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The case for AI-powered Accounts Payable (AP) Automation: Calculate your unrealized savings

Why should businesses care about Intelligent Document Data Capture and AI Automation Software?

October 28, 2020

The global business environment has been disrupted by the growing need to innovate business models and processes. The extensive growth of the digital economy has resulted in the explosion of big data. The demand for advanced analytics solutions to make informed decisions from the generated data is increasing. Scalable cloud computing platforms are enabling the ultimate digital transformation stories for multiple enterprises.

As these companies seek to improve margins, gain competitive advantage, reduce costs, and cater to the changing customer requirements – digitization initiatives play pivotal roles by being the foundational pillar of modern-day business strategy. Early adoption of emerging technologies like Artificial Intelligence (AI) and automation are witnessing an increase in market share, enhanced value creation for customers, and increased customer base.

Learn from Karan Yaramada (CEO and Founder – Kanverse.ai) about How Enterprises can Leverage AI to Make Document Processing Touchless.

What is intelligent data capture?

Enterprises handle plethora of documents every day. These documents are often manually processed by humans, and the relevant data is then manually entered into the enterprise application systems for storage and future retrieval purpose. Natively data capture solutions extract data from incoming documents powered. An intelligent data capture software identifies and extracts the critical information from the incoming documents (paper and electronic versions) without any human agent's guidance. It also can process documents coming from multiple channels in the enterprise. This data is then verified and validated based on custom business logic and automatically exported to downstream applications.

Kanverse Intelligent Document Processing approach combines AI, ML, OCR, and NLP technologies with automation. It helps organizations achieve a paradigm shift over traditional ways by which businesses read and process paper and electronic documents to unlock their value in real-time. Learn more about the 10 Things you need to know about Intelligent Document Processing (IDP) products.

Three reasons why you need intelligent capture powered AI automation software for your business processes

  1. Building effective and resilient business processes –

    On an everyday basis, enterprises witness inflow of multiple documents into the system, ranging across – electronic/printed/handwritten documents, images, emails, or even web-based content. Processing this massive pile of information without a data capture solution daily is challenging and often can lead to an increase in costs. Also, entirely relying on human efforts to process the data can lead to unwanted errors, further hampering productivity.

    An AI powered automation software captures and extracts data from documents entering your enterprise. It then organizes the information based on the business need. The raw data is also sanitized and cleansed by the system during processing. Once the data has been validated and verified, the system automatically exports it to downstream business applications. AI and advanced machine learning (ML) algorithms power the whole process. Over time your business process becomes more resilient to disruptions and helps to mitigate risks.

  2. Effective data processing ensures uninterrupted continuity across business process -

    Data capturing software are trained based on previously seen document type across your business workflows. Training is enforced using advanced ML models, making the document capture system intelligent. It then seamlessly captures and extracts the relevant data from documents. Previously a data processing error had the potential to halt the complete business process.

    "According to research by Gartner - Organizations believe poor data quality to be responsible for an average of $15 million per year in losses."

    It turns out poor data quality are the result of processing bottlenecks and it can be too expensive for enterprises of all sizes to afford. Not only does inaccurate data entering your enterprise systems have the potential to stretch your financial resources, but it also negatively affects your efficiency, productivity, and credibility to customers.

    Automating the document data capture process with AI automation software simplifies data processing and eliminates the chances of entry of inaccurate data to downstream business applications. Effective data processing ensures uninterrupted continuity for your business processes.

  3. Ensuring Data Integrity and Quality

    Native to the digital economy, modern-day business decisions result from analyzed data. Data capturing tools empower business teams to organize and maintain data in accessible formats based on business requirements that are easily retrieved.

    With the advent of AI, the value and need for structured data have grown significantly. Newer data capture tools are helping empower companies to explore new opportunities leveraging AI-powered analytics solutions to understand the hidden aspects associated with the data - which can majorly influence business decision making. It has become an essential practice in global organizations to maintain a competitive advantage. It has gained massive traction because enterprises rush to provide personalized service to customers.

    When there is holistic visibility of a business process and data integrity is ensured across all storage warehouses, that is when process owners can leverage AI-powered analytics solutions to extract and analyze the data from stored applications based on the requirement. The code to successful decision making is the quality of data held, and intelligent document data capture helps maintain data integrity and quality of your business data.

About Kanverse.ai

Kanverse Accounts Payable Invoice Automation digitizes document processing for enterprises from ingestion, classification, extraction, validation to filing. Extract data from a wide gamut of documents with up to 99.5% accuracy using its multi-stage AI engine. Say goodbye to manual entry, reduce cycle time to seconds, optimize cost by up to 80%, minimize human error, and turbocharge productivity of your team.

AP automation software like Kanverse APIA (AP Invoice Automation) is built to do the heavy lifting across your AP cost centers while your staff can focus on productive and business-critical activities.

Schedule a demo with us today to find out more.

About the Author

Aritro Chatterjee, Product Management, Kanverse.ai

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