NDS AI Solution TRANSFORMS ACCOUNTS PAYABLE

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.

COMPUTER VISION

NDS 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 OCR capture, providing intelligent data capture and automated data extraction.

MACHINE LEARNING

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 PROCESS AUTOMATION

Robotic accounting’s benefits are both financial and operational, including:

  • Non-invasive application. Robotic accounting is both a bridge and a layer, sitting on top/across current infrastructure, reducing reliance on needs to change a company’s IT infrastructure
  • Customizable workflow. RPA in finance and accounting is not confined to one part of a process – it can be applied to multiple processes at one time; accounts payable, accounts receivable, financial close, controller work, financial planning and analysis, expense management, and even tax.
  • Nonstop performance. Finance and accounting RPA have no working hour limitations. They can run 24/7/365, increasing productivity to levels traditional work can’t reach.
  • Consistency and reduced errors in work. Robotic accounting excels at error free data movement with reduced output variability.
  • Major lifting. With robots in accounting taking care of slow data entry type work, human workers are free to tackle high value work where they’re truly needed. You wouldn’t think it, but robots can actually make humans happier!
  • Ease and speed of installation. A robot can be installed in less than a week. But – you have to do that analysis to figure out the best bang for your buck in terms of where to install them in your accounting operations first.
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