Tuesday, 19 May 2020

Uipath’s Artificial Intelligence Invoice Processing System

Handling invoices manually by accountants began 1,000 years ago. This kind of work was repeated for 1,000 years. With the development of artificial intelligence, the era of manual invoices is coming to an end.

The difficulty of invoice processing currently lies in the following two points

There is no uniform format for invoices
Recognition of invoices is very difficult

Suppose an accountant processes 100 invoices a day, he may deal with 100 different formats, which means that the past invoice processing is a rather tedious and repetitive labor, making the invoice processing personnel like robots.

Uipath Artificial Intelligence Invoice Processing System Features

Have you heard of Uipath? It is a system that uses artificial intelligence to process invoices. Uipath's slogan and goal is "We make robots, so people don't have to be robots." Now it seems that they are achieving this goal.

The system developed by Uipath overcomes the disadvantages of the previous technology and trains artificial intelligence to understand the files in the real world. It can automatically select from the specific needs and requirements of your company ’s accounts payable, accounts receivable, and other expense processes. Identify and extract various business information from receipts and invoices. Even if your document contains unclear information, the robot will find relevant information, such as supplier name or invoice number.

Even if the invoice format is changed, their artificial intelligence can still automatically determine the location of key information that needs to be extracted from the document, which will easily process the invoice.

UiPath's Studio tool allows users to drag and drop artificial intelligence directly into their workflows and seamlessly integrate with other key document processing functions (For example, Taxonomy Manager and Validation Station).

The most innovative is that users can easily send robots to enter the extracted data into the correct account payable or expense management back-end system to complete the end-to-end automation of these processes.

These models have self-learning capabilities. As more users interact with them and use them in the workflow, they will continue to improve, become smarter, and be able to complete tasks more accurately.

Uipath System Workflow

Uipath process is as follows

Find opportunities for artificial intelligence and employee automation collaboration

From simple to advanced, quickly build automation

Enterprise-wide management, deployment and optimization automation

Run automation with robots used in conjunction with your applications and data

Integrate people and robots into a team for seamless process collaboration

Measure operational performance

In Conclusion

With the development and use of artificial intelligence more and more widely, many manual and highly repetitive tasks will be replaced by artificial intelligence, which will help commercial companies achieve higher efficiency and lower costs.

#ArtificialIntelligence #Business #Invoice #Receipt #Accounting

Source :  Uipath

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