How Intelligent Automation Enhances Invoice Extraction Efficiency
Domain : Supply Chain
For a supply chain customer in the United States, faces a significant challenge with managing a high volume of invoices, averaging around 5,000 invoices per day and over 1 million invoices per year. The manual process of extracting data from these invoices was time-consuming, required substantial resources, and made it difficult to meet SLAs.
Challenges
- High Volume: Processing around 5,000 invoices daily manually was labor-intensive and inefficient.
- SLA Compliance: Meeting SLAs was a challenge due to the time required for manual data extraction.
- Categorization: Invoices needed to be categorized by region and language, adding to the complexity.
- Data Accuracy: Ensuring accurate data extraction and post-processing was critical.
Solution
To address these challenges, the firm implemented AI platform to automate the invoice extraction process.
- Invoice Pickup: The platform pick up the invoices from a cloud location.
- Classification: The AI models classify invoices based on type, region, and language, filtering out eligible invoices.
- Data Extraction: The AI models extract data from valid invoices and perform post-processing steps to clean up the data.
- Data Conversion and Upload: The extracted data is cleaned into JSON format and upload it to a cloud location for further processing.
Benefits
- Efficiency: Automation reduced the overall processing time per invoice to just a few minutes.
- SLA Compliance:SLAs are now met within just 10 minutes, significantly improving compliance.
- Resource Optimization: Reduced manual effort and resource allocation for invoice processing.
