Automated Invoice Processing with AI

Automated Invoice Processing with AI apply Deep Learning to detect regions of interest in an invoice such as supplier name, invoice number, table items and price. Besides that, it also apply Optical Character Recognition (OCR) to extract the text.

Transform these data from unstructured into structured to use them in automation processes.  For instances, transform automated invoice entry into database, accounting and invoice creation.

Pain Points

Manually entering invoice data into a spreadsheet or database consumes valuable time that can be used to perform more value-adding tasks. The invoices are not processed immediately upon receipt as the employee performs different tasks as well thus creating delays. Spikes in invoices can cause employee to not be prepared to handle it causing further issues to the business.

Solutions

This solution takes invoices and feed them into a Deep Learning algorithm to detect regions of interest that contains relevant information. Then, texts from these detected regions are extracted using Optical Character Recognition creating structured and labeled data for further processing. Structured data enables automation of the process using Automation Technology such as RPA. These invoices can now be entered into a spreadsheet or database automatically using the RPA capability of interacting with user interface. As the technology uses the same user interface as a person, it only introduces minimal changes to a company’s system saving the cost of system changes/modifications.

Business Value

  • Significantly reduce processing time as the robot executes tasks faster than a human. The employee can focus on other value-adding tasks.
  • Instant invoice processing. Invoices are processed directly upon receipt instead of waiting for the employee to finish other tasks.
  • Creates more automation opportunities. Converting the invoices from unstructured to structured data allows for more automation to be done on the data such as automated accounting and data validation.

Similar AI applications

  • Data validation for accounting. Cross-check bank statement of a company and compare with the invoice database to ensure all transactions are the same.
  • Extraction of data from identification card or work tags. Using similar technology to detect a region of interest and automatically obtain labeled data from an ID card or work tags.
  • Travel Data Extraction. Extract relevant information from a ticket image and automatically fills it into the database, expense form or create schedule item in calendar.

Learn more about how AI can help process invoices faster