namely
1) Optical character recognition (OCR) system recognizes text in scanned documents and images.
2) Machine-generated PDF extraction system recognizes and extracts text in machine-generated PDFs.
What is the value?
It is a common perception that copying text from PDF is an easy task since the information is right in front of you. However, it is not as easy as you think. Working with PDF becomes difficult because of the flexibility provided by the PDF format. Few people know that PDF was never an input format but only an output format. PDF was meant to offer a polished output to the documents.
Inference labs have introduced “Automated Data Capture” for machine-generated PDFs which helps businesses to save time and money with a highly accurate customized post-processing approach. The Automated data capture is AI-powered with instant execution and batch processing and comes with throughput that improves transparency. It saves a lot of time and delivers in Excel, CSV, XML, and JSON format without any errors which add value to the processes.
What are the benefits?
- Enhances accuracy and increases the number of transactions
- Saving time to increase employee productivity
- Plan your budgets accurately
- Improves compliance management
- Faster TAT to happy vendors and customer
- Reduces errors significantly, a $ saved is $ earned.
Would you like to estimate your input cost on manual data entry from Invoices & Purchase Orders – reach out to