According to market research, the biggest challenge to achieving quick results in accounts payable automation is the availability of large volumes of structured data sets to AI. Invoices are a perfect example of large volumes of labeled data and represent an opportune area to initiate AI-enabling technology.
NDS InfoServ Intelligent Automation (IA) solution deploys computer vision techniques enabling computers to see, identify and process images in the same way that human vision does, and then provide appropriate output. Combined with Natural language Processing that helps computers understand, interpret and manipulate human language, NDS’ IA goes beyond traditional Optical Character Recognition (OCR) capture, providing intelligent data capture and automated data extraction.
Machine Learning allows computers to learn automatically without human intervention or assistance and adjust actions accordingly. For Accounts Payable, machine learning includes the intelligent extraction of line and field data that incorporates the understanding of the overall structure of an invoice.
Machine learning technology allows the system to recognize patterns, such as when a certain general ledger code is applied to a certain invoice; and learn overall structure of an invoice in order to extract all the meaningful data automatically.
The system will learn these patterns and will suggest codes to the users coding them or find all the totals, amounts, and details contained within the invoice. AI recognizes the result and knows how to process, validate and recommend this data. This will reduce the amount of time AP spends on keying and correcting data.
Robotic accounting’s benefits are both financial and operational, including: