For the most part, large enterprises have already integrated automation solutions for their invoice processing. However, this does not mean that these legacy OCR solutions deliver the best possible results. In fact, they are inaccurate, maintenance-intensive and highly inflexible, to name just a few disadvantages. AI OCR, on the other hand (also known as Intelligent Document Processing), is reshaping invoice processing in large enterprises.
The top 6 reasons why enterprise executives want to rely on AI OCR for their invoice processing.
Why AI OCR instead of Legacy OCR? 6 best reasons
1. Invoice processing costs can be reduced by 80%
2. More than 90% accuracy from the start
3. High flexibility thanks to no-code
4. Easy integration into existing system landscape
5. Central platform for document extraction
6. Swarm technology for combined learning
1. Invoice processing costs can be reduced by 80%
With the integration of AI OCR, massive cost savings can be achieved. One of the reasons for this is the powerful AI OCR, which automatically captures and classifies unstructured invoices and reads out the data from them. Without any manual intervention at all.
This has a positive effect on operational fitness in large companies, which is an important factor in differentiating oneself from the competition in the market.
2. More than 90% accuracy from the start
Executives in large companies know about the poor accuracy when reading invoices with legacy OCR solutions and the constant manual interventions by employees. With AI OCR, on the other hand, it is possible to achieve over 90% accuracy in reading invoices right from the start.
3. High flexibility thanks to no-code
Templates and rules contribute to the highly inflexible legacy OCR solutions. Quick customization is also impossible. With AI OCR and the no-code app, on the other hand, large enterprises have all the flexibility they could ask for.
Need to capture additional fields from invoices? No problem: thanks to no-code, these can be configured quite simply, and without having to be IT-savvy to do so.
4. Easy integration into existing system landscape
The integration of legacy OCR solutions for invoice processing is not only highly complex and enormously expensive, often entire system landscapes have to be replaced. Not so with AI OCR: It is simply integrated into the already existing system landscape and fits seamlessly with existing ERPs, BPMs, RPAs, etc.
5. Central platform for document extraction
AI OCR is being integrated for invoice processing in large enterprises and, thanks to the central document extraction platform, is also gradually replacing the specialized niche solutions for other use cases.
A huge plus for strategic reasoning in large enterprises and regaining agility.
6. Swarm technology for combined learning
Last but not least, advanced Document Swarm Learning technology combines learning data from all invoices (and all other document types) across all customers on the document extraction platform. Thus, AI OCR performance is maximized and also continues to improve.
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