Computer Vision, Workflow and the Invoice
Imagine an A/P specialist who is able to convert a workday of manually processing invoices to one where computer vision accurately captures invoice data, identifies errors and populates missing data. In the event of an invoice exception, the specialist has guided workflow on the decisions needed. In addition, suppliers have access to the latest information on payments via an AI-enabled chatbot, which can guide them through open items, keeping all stakeholders operating on the same real-time data set.
Invoice processing today is a tiered, time-consuming process that can frequently hinder timely, accurate payments to suppliers. Many enterprises lack a managed service platform for Invoicing operations. Many invoices contain incorrect data used during requisition, that can delay invoice processing, and exception handling can be backlogged. Attempts to streamline, including OCR services, are frequently at sub-standard performance levels due to training challenges, one of a multitude of gaps leading to the inability to identify variation in data, or populate missing information.
Solution components include:
– Autonomous invoice conversion using computer vision and ML-based template creation, field recognition, and financial coding
– Intelligent exception management workflow using ML-based exception rules
– A fully touchless invoice, including Non-PO invoices
Invoicing as a Service can deliver:
– Improved supplier partnerships through real-time conversational feedback and timely payments to suppliers
– Significant reduction in invoice management manual effort and data identification / resolution