I am delighted to share the exciting news with all of you — Today, Kanverse.ai is coming out of stealth mode. We will share more on our journey and unveiling of our AI-powered Intelligent Document Processing (IDP) product.
How did the idea for Kanverse.ai emerge?
Enterprises handle a plethora of documents daily. These documents enter business processes through multiple channels and in various formats - paper, PDF, images, forms, etc. These documents are often manually processed by humans, and then the relevant data is manually entered by personnel into systems of records like ERP, CRM, HCM systems. Employees are engaged in reviewing and verifying the data from incoming documents manually.
However, this is a huge point of concern for process owners!
Relying entirely on human efforts to process the documents and analyze the information leads to longer cycle times, unwanted errors, increased costs and hampered productivity. These manual and repetitive tasks are time-consuming and hamper staff morale. These physical records are often stashed into warehouses that leads to recurring costs.
Kanverse.ai emerged to address these multitude of challenges Enterprises are facing around the world today.
About Kanverse Cognitive Automation
Kanverse is a Cognitive Automation platform that enables various use cases across the enterprise to remove bottlenecks, streamline business processes, and minimize manual touchpoints.
Kanverse IDP is built on Kanverse multi-tenant SaaS platform. It automates document processing for enterprises across business processes using a combination of Artificial Intelligence (AI) Technologies, Optical Character Recognition (OCR), Business Rules and Workflows. It uses a combination of Artificial Intelligence (AI) technologies which includes - Computer Vision, Natural Language Processing (NLP), Fuzzy logic and Machine Learning (ML) to streamline business processes, build resilience, and mitigate risks.
Zero-touch Invoice processing with Kanverse IDP!
Accounts payable (AP) leaders have tried to automate AP workflows to prevent manual processing of invoices with mixed results. However, paper and pdf invoices haven’t gone away. Team members often find themselves engaged in keying data into the ERP system manually. They are switching across repositories to verify and validate the data. Team members get distressed when exceptions arise; troubleshooting the same becomes a daunting task.
Manual and repetitive tasks hamper AP team’s productivity and morale, leading to unwanted errors. Inefficient processing of documents and information leads to process bottlenecks and hampers productivity.
Enterprises can now finally get rid of all the hassle involved with the processing of invoice with Kanverse IDP.
Kanverse IDP can ingest and identify incoming invoices from various channels – Email, SharePoint, FTP folder, Portals, etc. Patent-pending technology used in Kanverse eliminates the need to build templates for data extraction. Customers are witnessing extraction accuracy up to 99.5% with Kanverse AI. It can seamlessly parse multi-page, skewed, and multi-invoice documents. Kanverse’ vision model can seamlessly recognize vendor logo, identify header and more importantly all the line-item information.
A library of out of box and custom business rules validate the extracted data with existing records in the ERP systems like Oracle EBS and Fusion. It automatically pulls information like PO details, GL Code, Cost Centre for verification purposes.
The system notifies AP team members in case of mismatches and guides the operator through the resolution process. Most of the invoices can be automatically approved and published to the ERP system by Kanverse IDP with no touch from AP staff.
What’s Next?
Our journey has just begun. For the past few months, our team has worked hard to release the product and prepare for its launch. Today for the first time, we are officially unveiling it to the world. We are deploying Kanverse IDP already at customer sites and delivering unprecedented benefits to them. If you wish to know more about How AI is revolutionizing document processing across business processes and see it in action, I encourage you to visit Kanverse.ai and request a demonstration from us.