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AI in Invoice Data Extraction

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INTRODUCTION

Do you know when the first invoice was generated in modern History? It’s in the year 1504 by a person called Hieronymus Bosch.

By then a lot of invoice and payment receivable has been given or generated mostly in forms of paper or through electronic medium . No, we are not here to give a small summary on the origination of an invoice but to reduce how we can reduce your headache in processing it.

Invoice processing is mainly essential for audit, keeping track of expenses and a lot more.

But processing thousands of invoices on a daily basis is a really tough job for a human.

Let Docextractor become your companion in doing 90 % of the job.

Besides, Docextractor is used state of the art AI algorithms to process thousands of invoices in seconds.

You might have been through some pdf to text converter, image to text converter but none of this has helped to get an effective solution.

Docextractor uses a two way process to extract the exact word you require from the invoice. Also, this includes text detection and text localization which ultimately boils down to extract curated text from pdf, text from image or documents.

Docextractor has helped businesses to reduce their manual effort by 80% through automating the invoice extraction work using AI.

So mainly you will be thinking how exactly it’s done:

 

AI IN Invoice data extraction

 

Why should you use AI for Invoice Processing

 

Preprocessing of data

The data can come in various formats, shape, size and may have color variations. This data needs to be preprocessed to get to a readable format like removing noise, increasing contrast, correcting skewness, auto cropping of region etc. After completing the step, the data is in a more readable state.

 

Algorithmic Training

This step involves training a deep learning algorithm and a NLP engine using labelled invoice data to look for curated data within the document which requires to be extracted from the invoice. After the labelled invoice is ready, the algorithm goes through sample documents which are not accurate.

 

Data Extraction

For the extraction open source libraries like Tesseract, Google vision API, Amazon Recognition are used for data extraction from different types of documents.

 

Developing API

API stands for application processing interface, all these steps are integrated into an API and is hosted to a server where these invoices can be processed with the help of a single URL. Also, the data will go through a system or will integrate itself to any ERP system.

Besides, the biggest benefit of using Docextractor is you get to see the accuracy of the extraction. Also, it helps you take a predictable step to handle terrible invoices.

Ok! So I forgot to mention the advantages of AI based invoice processing, right?

 

Benefits of using Docextractor

 

Reduction in Time

Let’s do the simple math, how you can save ample time too by not doing redundant jobs. Also, a human can easily take 5 to 10 mins to accurately do the extraction, but for a machine it’s hardly a few microseconds. So you can assume how simply you can use Docextractor to do the most time taking job.Increased accuracy of extraction

 

Accuracy

Docextractor uses state-of-the-art algorithms to curate specific data from documents, so the accuracy of extraction is very high, and even we provide the predicting accuracy so that you know which letter is or character is not accurate.

 

Reduction in operational cost

Improved data extraction will help in numerous amount of time saving, reduction in the frequency of production delays, reduced transaction and overhead costs are some operational benefits.

 

Easy integration

All the data extracted will sync itself with your ERP system for smooth flow of the data. This includes API processing. Also, the APIs will process the image and will return a JSON/xml data which is easy to integrate.

 

You own our data

The Docextractor advantage is to provide better confidentiality and security to your data. Besides, the data is not sharable with any 3rd APIs for OCR processing, you completely own the data and with encryption.

 

More about Docextractor

Our Services

Doc-Extractor helps businesses by extracting all relevant information from documents in seconds be it Process receipts, invoices, contracts, passports, and other documents, using our OCR Service

  • Invoice
  • ID Card
  • Receipts
  • Logistics
  • Bank Statement
  • Cheques
  • Number Plate
  • Images

 

Docextractor is the best data extraction software of 2021. Besides, this provides you the best possible tool to automate data extraction for every type of businesses and organizations.

Docextractor will help you extract resume data in an organized and most efficient way possible.

 

To know more about docextractor

MUST VISIT docextractor.com

 

So if you think to give doc extraction a try, please feel free to get in touch.

Schedule a call for a free consultation on Document Processing at scale.

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