The new wave of digital technologies of Artificial Intelligence, Machine Learning and NLP are fundamentally changing the way the finance function of Account Payables operates. SmartAP is a digital account payable solution that provides intelligent invoice processing to help companies save significant time and costs. Through Digital Automation (AI, ML and NLP) it significantly reduces manual efforts for invoice capture and validation. SmartAP allows Account Payable staff to put aside old fashioned and time-consuming data entry tasks, and focus on optimizing financial supply chain.
What problem does SmartAP address
As organizations continue to grow, and rely on a greater number of vendors, the high costs associated with invoice processing will only continue to grow as the volume of invoices increase.
Even today, a large number of invoices coming to companies are paper-based, or from an electronic file, such as a PDF, jpeg or email. Current Enterprise Account payable products are addressing the process and workflow requirements but do not digitalize the extraction and validation process sufficiently. This limitation means, Account Payable staff members have to do manual work for invoice data capture and validation.
Manual processes are expensive and create a variety of process complexities and inefficiencies in form of approval delays, mistakes and late payments, which lead to supplier inquiries, delays and invoice disputes.
SmartAP provides a solution for significantly reducing the manual process using AI based self-learning and machine learning system.
What Solution does SmartAP provide
SmartAP is an intelligent invoice processing & automation solution that accelerates invoice capture and validation by using intelligent algorithms in combination with Digital technologies.
How does SmartAP work
SmartAP is based on intelligent extraction of text from invoice documents using OCR and post processing it using Natural Language Processing (NLP). The data runs through Machine Learning (ML) algorithms to map unstructured data into a structured database. This enables automation for data capture and validation.