Templateless Approach To Intelligent Document Processing
One of the common challenges with most Intelligent Document Processing (IDP) solutions is their reliance on a template-led approach, which typically involves creating and maintaining individual templates for different document types and variations. While templates are effective for processing structured and standardized documents, they can fall short when dealing with documents that have extensive unstructured […]
Is Your Finance and Accounting Function Missing Out on the Power of Unstructured Data?
Documents are integral to key business processes, and enterprises have traditionally relied on knowledge workers to manually process documents or use fragmented automation tools/scripts. Research indicates that approximately 80% to 90% of the data generated and collected by companies is unstructured, lacking clear organization or formatting. This unstructured data, often referred to as “dark data,” […]
Streamlining Finance and Accounting for CFOs – Championing Future Opportunities
Introduction As a CFO, you are at the forefront of driving financial success and shaping your organization’s future. However, your responsibilities in handling various functionalities and overseeing daily operations often consume more time than you can spare from focusing on the holistic growth of your organization. Additionally, outdated workflows with manual validation or approval processes […]
Accounts Payable Process Automation – Single Platform To Manage AP
Accounts Payable (AP), a vital process in the Finance and Accounts domain, has come a long way in the last few years in adopting automation. Although many still perceive it as simply the process of reviewing bills, it involves much more than that, and managing it can become challenging over time. According to Modern Treasury’s […]
Using AP automation to educe accounts payable discrepancies and boost satisfaction
Accounts payable is a crucial aspect of maintaining positive cash flow and strong vendor relationships in most companies, especially larger ones. It’s easy to underestimate the importance of maintaining good relationships with vendors until you need their support for rush orders or special pricing. Unfortunately, AP teams often face various challenges in their daily work. […]
How automation in AP works and how it can improve your accounting process
Accounts Payable is one of the most vital processes across industries. The amount of time organizations take to manage the workflow due to multiple data points, sources of information, multiple invoice formats, and touchpoints can be massive. Automating the entire process can help streamline the process by leveraging business intelligence. Further, it reduces the time […]
Can IDPs be a Better Fit than RPAs for Automating Financial Auditing
Audit firms need to convert financial documents of companies into standard formats to do a credit analysis or/and financial audit. Businesses provide a variety of documents in a variety of formats. The first stage is to convert the financial information into a standard format for credit analysis. Documents such as invoices, purchase orders, checks, receipts, […]
How IDPs can Transform your Invoice Processing better than RPAs
Documents such as invoices, purchase orders, checks, receipts, etc. have no standard format. However, businesses need to enter the information from these paper documents into the financial systems and ERPs. A lot of manual effort is spent in classifying the documents and extracting the data for analysis. As time is limited, errors generally creep in, […]
Maximizing the ROI of your RPA investments with IDP solutions
Business process which involves documents need robust Intelligent Document Processing (IDP). The documents could be structured, semi-structured, or unstructured. The common goal is efficient classification and extraction of information. The advancement in computer vision, Artificial Intelligence, Machine Learning, and NLP techniques has provided the much-required lease of life to the legacy OCR / ICR solutions […]
