INTELLIGENT OCR FOR INVOICE MANAGEMENT
By Nayan KurupInvoice Management solutions are meant to be lean, smart, customizable and process efficient. In our previous post, we learnt how Cassini's SIM is a lean solution that can be rapidly deployed (read the post here). However a very important component of any invoice management solution for enterprises is the OCR technology used.
In todays post we would cover the importance of using an intelligent OCR engine for Invoice Management.
This is the third post of the series and here we would talk about the specifics of the OCR engine and how it drives the entire Invoice Management process.
OCR Capabilities:
SIM's OCR learns and remembers from human input which enables businesses to automate incoming invoice bookings. It works with highly-reliable OCR technology which is designed for paper invoices as well. As part of a one-time activity, the OCR engine needs to be trained for all the different invoice templates. The system saves the invoice types as internal templates for future use and the next time a similar invoice appears, data is read and processed automatically.
Once trained, the OCR engine automatically detects all invoice fields. At the header level, the OCR reads the Vendor Name, the postal address, invoice number, invoice date among others. At the line item level, the solution reads the material code, material description, net price, taxes, gross price and any other data that is deemed relevant.
Being machine learning and artificial intelligence enabled, once trained, the human intervention in the invoice recognition process is almost eliminated, as the software learns to recognize your invoices and its different fields.
Vendor Invoice Management Using OCR
The OCR Process
Invoices are usually received either as physical copies or soft copies. A Watched folder is created on the server that keeps collecting incoming invoices. If an invoice is received as a physical copy, it has to be manually scanned using any available scanner. The scanner would be configured to copy the manually scanned invoices directly into the Watched folder.
For invoices received via e-mail, the software is designed to keep reading the designated email and copying the attached vendor invoices into the Watched folder. The OCR engine is configured to keep reading the watched folder at desired time intervals. A new invoice within the folder is sent to the OCR engine for processing.
On successfully being scanned, the contents are moved to SQL / ERP tables for further use. Invoices which require manual intervention are moved to a separate folder for manual verification.
Invoice OCR Technology
Please write to us on support@cassinitech.com for more information on the invoice management accelerator by Cassini or read more about the solution here
OCR technology can be integrated with ERPs in order to automate many other business processes apart from Invoice Management. Speak to our experts today to know more about the use of OCR and its integration with ERPs.
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