In the modern world, when we are all in a hurry and time is never enough, conveniences like intelligent document processing solutions are a way to optimize costs and workflow. Such software developments are increasingly in demand and used in various business sectors, as they are suitable for small and large firms.
With the help of the program, the accounting process is facilitated and employees have the opportunity to focus on more productive activities such as improving the company’s portfolio and not only. Frankly speaking, the benefits are really many.
Intelligent document processing solutions – what is it about?
If you still don’t know much about intelligent document processing solutions, you will find interesting information in the following lines:
- each invoice could be routed for approval and then the system updated with new information related to the payment – this step is implemented based on preset settings and work rules;
- extraction of information such as product descriptions, amounts and customer names – with such an operation, the need for “manual” intervention in the preparation of accounting documents is completely canceled;
- combination of several algorithms – when it comes to intelligent document processing solutions, several algorithms are used. These are OCR (Optical Character Recognition), NLP (Natural Language Processing), ML (Machine Learning) and AI (Artificial Intelligence). The combination of these three beneficial algorithms aims to optimize the accounting process and impose new “rules” in the processing of documents.
Generally speaking, the principle of intelligent document processing solutions is to transform textual meanings into digital ones, generally speaking, by setting specific rules and principles for work beforehand. Apart from creating and sending invoices, the software is also used to manage contracts, as well as for a detailed analysis of the monthly financial statements.
What tasks the software can perform?
Intelligent document processing solutions are a way to facilitate the work of employees in a given company, because this type eliminates the need for manual entry and processing of company documents such as invoices, contracts, reports, etc. for this reason, the program is so sought after by owners of small and large businesses in various sectors.
Through such software solutions, a better and financially sustainable structure can be created, as well as a positive company image can be reinforced. Intelligent document processing solutions are designed to “do” several things, including capturing data by scanning the document or sending it in PDF format, extracting the information important for processing, and generating an invoice.
Advantages and fields of application
Invoice automation process is an innovative accounting method that is popular for its many advantages. Among its biggest advantages is the increased efficiency thanks to automated work processes, the achievement of greater accuracy compared to manual accounting, the reduction of labor costs and last but not least – the possibility of making more correct business decisions based on.
As for the application of intelligent document processing solutions, the software has an application in many business areas – law, production and trade, finance and accounting, human resource management, medicine and healthcare, e-commerce, the marketing industry and many more.
Many people wonder how big a company needs to be to make the investment in intelligent document processing solutions worth it. The software would have application in mid-sized companies to large corporations where there is a complex financial structure with many employees. In the second cases, it is even mandatory to pay for the optimization of the accounting process with the help of such limited developments.
In conclusion, it is good to say that intelligent document processing solutions are suitable for companies that generate a large volume of documentation every month. In order not to waste time in their manual processing and creation beforehand, it is necessary to replace the manual method with an automated one – thus achieving much better accounting and financial results in the long run.