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How to automate invoice processing: Data extraction

Sonal3
Tera Contributor

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, 

  • Higher efficiency
  • Reduced human errors
  • Increased speed of processing invoice

 

Benefits of AI invoice processing for AP team, including

  1. Quicker invoice processing - When the invoices are from the same supplier, the processing takes a much shorter time with no human intervention.
  2. Higher Productivity - Data entry and correction can be done efficiently, allowing the AP team to engage in other beneficial activities such as vendor relationships and data analyses. 
  3. Amplified accuracy - AI enhances accuracy tremendously. For over 95% accuracy in data extraction, watch the webinar. AI is highly accurate compared to manual processes, leaving no scope for human error of duplication or wrong entries. 

 

To overcome limitations of missed invoices, discrepancies, manual data entry errors, and more, automate invoice data extraction. 




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