Do you use a solution for INVOICES automation? A solution that can ingest an invoice, use OCR capabilities along with AI to extract key information such as PO Number, Due Date, Amounts, etc. What is the level of accuracy you reached?
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CTO for Digital & IT in Healthcare and Biotech8 months ago
We have both bought solutions for this off the shelf (think OpenText, Kofax...) and built some internally using public cloud building blocks. In both cases it was effective at automating the process and extracting key information from the invoices. The difficulty with the "make" approach is that although it was surprisingly quick and easy to get going, you need to decide when you've reached the limit of what makes sense for an inhouse tool, and when you should bite the bullet and buy one of the vendor solutions that offer way more functionality and integrations and workflows and so on. This happened to us when we started to consolidate finance/accounting in shared service centers where the volumes were much higher than in the decentralized teams that we managing the work previously.Director of Engineering in Software8 months ago
It's really hard work to pursue the OCR route. We have tackled such a project with 5,000 suppliers and as many types of formats, which then often change over time. The type of paper also affects the quality of the scan. Today in Italy, fortunately, with electronic invoicing we receive an XML flow and this type of projects is no longer needed.Director of Technology in Software6 months ago
There are well trained & tested models available to help you achieve the requirement you have. You can try the below one to see how this can help.https://huggingface.co/docs/transformers/en/model_doc/donut
However, with GenAI and its multi-modal capabilities... There are some potential wins. However, the safety and effort needed to drive enterprise GenAI is hard and costly. You would save more time, and more ROI - Return on Investment if you brought in IDP and had your Automation team driving that effort.