Invoice Processing with DeepScan
DeepScan is an innovative product that uses Artificial Intelligence (AI) and Machine Learning (ML) to recognize and extract data from physical documents like images or PDFs.
It’s been a game-changer in the field of invoice processing.
Here’s an episode of Technical Discussion about the product with one of our customers!
Surane: Traditional invoice processing has a lot of drawbacks. It’s time-consuming, error-prone, and expensive. Moreover, it’s tough to scale without a proportional increase in resources.
Mithun: That’s true. I’ve experienced those challenges firsthand. But how does DeepScan overcome these issues?
Surane: Great question. Firstly, DeepScan leverages AI and ML technologies for data extraction. By recognizing patterns in data, it can accurately extract essential data from physical documents automatically, saving time and reducing errors.
Mithun: That sounds impressive, but what about the verification process?
Surane: That’s where DeepScan truly shines. It has an automated verification feature, where it matches the details from invoices, like names, addresses, unique numbers, or even stamps and signs, against the database to ensure accuracy. This reduces the risk of processing incorrect invoices.
Mithun: So, I guess it must be saving a lot of costs and time too?
Surane: Absolutely, Chris. By reducing manual intervention and speeding up the process, DeepScan leads to significant cost savings. And because it’s more efficient, it also improves overall operational efficiency.
Mithun: But what about when a company needs to scale up its operations? Wouldn’t they have to invest more in this product or hire more people to oversee it?
Surane: Actually, no. That’s another benefit of DeepScan. It can handle large volumes of data effortlessly, making it highly scalable. When you need to scale up, you don’t need more people, just some adjustments in the system settings.
Mithun: That sounds like a comprehensive solution to all the challenges we’ve been facing with invoice processing.
Surane: Yes, indeed. DeepScan is not just a product, but a solution. It’s transforming the way we handle invoice processing, making it more efficient, accurate, and scalable. It allows businesses to focus on their core functions while the system takes care of the rest.
Mithun: It sounds like a win-win. This could really revolutionize our invoice processing, and I’m looking forward to seeing it in action. But can you elaborate more on the technical applications of DeepScan?
Surane: Certainly, Chris. DeepScan leverages two core technologies: Artificial Intelligence and Machine Learning. AI helps the system to understand and process the data on invoices, while ML allows it to learn from each new invoice it processes. It continuously improves its data recognition capabilities.
Mithun: So, in essence, the more data it processes, the smarter it becomes?
Surane: Precisely. As it gets exposed to more data over time, its accuracy in data extraction and verification improves. It’s an ongoing cycle of learning and refining.
Mithun: That’s amazing. But can DeepScan be customized to suit the needs of different industries or sectors?
Surane: Absolutely. Its flexibility is one of its biggest strengths. Whether you’re in retail, manufacturing, or the service sector, DeepScan can be tailored to fit the specific requirements of your industry.
Mithun: That’s good to hear. But can you provide me with some real-world examples or use cases where DeepScan has made a significant impact?
Surane: Of course, Chris. Let’s take the example of a logistics company. They deal with a massive number of invoices daily from various vendors and customers. DeepScan can process all these invoices, verify their authenticity, and digitize the information in record time.
Another case could be a large manufacturing company that deals with hundreds of suppliers. DeepScan can help streamline their accounts payable process by quickly and accurately verifying and processing all supplier invoices.
Mithun: Those are compelling examples, Alex. How about the security aspect? With so much sensitive information involved, how does DeepScan ensure data protection?
Surane: That’s an excellent point, Chris. DeepScan is built with robust security protocols to ensure all data is securely processed and stored. Furthermore, it complies with all necessary data protection and privacy regulations, providing an additional layer of assurance for businesses.
Mithun: I must say, Alex, I’m impressed. DeepScan seems to be a comprehensive solution for overcoming the challenges we’ve been facing with invoice processing.
Surane: I’m glad you find it promising, Chris. It’s indeed a remarkable product that’s transforming invoice processing. With its ability to enhance efficiency, reduce costs, and ensure data accuracy, DeepScan is revolutionizing how businesses handle their invoicing tasks.
Mithun: I’m looking forward to experiencing how DeepScan can make our invoice processing more streamlined and efficient. Let’s explore this further.
Surane: I agree, Chris. It’s time we embrace this transformative technology and witness the revolution it brings to our invoice processing tasks.
A run through on Invoice Processing – Document Extraction, Data Processing, Digital Field Validation and Document Verification
What is Invoice Processing used for?
Invoice processing is an accounts payable function that handles the invoice life cycle consisting of invoice receipt, invoice approval or rejection, invoice payment, and the invoice archive processes.
What are the steps for Invoice Processing?
Here are the invoice processing steps:
- Capture. Vendor invoices are received by fax, mail, email, or captured by an accounts payable system.
- Register. Invoices are prepared for approval by coding and updating the invoice data.
- Dispatch. Authorized approvers are sent invoices for a payment decision.
- Approval/Rejection. Approvers will either approve or reject the dispatched invoice for payment.
- Payment. The approved invoices are then processed for payment.
- Archive. Paid invoices are stored either in a file cabinet or online system with invoice processing history for later reference or audits.
What is Invoice Processing software?
Invoice processing software in comparison to manual paper process is a digital technology and is used by accounts payable to electronically handle vendor invoices from receipt to archive. With a solution like DeepScan, invoice processing can be automated with AI-ML features that extract and fill data fields digitally.
What is Automated Invoice Processing?
Automated invoice processing or invoice processing automation uses software to automatically perform steps in the invoice lifecycle such as data capture, and dispatch for approval. Note that invoice processing software can either be automated or manually performed by accounts payable on a computer.
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