Written by Jeremiah Peter, Solution specialist-Advanced Services Group, Contributor: Amita PM, Associate Tech Lead at Powerupcloud Technologies.
According to a recent survey by a US-based consultancy firm, organizations spend anywhere between $12 to $20 from the time they receive an invoice until they reconcile it. The statistic is a stark reminder of how organizations, in pursuit of grand cost-cutting measures, often overlook gaping loopholes in their RPA adoption policy- All or nothing!
This blog makes a compelling case for implementing RPA incrementally in strategic processes to yield satisfactory results. Streamlining the invoice management process is, undoubtedly, a judicious leap in that direction.
Unstructured invoice dilemma
In a real-world scenario, data in invoices are not standardized and the quality of submission is often diverse and unpredictable. Under these circumstances, conventional data extraction tools lack the sophistication to parse necessary parameters and, often, present organizations the short end of the stick.
Consequently, most invoice processing solutions available today fail to reconcile the format variance within the invoices. The Powerup Invoice Processing Application is a simple Web Application (written in HTML and Python) that leverages cloud OCR (Optical Character Recognition) services, to extract text from myriad invoice formats. Powered by an intelligent algorithm, the solution uses the pattern-matching feature to extract data (e.g. Date MM-DD-YYYY) and breaks free from the limitations of traditional data extraction solutions.
A high-level peek into the solution
Driven by a highly user-friendly interface, the Powerup Invoice Processing Application enables users to upload invoices (png, jpg) from their local workstations. The action invokes a seamless API call to Google OCR service, which returns a long string object as API response. A sample of the string is presented below:
Subsequently, the string is converted to a human-readable format through a script, which uses a Python-based Regex library to identify desirable parameters in the invoice such as date, invoice number, order number, unit price, etc. The extracted parameters are passed back to the web application after successful validation. The entire process lasts not more than 10 seconds. The video below demonstrates how Powerup has successfully deployed the complete process:
Another noteworthy feature of the solution is that it seamlessly integrates with popular ERP systems such as SAP, QuickBooks, Sage, Microsoft Dynamics, etc. Given that ERP systems stash critical accounts payable documents (purchase orders, invoices, shipping receipts), a versatile solution requires integration with the organization’s ERP software to complete the automation cycle.
A brief look at the advantages offered by invoice processing automation can help you assess the value delivered by the solution.
The adoption of Powerup Invoice Processing Application helps organizations reap the following benefits:
- Deeply optimized invoice processing TAT resulting in quicker payment cycles
- Up to 40% cost savings in procurement and invoice processing
- Highly scalable solution that can process multiple invoices in a few minutes
- Fewer errors and elimination of human data-entry errors
- Free-form parameter pattern-matching
- Easy integration with ERP software
- Readily implementable solution; no change required from vendor’s end
While procurement teams in various organizations struggle to strike a trade-off between low funds dispensation and high-cost savings, measures that enable them to cut expenses and improve efficiencies in the invoicing process are a welcome respite.
Tools such as the Powerup Invoice Processing Application can help organizations infuse automation and agility into its processes, as well as, knockdown process complexities into manageable parts. Moreover, the time and cost efficiencies achieved in these undertakings can be passed on to other functions that can significantly bolster the organization’s service offerings. To find out how your organization can be positively impacted, sign up for a free demo session here.