Oracle Intelligent Document Recognition is the next-generation solution for accounts payables invoice recognition based on Machine Learning and AI capabilities.
The Accounts Payables department in any organisation often grapples with systematically processing invoice data in large volumes. This crucial yet underrated task needs to be looked at from the lens of efficiency in a business setup. Manual entry of invoices not only makes the process sluggish; it is also prone to human errors and unnecessary delays including short payments. This also then requires the team also to make adjustment transactions to correct the short payments, which automatically impacts efficiency.
In many organisations, present practices result in delays in paying the suppliers on time. Apart from that, the probability of slip-ups in manually entering data is high. All of this severely impacts the business in terms of cost and time—two major factors determining the competency of the organisation. The back-and-forth because of error also impacts the brand-value of the setup. More importantly, it severely strains the organisation’s relationship with its suppliers. That is perhaps the last thing a company would want!
Thus, an intervention in this domain by emerging technology of Artificial Intelligence and Machine learning is the need of the hour. Multiple studies have pointed out the link between an organisation’s growth and its integration with next-generation technologies. Automation, in particular, improves the speed and accuracy of the process and provides solutions that otherwise were not possible even a decade ago.
In our case, the aforementioned problem is mitigated by Oracle IDR (Intelligent Document Recognition) Solution. This digital transformation offers you a fully integrated intelligent payables invoice recognition solution. And provides a seamless user experience, automating the entire invoice lifecycle from document capture, recognition, and routing to invoice entry, approval, and payment. Oracle IDR is a Solution based on Machine Learning / AI capabilities and makes the redundant tasks which consumed time and added to cost redundant.
Oracle IDR’s Key Business Values:
- Reduces invoice process cycle times.
- Lowers invoice processing and storage costs with less manpower involved.
- Promotes the idea of touchless payables invoice processing and automation.
- Encourages Accounts Payables team to spend their time on useful data analytics like spending trends with Suppliers, etc. and get more meaningful reports and insights for the top management.
- Improves the visibility throughout the invoice processing cycle.
Oracle IDR’s key differentiators:
- Machine Learning Capability: The Oracle IDR solution is designed to learn, and it stores the learning based on interactive user experience. Example: If Invoice # is not recognised from a certain field (Reference #, etc.) from invoice image and the user enters the invoice # on AP invoice in Oracle via Interactive Viewer, IDR will “learn” that going forward (i.e. from a particular vendor, it needs to recognize “Reference #“as Invoice
- Tax Amount Recognition from Invoice Image: Oracle IDR is designed to recognize the tax amount from the invoice image. Preference could be provided to vendor charged tax vs Fusion Tax engine calculated tax when determining the tax amount on invoice. Fusion Tax engine calculates the taxes but ensures that the calculated amount is set exactly to the amount recognized from the imported invoice document (invoice image). This helps to reduce the manual intervention of correcting/overriding the tax amount on AP invoice. And ensures that you do not short-pay the vendor and improves the relationship with your vendors.
- Document Normalization: Oracle IDR “normalizes” all your scanned documents in PDF format. If the documents (invoice images) are emailed to the IDR server in PDF formats that are text based, Document Format Normalization allows processing of the text directly from the document. This helps to improve the document recognition performance with less errors as well as faster viewing of the documents for the Accounts Payable team.
- Multiple languages support: Oracle IDR can recognize and process invoice images in 11 languages as of now.
Multiple languages capability ensures that your foreign suppliers can safely send you invoices in their local languages that are supported for recognition.