invoice processing
for general expenses
90%+
Out-of-box model on new vendors' invoices reaches 90+% accuracy
80%+
Reduction in Exception Handling
$1M+
in annual savings
CHALlENGE Overview
The format of invoices varies depending on the vendor, which means that large companies require an adaptable and expandable AI system to handle invoice processing from a multitude of vendors.
Automating the tedious and error-prone task of examining and rectifying numerous invoices that come in diverse formats is essential. The intricate nature of these invoices and the frequency with which they change make conventional RPA template-based automation infeasible.
Client
A leading financial services institution that processes millions of invoices annually
Goal
Streamline the general invoice data extraction process, using less time and resources while achieving higher levels of accuracy.
WHAT WE DID
- AYR’s general invoice model automates invoice processing by extracting and structuring relevant data using AI Pathfinder multimodal model that combines OCR, NLP, and CV techniques.
- Data extraction: AI Pathfinder’s multimodal AI model can identify and extract key information from invoices, such as invoice number, date, amount, payment term and line items regardless of their layout and format differences.
- Seamless integration: The model connects with accounting or ERP systems, reducing manual data entry.
- Continuous learning: The AI model refines its algorithms as it processes more invoices, improving accuracy and efficiency over time.
IMPACT
- 90%+ accuracy
- 80% reduction in manual handling time
- $1M+ in annual savings
- Time to value: 6 weeks
