More efficient processing of received invoices through the use of multiple extraction services

Automatic data extraction from tax documents (invoices, receipts, etc.) saves companies a huge amount of time. Unfortunately, it does not always work flawlessly. That is why our cloud solution iNVOiCE FLOW offers three different extraction services, which you can combine to eliminate problematic invoices. This increases the success of extraction.

How do recovery services work in general?

Extraction services are used to digitize incoming tax documents (most often invoices or receipts) in unstructured formats - typically PDF, PNG, JPEG, ISDOC or TIFF.

In practice, this works by a company setting up a dedicated email box, which it connects to the extraction service. Once a document arrives in this box, the extraction service automatically reads the data from the document using recognition technologies (most often OCR , OMR or ICR) , extracts it and forwards it to the information or accounting system.

In addition to the extraction itself, other related services can also be used, such as approval workflow , electronic document archiving, or connection to accounting systems .

Unfortunately, recovery services are not 100%

The complication, however, is that the aforementioned recognition technologies do not have a 100% success rate. It happens that after extraction, the employee has to manually check the data from the document and, if necessary, supplement or correct it. Most errors most often occur repeatedly with invoices from one or a few suppliers , which the extraction service simply cannot cope with.

In such a situation, the company has two options.

1. Either they accept that the extraction service will always extract a certain number of invoices with errors and employees will be forced to manually check and correct these documents,
2. or switch to a better (and therefore more expensive) collection service that can handle "problem" invoices better.

Both of these options mean an increase in the costs of document extraction, which may jeopardize the financial feasibility of the entire project.

You now have the option to combine multiple services at once

At GRiT, we are responding to this situation and, as part of the iNVOiCE FLOW solution, we offer a choice of three extraction services simultaneously. You do not have to apply one service to all documents, but you can mix them according to individual needs .

Since all three services guarantee approximately the same high extraction success rate, it will be best for you to choose the cheapest one to start with . Over time, you will then identify suppliers from which document items are repeatedly extracted with errors. Based on this information, we will analyze the documents of "problematic" suppliers, test them through other extraction services and suggest one for these documents that will cope better with them.

However, you only apply this second extraction service to "problematic" documents , so if the service is more expensive, it will not have as much of an impact on the overall extraction costs. The success of document extraction increases thanks to this approach and begins to make sense even for those companies that have so far avoided extraction due to the error rate.

Even when combining multiple mining services, you have everything under the umbrella of one cloud solution and from the user's perspective, you don't feel that the software is working with multiple different services in the background.

If you would like to learn more about iNVOiCE FLOW or try it out for yourself, please let us know . We will be happy to show you how it works in other companies and answer any questions you may have.

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