Paperless Financial Operations utilize cognitive Artificial Intelligence (AI) to extract data from voluminous, unstructured, complex hard copy documents, such as invoices, remit advice, and bank statements. Once the documents are scanned and data is extracted, the documents are not used again, and the data is available to authorized users anywhere in the world, 24/7/365 in digital form.
Cognitive AI data extraction is faster, cheaper and more accurate than having humans read documents. Even Robotic Process Automation (RPA) doesn’t work as well with multiple unknown document formats.
Cognitive AI data extraction eliminates human data extraction and data entry. Its accuracy and coverage improve over time via self-learning capabilities. The benefits in speed, accuracy and productivity are substantial.
Use of Paperless Financial Operations in Selected Finance Functions
Some of the areas where paperless financial operations are used include:
Cash Application: Document Data Capture Assistants extract remittance information from Vendor Portals, EIPP Portals, EDI 820 and BAI2 transmissions, all types of electronic files (Excel, PDF), and hard copy forms. The data is arrayed in convenient file formats which are used to apply the payments to open invoices with an auto-cash application.
Deductions: Document Data Capture Assistants extract deduction information (including reason codes) from Vendor Portals, EIPP Portals, debit memos, emails, remits, etc. This data is used to create a deduction with full supporting information, which is then routed for research and resolution.
Accounts Payable: Document Data Capture Assistants extract required invoice information from vendor invoices which are presented on EIPP Portals, delivered via EDI, email and other e-invoicing methods, as well as hard copy invoices. They also retrieve the relevant receiving documents and Purchase Orders to enable the three-way match required to pay a supplier’s invoice.
Treasury: A frequent use of Document Data Capture Assistants is to reconcile bank statements to the GL. It extracts data from bank statements, check registers and the GL to ensure the GL is in agreement with bank statements.
Gia Docs AI, Emagia’s Cognitive Data Capture as a service, can read any format of remittances, checks, invoices and other documents. It has the intelligence to read, continuously self-learn and extract data appearing in various formats. Built on next generation deep learning technologies using neural networks technology that mimics the human brain, Gia Docs AI accommodates multiple languages and currencies.
Emagia aims to democratize cognitive data capture skills to all finance organizations and empower them easily with this purpose-built service. Finance staff can ask Gia in a chat or voice conversation to read and extract information from invoices, remittances, checks, bank statements, and lock-box files into neatly extracted data files in CSV formats.
The Gia Docs AI API can be used by IT developers to integrate document data capture skills into their document management, finance and treasury management systems such as SAP, Oracle, PeopleSoft, JDEdwards, MS Dynamics, NetSuite, Workday, Salesforce, and IT2.
Using Gia Docs AI, businesses can improve the speed of operations and productivity, offer enhanced customer service and accomplish improved accuracy.