Invoice processing: Software vendors optimise their business software with AI-based document extraction

To ensure that software vendors can always deliver the best business software to their clients, they need to optimize it on an ongoing basis. For invoice processing, this means integrating powerful OCR into their solution based on artificial intelligence (AI). This enables clear benefits for software vendors, such as easily building new features, creating a competitive advantage over other vendors.

Software vendors can implement new features around document understanding in their business software, which massively improves process automations and thus increases the value for end users.

The Problem with Legacy OCR: no flexibility & no features

Sure, traditional ERP vendors can book and manage invoices as long as they have legacy OCR built in. However, the problem is that these solutions are very inflexible when it comes to accuracy, short-term changes or building new features. The technologies behind these legacy OCR solutions are not suited for this.

AI OCR: Software vendors easily integrate into own software solution

With AI OCR, also known as Intelligent Document Processing (IDP), software vendors can easily integrate the powerful solution into their own enterprise software. Using the REST API, AI OCR is easily integrated. Thanks to the cloud system, software vendors no longer need to maintain their own installations in the future, which protects internal resources and brings flexibility to the company.

Seamless integration: value for end customers is noticeably increased

With complete and seamless integration into the software vendor’s software, it looks to the end user as if AI OCR is simply part of the overall software. The value to the end customer is noticeably increased by reading accurate data with the AI-based document extraction solution. Process automations become possible that were not possible before.

A potential example: Clients can import documents in the ERP system using the drag & drop function and goods are then suggested directly in the ERP system. Here, it is the AI OCR that automatically reads the exact relevant data in the background so that it can be used for matching with the master data in the ERP system. The customer does not notice anything about the AI-OCR subcomponent in the background, as it is seamlessly integrated into the software vendor’s enterprise software.

The AI OCR gives software vendors the opportunity to build more great features that other vendors don’t have like this. This self-service brings important flexibility to business software development and optimization.

Vision to solve document extraction problem

Last but not least, with Parashift’s future-oriented IDP platform, software vendors get a solution that has a big vision to solve the document extraction problem once and for all. Enabled by the dedicated and committed approach, this is only a matter of time.

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