“Practically every organization struggles with capturing invoice data, but once the data is captured, what happens next?” said EchoVera CEO Ralf Leitner in the release. “Our clients use Palette AP Automation for the automated invoice approval workflow and (purchase order [PO]) matching capabilities.”
Invoice data capturing usually happens through manually keying in data from paper or printed invoices, or scanning the invoices through older OCR software, which might not be as easy to use and might not have the capabilities to handle complex documents, the release stated.
Organizations have had issues with invoice capture, and over 90 percent of companies in North America use paper-based ways of getting them, according to the release. Seventy-five percent of companies also input all information manually.
EchoVera’s Intelligent OCR can “automatically and intuitively” detect unique supplier invoices based on their layouts, the release stated.
It can capture data from the wide array of electronic formats and learn invoice layouts and data fields, storing them in a database, according to the release. The info extracted is then available in a central dashboard.
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The solution can be used to capture both header and line items from single- and multiple-page documents with hundreds of lines, the release noted.
Research has shown that half of businesses, which yearn for fast, convenient, cost-effective solutions, will be on cloud-based platforms by 2022. But that will come with logistical, organizational and social hurdles to clear.
ERP systems and third-party solutions using artificial intelligence (AI) can help with optimizing payments processing, adding more flexibility for users.
