Companies spend an average of 5,90 Euro on processing each of their invoices manually. This amount can vary significantly because the correct booking of invoices in anything but easy in various sectors and applications. By automating your invoice management you can save costs. In order to automate, many factors have to be taken into consideration. Simple text recognition and OCR solutions just don’t address all of these factors because they only work on the basis of simple keyword and synonym comparison. In order to cope with the complexity of invoices, sopfisticated semantic text analytics tools are necessary. Sophisticated text analytics tools that build on OCR solutions are exactly what we offer.
Intelligent Invoice Management by Using Semantic Text analytics
With the help of our semantic text analytics solution you can be sure that all factors necessary for your invoice management are addressed, thereby rendering manual post-processing almost unnecessary. We combine our text analytics software with our high-performance web mining system to get all relevant information for comparing components.
Invoice components used for comparison:
- Identification of service and goods types
- Verification of IBAN-numbers and BIC-Codes
- Identification of customers according to customer number
- Matching of invoice number and booked order even if OCR quality is poor
- Normalisation of invoice elements (e.g. 3 pieces instead of 3 pcs)
- Verification of customer account and address even if OCR quality is poor
Only if all these invoice elements can be recognized and matched automatically can invoices be booked correctly and booking errors prevented.