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‎10-05-2022 11:34 PM
The alarming situation of invoice processing is not a new chapter in the finance book. Still, around 50% of organizations are stuck with manual processing, whereas over 40% search for invoice automation. However, huge numbers but disheartening to see in the decade of computerization and automation, invoicing is stuck in the stone-age era, and data extraction is one of the significant problems.
What is Invoice Data Extraction?
Data extraction or capture is extracting data from an unstructured or structured invoice for higher readability and context. It is essential as data is a diamond mine. The storage and assembling of data are further simplified with OSR, deep learning, and AI.
Data extraction with AI
AI collates and segregates unstructured data into an accessible format from different formats (paper or analog). AI helps achieve business growth with simplified invoice extraction and verification and,
Benefits of AI invoice processing for AP team, including
To overcome limitations of missed invoices, discrepancies, manual data entry errors, and more, automate invoice data extraction.