Let’s get some stats out of the way first! According to Research and Markets, the image recognition and data capture market is estimated to reach USD 622.03 million by 2025, with an annual growth rate of 24.82 between 2020-2025. Image recognition and capture, along with Artificial Intelligence (AI) are quickly becoming some of the finer tools to introduce optimization along systems and processes.
As more and more businesses continue to adopt digital transformation technologies to revolutionize the way work is done, they are coming to find that AI is, in fact, an enabler, and not a threat, as was, until very recently, perceived. Intelligent capture technologies with powerful image recognition capabilities are becoming a growth asset for many — capture technology used with process automation offers businesses an effective tool to manage the often painstaking, manual document-based processes. Image recognition is today finding diverse applications in various sectors including to monitor crop health, scanning, surveillance technology, product defects, food safety regulations, etc. AI-enabled systems continue to augment existing operations by providing an intelligence-based workforce to implement complex tasks. Companies are today looking to leverage the combined capabilities of AI and image recognition to implement heavy manual paperwork, especially in the case of document-based processes like accounts payable, order processing, medical claims management, etc. Document Process Automation is one such intelligent automation technology that is really a result of the combination of AI, Robotic Process Automation (RPA), intelligent data capture with image recognition, and machine learning that is useful for implementing document-dependent tasks.
Using an intelligent automation solution that processes documents along with your regular ERP software can effectively solve the challenges that come with manually handling large amounts of paperwork — sorting, filing, and data entry errors; missing reports; poor traceability of source documents; time-consuming manual cross-checking and validation; etc.
We discuss one instance of elimination of manual effort and cost-cutting achieved by integrating Artsyl’s InvoiceAction, built on its Document Process Automation platform, to automate invoice processing with your QuickBooks application.
QuickBooks is a great accounting software to get all your billing and payroll functions in order. By integrating InvoiceAction with your QuickBooks application, you now have the leverage to quickly access and work with transactional data from vendor invoices and other related unstructured business documents, without having to spend countless hours on manual sorting, data entry, and validation.
Artsyl’s InvoiceAction employs intelligent data capture technology with powerful image recognition capabilities to identify and extract data from a diverse range of vendor invoice formats and types. Normally, one would have to sort all incoming invoices and perform data entry tasks for each invoice in order to get the data into your QuickBooks application for further accounting and analysis. But manual data entry is often error-prone, so there may be instances of duplicate data entry, missing invoices, or inability to identify the corresponding vendor for a particular invoice, all of which could delay AP processing cycle times considerably. Worst of all, you lose the ability to scale operations as your business grows, while also finding it difficult to keep track of and monitor your purchase data and cash flows, even if you have a formidable accounting software in place.
InvoiceAction removes the pain out of vendor invoicing. The solution supports multichannel invoice capture from emails, ftps, fax, scan, etc. so you don’t have the option to misplace or lose invoices. Image recognition is achieved using AI and machine learning technology.
InvoiceAction has a vast library of pre-built logic and workflow definitions to process invoices that come in diverse formats. The solution’s intelligent bots perform automatic capture, extraction, validation (2-way/3-way matching, vendor lookups, etc.), verification, and export of approved invoice data to QuickBooks in no time. In case the bots come across a new invoice for which they don’t have any pre-built logic to process it, they make use of machine learning to imitate user actions used to key-in data the first time, and apply those actions for subsequent processing of similar invoices. This aspect of InvoiceAction reduces user intervention progressively, with every new type of invoice. InvoiceAction is an intelligent process automation solution that facilitates straight-through processing of vendor invoices, so you are assured of accurate, error-free data every time.
Artsyl enables QuickBooks users to instantly work with the right data every time — drastically reduced cycle times and operating costs means this professional services firm has gone from spending almost 2 weeks to now, 5 days to process invoices, evidently being able to scale operations exponentially.
The power of image recognition and capture technology, driven by machine learning — where the bots know exactly where on an invoice to look for relevant data — coupled with image preprocessing capability, offer a near-autonomous tool that will identify and prepare any document for 100% capture.
Added to this is AI-driven process automation that exports all approved invoice data straight to QuickBooks for immediate business use, making InvoiceAction a truly transformative document process automation solution.