To automate accounts payable (AP) procedures, Ephesoft, Inc. rolled out its Semantik Invoice cloud-based data acquisition product. The company said in an announcement that the out-of-the-box artificial intelligence (AI) technology has been shown to decrease costs and sizably reduce the time it takes for invoice processing, according to an announcement.
Semantik Invoice takes important information from invoices and brings the data into enterprise resource planning (ERP), robotic process automation (RPA), enterprise content management (ECM), workflow systems and other business technologies for "downstream processing." The reader technology of Ephesoft recognizes important fields like invoice date, ship date and terms, among other data.
Ephesoft Founder and CEO Ike Kavas said in the announcement, "As companies look to reduce costs and move more transactions to the cloud, there is a market need for solutions that are highly scalable and have a quick time to value." Kavas continued, "With more than half of invoices still processed manually and taking on average 8.5 days, AP processing is ripe for innovation."
The company noted that an IDC industry report forecasts that public cloud capture technologies will have a compound annual growth rate (CAGR) of 29.3 percent by 2023 as more firms seek to adopt micro service architectures enabled by the cloud and harness more sophisticated AI models.
In separate news, Basware, the Finnish software company, announced an upgrade of its accounts payable (AP) automation solution to enable higher invoicing functionality per news in April. Basware said at the time that its new AP Pro has a new user interface and additional advanced options.
The new technology will reportedly speed up invoice payment and use a new dashboard that will serve as a “one stop shop” for key accounts payable functions. It is also said to enable enhanced organization that can assist in completing tasks faster. The updated software will also increase the ability to process late payments and logjams with the help of machine learning and AI.