Polydocs

Automate Data Capture for Infor ERP

Artificial Intelligence

Digitalization – Industry 4.0 – Artificial Intelligence

Künstliche Intelligenz
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Digitalization – Industry 4.0 – Artificial Intelligence

These are all terms that we hear or read very often these days. Today we wanted to reflect on the topic of artificial intelligence (AI).

What exactly is artificial intelligence?

Where and how to use it? What benefits can it bring me and my company?

Artificial intelligence is not that easy to explain, for the simple reason that there is not even a precise definition for the term “intelligence”. Nevertheless, let’s try to explain it :-).

We can say that an AI is a mix of different technologies that enable machines to understand, act and learn with human intelligence. 

Technologies like machine learning (ML or MachineLearning), natural language processing (NLP – Natural Language Processing) as well as Deep Learning (DL) are all part of the AI landscape. 

In all areas where large amounts of data are generated, the use of an AI makes sense and is beneficial. An AI is able to objectively analyze huge amounts of unstructured data within a very short time using sophisticated algorithms, to recognize patterns in it, and to make decisions independently on the basis of these patterns. In addition, the error rate continues to fall due to the constantly growing wealth of experience. AI takes over everyday recurring routine tasks, so employees have more time to focus on tasks that require empathy and become more productive. In other words, AI should not and cannot fully replace a human, but merely support and complement them.

When combined with analytics and automation, AI can help the business achieve their goals, such as improved customer service or an optimized supply chain: faster and easier.

Automations reduce costs and bring a new level of consistency, speed and scalability to business processes.

With DOC², we want to help you automate your document processing processes. By using artificial swarm intelligence, DOC² offers you many advantages.

You want to know what they are?

Then feel free to write to us

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Artificial Intelligence

Image credit: Header & Featured image from Gerd Altmann on Pixabay

How you can work with other companies to automate your document processing

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How you can work with other companies to automate your document processing

This might seem contradictory at first sight but it is really possible to optimize your processes by working in a community with other companies and even your competitors. This can be simply achieved by introducing swarmintelligence. So what does this term exactly mean?

Swarm intelligence is a branch of AI that uses the collective work of people to train the specific AI model. Let’s take document processing as an example. The amount of different document structures and layouts that suppliers use is unlimited, which makes it sometimes a difficult task for document capturing softwares to automatically classify and extract the documents. The solution here is the introduction of swarm intelligence. The biggest advantage is that nobody does the work alone, since the training is shared between many companies and their users.

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With DOC² we have integrated swarm intelligence to our AI-based repository to easily automate document processing. This means that our customers share the same Cloud-based repository where they can create, delete and manage the classification and extraction rules for their document processing. If company A processes all their supplier documents and trains the software with a simple click, company B, C, D & E can profit from already-trained document types and layouts. It’s a win-win situation for everybody!

Companies can forget about configuring and programming supplier-based templates and can already profit from a self-learning system with DOC².

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Image credit: Header & post image from canva.com

Digitalization: Shifting from short-term continuity to long-term transformation

digitalization
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Digitalization: Shifting from short-term continuity to long-term transformation

The pandemic has served as a wake-up call for many finance organizations and – if they hadn’t already started – they implemented more digital processes. 

However, it is important to ensure these new workflows are sustainable.
Here’s how:

✅ Know your processes: Discover and visualize how your AP and other finance processes really work through a data-driven analysis. Identify friction points, establish efficient ways of working, and pinpoint areas where cost savings are optimized.

✅ Evaluate your invoice landscape: Every invoice ecosystem is unique. Become familiar with your invoice volume, the number of suppliers, and consider invoice complexity. Ensure that your automation system supports your specific needs.

✅ Take advantage of AI: Invoice automation, bypasses the need to build templates for new supplier invoices through the integration of convolutional neural networks. 

Have a look at our tool and see for yourself how digitalization with AI can improve your workflows 👉

Did you get curious?

Try improving your processes with this tool

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Digitalization

Invoice processing & digital transformation

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Invoice processing & digital transformation

Why you should automate manual processes?

For a long time, companies and small businesses have relied on manual invoicing to maintain accounts and process payments. 

Organizations suffered from dissatisfied and stressed employees, lost or misplaced invoices, reduced productivity, inefficient operations, increased cost and human error, and unreliability due to delayed or missed payments.

Approximately 3.6% of invoices entered manually include a data entry error. 
However, through digital transformation, the invoicing process can be done more effectively and accurately. 🚀

Anyone who thinks handwritten data only exists on fixed, standardized forms has never really dug into a government process or

👉Automated invoicing creates a smarter, more effective, and accurate workflow. Using deep learning and AI enables machines to perform efficiently or even better than humans.

Plus, automation eliminates many of the manual processing pitfalls by utilizing advanced computing techniques.💪

What about the invoicing process at your company? Did you automate it already?

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The future of artificial intelligence

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The future of artificial intelligence

The future of artificial intelligence in invoice data extraction 🤖

With the rise of robots in business, we are just at the dawn of the automation revolution. The financial services industry is one of the leading sectors in the future of AI. 🦾

Companies that are investing more in automation will eventually become leaders in their sectors as compared to those who fail to invest enough.

The benefits of cognitive data capture in invoice ex- traction are symbiotic, not mutually exclusive: 

👉 Time management
👉 Accuracy
👉 Productivity 
👉 Process improvement

All of these elements help to work towards increasing your efficiency, and subsequently your processes. 

While the technology is still young, it will only continue to develop and improve within a widening scope of business activities.📈

Would you like to join the rise of the robots? 🤝

Die Zukunft der künstlichen Intelligenz

Try our app now and automate your invoice processing.