OCR invoice recognition
OCR invoice recognition revolutionises the processing of invoices: It extracts invoice data precisely and in real time, reduces manual input errors and cuts processing costs. The result? Optimised workflows and increased productivity.
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In 99 seconds, we explain the benefits of AI-powered document processing, how our IDP technology works, the different solutions we offer and the types of documents we can process.
Typical use cases of our AI software
Whether claims, procurement processes or invoice processing – our AI-based IDP platform solves a variety of use cases and helps companies to increase efficiency, increase sales and reduce risks.
Delivery Bills
Can delivery bills also be processed? Yes, that’s no problem. Delivery bills accompany the delivered goods and confirm which items were delivered and in what quantity. They are important for reconciliation with the invoice to ensure that the items delivered match the items invoiced.
Your benefits with ExB
Compelling Numbers: These four benefits clearly illustrate how our IDP platform improves your business.
What is OCR invoice recognition?
Optical Character Recognition (OCR) is a technology that makes it possible to convert printed or handwritten text from images or scanned documents into machine-readable formats. By using complex algorithms, OCR systems are able to accurately extract text from physical documents and convert it into digital formats that can then be processed, searched and archived. One special area of application for this technology is the automatic capture of invoice data using OCR technologies. Invoices are automatically scanned and analysed to extract relevant information such as invoice number, date, payment amount, supplier data and item. ExB’s IDP platform not only offers precise extraction of this data, but also checks its accuracy and completeness. It also enables seamless integration of the information into existing accounting and ERP systems.
Advantages of OCR invoice recognition for companies
Entering invoices manually can be time-consuming and error-prone. Companies lose valuable resources if they have to process invoices manually. Input errors can lead to payment delays, discrepancies and, in the worst case, financial losses.
ExB’s OCR software captures your incoming invoices fully automatically. Automation increases both efficiency and accuracy and offers numerous advantages for day-to-day accounting:
- Time & cost savings: with OCR technologies, you can speed up invoice processing, reduce manual input and cut operating costs through efficient use of resources.
- Error reduction: Automated data extraction minimises the risk of human error and increases the accuracy of invoice data.
- Increased efficiency: Automated invoice recognition optimises workflows and increases the productivity and competitiveness of your company.
- Improved compliance: The accurate capture of invoice data and digital archiving support compliance with legal regulations and internal guidelines.
Automatic invoice recognition with OCR - how it works
The process of automated invoice recognition begins with the capture of all incoming invoices, which can be in both digital and physical form. Digital invoices received by email, for example, are captured directly, while physical invoices must first be scanned and converted into a digital format. Data is then extracted using OCR technology. Optical Character Recognition (OCR) automatically extracts the relevant data from the invoice – such as invoice number, date, amounts, item descriptions and supplier data.
The captured data is then analysed using artificial intelligence (AI) and machine learning (ML) to identify and interpret patterns, layouts and key elements of the invoices. By using these technologies, ExB’s IDP platform not only enables the digitisation of incoming invoices, but also their classification and plausibility check so that discrepancies are quickly identified.
For example, the recorded invoice data is compared with the corresponding order data. If the information matches, the invoice is authorised for payment. In the event of discrepancies, such as different amounts, the invoice is forwarded for manual checking. The extracted and structured data is then automatically integrated into your company’s existing accounting or ERP systems. This entire process takes place in real time, which enables invoices to be processed quickly and efficiently.
Areas of application for OCR invoice recognition
ExB’s automated invoice capture opens up numerous areas of application in various industries.
- Retail: Automated invoice capture enables faster payment processing and improves accounting efficiency, allowing companies to respond more quickly to customer enquiries.
- Healthcare: Automated capture of patient and provider invoices reduces administrative overheads and creates valuable resources for patient care.
- Financial service providers: OCR technology speeds up the processing of credit applications and shortens payment cycles. Precise data extraction reduces the error rate and facilitates the rapid identification of payment deadlines and discrepancies, which optimises liquidity planning.
- Manufacturing: Automated recording of supplier invoices enables more precise monitoring of expenditure and optimises cash flow management.
- Logistics: Automated capture of freight and supplier invoices contributes to improved traceability of transactions and optimises the entire supply chain by enabling faster processing of payments and more accurate cost control.
Efficient invoice recognition with the ExB IDP platform
Our IDP platform offers far more than traditional text recognition using OCR. It combines Optical Character Recognition (OCR) with advanced cognitive technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP) to not only recognise invoices, but also to understand and process them.
Our IDP solution is a comprehensive all-in-one solution for your invoice processing. From automatic capture and analysis to intelligent processing and validation. With our AI-supported software, we solve your specific invoice processing challenges and increase the efficiency of your business processes. Contact us today or arrange a free product demo to find out how our IDP software can revolutionise your invoice processing and save you valuable time and resources.
Is AI worth it?
Artificial intelligence (AI) is increasingly finding its way into our everyday lives and corresponding solutions will become a natural component of digital change in large companies and German SMEs in the coming years. But is AI also worthwhile for your company?
“Thanks to ExB’s software, we were able to master the challenges of document processing in the logistics sector. The automatic assignment of order documents and the generation of instructions for our employees have significantly simplified and accelerated our processes.”
“ExB’s advanced technology enabled us to not only overcome AGILA’s challenges in animal health insurance, but also to provide added value. The high precision and automation of ExB’s AI extraction was a key factor in this.”
“When it comes to innovation, we’ve come to see ExB as the thought leader in AI and IDP, and a valuable sparring partner capable of championing the key strategic role of ML and automation.”
“Thanks to the collaboration with ExB, we have been able to tremendously optimize our email processes in conjunction with our procurement system. It is as if we have received a digital extension of our team, working tirelessly and accurately.”
Further information on OCR invoice recognition from ExB
Explore our comprehensive platform overview, discover the benefits for your industry and expand your knowledge with our informative IDP blog and advice section.
Find out what IDP is, how our platform works and what advantages it offers.
With ExB, you can automate your document processing - no matter what industry your company belongs to.
In our blog, we report on the latest developments and explain exciting trends relating to IDP and AI.
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