Invoices andAccounts Payable
Do you know how much you pay to process each invoice?
Every business receives invoices and must manage accounts payable. Only a part of the business is fully integrated via EDI with their supply chain. From large corporations to small businesses, many still have large back offices performing data entry to integrate invoices into their ERPs.
The fact is businesses are paying a productivity tax whether they are a large business with a full BPO contract or a medium business running their invoicing accounting internally. The information must be curated and double-checked by humans. It may seem strange, but the error rate for invoices inside an ERP can be as high as 10%
DocDigitizer takes a different approach to extract data from invoices. Instead of using regular OCR templates or macro-learning processes, DocDigitizer uses machine learning to self-generate extraction algorithms for each field. DocDigitizer mimics the human learning process, but at a much faster scale.
Action
DocDigitizer can plug into your ERP via a simple API. Once set up, DocDigitizer will start learning how to extract your invoices, even if it never encountered that specific invoices format before. It takes only a few examples for DocDigitizer to learn how to extract each document, without the need for programing or defining specific templates like traditional OCR solutions.
With DocDigitizer, you can optimize up to 80% of your back office data entry and revision tasks, which translates to immediate savings.
DocDigitizer also guarantees curated information by utilizing human intervention and revision when the machine learning algorithms can’t extract the data for whatever reason. That is how we achieve nearly 100% accuracy in data extraction.
Impact
DocDigitizer has enabled banks and insurers to:
- Typically reducing costs from 40% to 80%;
- Being BPO friendly. Many of our customers are BPO operations;
- An easy way to scale up or down your invoice volume.