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Intelligent Invoice Capture Using AI Technology.

You have probably heard all the hype around Artificial Intelligence (AI). However, if you have ever wondered how you might be able to utilise this ground-breaking technology in the world of finance, we have a way.

PA Intelligent Invoice Capture uses AI which learns over time to improve its understanding of the data found on an invoice; like a human, but much less prone to human error. Understanding and accuracy increases with each invoice processed, improving results and reducing human intervention, and eventually becoming a true automated and touchless process.

We all know that automating invoice capture provides an efficient alternative to manual processing by providing benefits that not only help to significantly reduce costs, but also boost the productivity of your AP department. The average cost of processing an invoice via an automated process can be up to 20x less than manual-based processes. Increased automation speeds up your AP cycle time, reduces costs, and increases options for capturing savings.

Why AI?

Artificial intelligence (AI) is commonly regarded as the simulation of human intelligence in machines.
A subset of artificial intelligence is machine learning, which refers to the concept that computer programs can automatically learn from and adapt to new data without human intervention.

If you have experienced OCR systems in the past, you will agree that they are notoriously high maintenance and have inconsistent accuracy rates. The advent of AI technology reduces human touchpoints. This offers much higher accuracy levels than historical template-based systems, including:

  • Innovative AI Engine extracts data from invoice.
  • Simplifies and enhances the human process.
  • Measures performance in real time.
  • Self-learning improves understanding over time.
  • No need to maintain invoice templates for suppliers.

As you would expect from a Professional Advantage solution, PA Intelligent Invoice Capture is deeply integrated with both Infor SunSystems and iPOS eProcurement. As invoice data is extracted, it is then contextualised and automatically structured to meet the requirements for invoice entry in iPOS or Infor SunSystems. Rules and logic are applied to add coding held within Infor SunSystems such as Supplier Codes. Where an invoice is the result of an order that has been processed through iPOS, the system adds required information to allow for easy automatic matching to the order and presents the invoice to iPOS for processing. For direct invoices, with no associated order, the invoice is presented to iPOS and passed for approval and further coding based on built in business logic. Images of the invoice are visible to approvers and operators within iPOS.

PA Intelligent Invoice Capture is currently only available as an add on to iPOS—but watch this space: later in the year we’ll be releasing a version for non-iPOS users.

If you have any questions or want to know more about PA Intelligent Invoice Capture,
contact your Inside Account Manager.