Omnitive Extract - Invoices

Autor: Taiger Singapore Pte Ltd

Extract information from purchase orders and invoices quickly and accurately.

Extract is an Intelligent Reading tool that can read, understand and derive information from complex, unstructured data in any language or format. Using our proprietary Cleansing, Classification, Optical Character Recognition and Natural Language Processing capabilities, Omnitive Extract works well with both Hard-Copy (Scanned or Photo) and Soft-Copy documents. It processes heaps of document types to extract information that is most relevant to your business. In the past, we have process simple, Structured Documents (Ex. Passports),  Semi-Structured Documents (Ex. Invoices), and Unstructured Documents (Ex. Annual Reports or Legal Documents) with >80% accuracy. 

What is this Solution? 

Processing of invoices has always been a rush for the finance team at the end of every month. Over the years, organizations have tried to adapt their processes to speed up the process with little success. It was a challenge for RPA solutions to address this need due to the countless types of invoices from suppliers. With Omnitive Extract, the model is trained to extract the data points for backend processing.

What should I expect?

The client whom we have implemented this project for has experienced* the following:

  • 72% reduction in total processing time
  • 48.8% successful completion of payments, 1.5x higher than the competitor benchmark
  • >92% extraction accuracy

* Note that every client’s experience differs, and the above figures are for references and not a commitment in any form.

The system is trained to extract the data points from invoices, if the data is present on the document. The following are the data points that the system is trained to extract:

  • Invoice Number

  • Start Date

  • Total Amount

  • Currency

  • Payment Terms

  • Company Name

  • To Date

Reach out to the TAIGER team if you encounter any issues with the extraction or if you wish to understand how our technology works.

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