Key OCR Invoice Reading Technologies and Functionality
A combination of advanced technologies work in combination ensuring that invoice data is read accurately. FIS / fci uses validation and feasibility checks prior to the data export to SAP or Financials.
The video highlights some of the advanced technologies that are applied to the task of automated invoice data extraction.
The technologies ensure that invoices are correctly classified and the data quality is maintained, prior to transfer to SAP / ERP.
The technologies free-up time for the AP team by eliminating or significantly reducing labour intensive tasks.
Who is it for?
For organisations with SAP ERP (ECC 6 or S/4 HANA) who wish to:
- Replace time consuming tasks such as processing invoices received via emailed attachments
- Improve the invoice data quality in SAP by utilising reference tables from SAP for company code identification, PO validation, current tax values, and supplier identification
- Relieve the AP Team from mundane tasks such as data entry and bar-code additions to invoices
- Make savings by reducing invoice processing costs whilst making a significant improvement in SAP invoice data quality
- Improve the task quality and workload volume for the AP team
Emailed Invoices automatically forwarded to FIS / fci , the invoice reading component, and then archived for retrieval in SAP / ERP - no need for manual tasks such as printing, scanning and keying in invoice data
Multiple OCR engines are used and the data read is compared against all engines to support the data quality - ensures data quality by highlighting data that could have errors
Invoice classification confirmed against standard tables in SAP / ERP to confirm or highlight potential errors in the invoice data
"Fuzzy logic" is used for comparing invoice data (i.e. supplier recognition) with reference data to compensate for inexact data on the invoice or within the SAP master data
Freeform recognition technology – automatically hunts for data in the vicinity of keywords to extract the key invoice data from day-one
Intelligent Knowledge Base – is used to extract the key invoice data by statistical analysis of the co-ordinates of previous successfully read invoices for each supplier.