Enhancing Accounts Payable Automation with Intelligent Recognition
7/24/2024 by Andy Birkey
Investing in intelligent recognition enabled AP Automation technology is not just about improving the AP process; it's about setting the stage for a more efficient, accurate, and future-ready financial management system.
Intelligent recognition refers to the use of technologies such as optical character recognition (OCR), machine learning, and artificial intelligence (AI) to accurately identify and process data from various sources.
Intelligent Recognition in AP Automation
MetaViewer uses Intelligent Recognition functionality to automatically identify, extract, and process data from documents like invoices, receipts, and others to significantly enhance the efficiency and accuracy of AP automation.
Document Capture
MetaViewer captures digital invoices automatically through monitored email boxes or shared folders, streamlining the initial step of document handling.
Data Extraction
Intelligent Recognition utilizes AI machine learning to extract the data from invoices. Because Intelligent Recognition processes millions of transactions, it gets incredible results because it’s constantly “learning”. If there are any misreads, you can simply correct them right in the standard browser workflow. This engine is so good that it can even read handwritten invoices with a surprising degree of accuracy.
- Speed: Processes documents rapidly.
- Accuracy: Achieves an extremely high degree of accuracy with complex structured documents.
- Efficiency: Requires minimal human intervention thanks to its self-learning capability.
Integration
MetaViewer’s system cross-checks the extracted data against existing records and business rules. It integrates seamlessly with ERP systems and financial software, ensuring that your data is always accurate and up-to-date.
Future-Proofing the AP Process
As businesses continue to grow and evolve, the volume of invoices and financial documents they handle will continue to increase. AP Automation provides a scalable solution that can adapt to the changing needs of the business. By leveraging machine learning algorithms, AP Automation solutions equipped with intelligent recognition functionality can continuously improve their accuracy and efficiency, ensuring that the AP process remains optimized even as the business expands.
By investing in AP Automation today, businesses can future-proof their AP processes and stay ahead of the competition.