Dr. Alok Aggarwal
Automate your workflow with Scry AI Solutions
Get in TouchTraditional invoice processing is a paper-laden burden, plagued with manual data entry, riddled with errors, and slow approvals. But there’s a paradigm shift with AI-powered invoice processing that leverages the power of Artificial Intelligence (AI) and Machine Learning (ML) to automate the entire workflow. This translates into significant benefits for businesses, including:
Collatio® provides automated invoice digitization with data reconciliation features across documents such as SoWs, purchase orders, and MSAs with an efficiency of 98%. It is capable of processing 200+ invoices/hour. Collatio® delivers end-to-end invoice document processing and categorization for pre-forma, interim, past due, final invoices, purchase orders, etc. This AI-based processing of invoices helps prevent fraud and provides actionable insights using proprietary algorithms for inter and intra-document reconciliation. Collatio® can not only extract key-value pairs from the documents but also perform reconciliation with other documents to identify if there is a duplicate invoice or any pricing inconsistency between the invoice and the purchase order or other such documents. It can further generate alerts for duplicate invoices, payment due dates, early payment discounts, etc. based on the extracted key-value pairs and reconciliation. The alerts and reconciliation algorithms can be customized to meet business requirements. Collatio® is equipped with ready-to-use API that allows seamless integration with Enterprise Resource Planning (ERP) systems.
Reading or capturing invoice data and classifying documents: Collatio®’s proprietary AI-based model can handle invoices from various sources, be it scanned images, PDFs, or emails. They use advanced algorithms like Deep Learning Networks for images and specialized algorithms for PDFs to extract data and classify each document page as per its type (invoice, purchase order, etc.).
Recreating tables automatically and reconciling them: Collatio® doesn’t just extract data, it understands it! Collatio®’s proprietary AI models can recreate tables within invoices with exceptional accuracy, and even learn formulas used within those tables (e.g., quantity x price). This allows for automated reconciliation, minimizing errors and discrepancies. Collatio® can recreate such tables with more than 98% accuracy
Extracting key-value pairs and attributes and reconciling them: Collatio®’s AI-based algorithms can extract crucial data points like supplier names, product details, and invoice amounts. Advanced systems like Collatio® can also reconcile these key-value pairs from various invoice sections (e.g., billing address vs. shipping address), ensuring data accuracy.
Reconciling the extracted information from invoices with other documents: The AI and ML-based models of Collatio® don’t work in isolation. They compare extracted invoice data with past invoices from the same vendor. Using the formulas that these AI-based algorithms would have learned during the training phase, Collatio® would also reconcile these key-value pairs with those provided in the purchase order, statement of work, and master services agreement. This ensures all terms and conditions are considered for accurate processing and payment (e.g., early payment discounts).
Straight-through processing versus manual intervention: For invoices with complete and accurate data, and those meeting pre-defined thresholds (e.g., payment amount), Collatio® can automatically process the document for immediate payment within a matter of few seconds with straight-through processing (STP) accuracy of more than 95%. Any discrepancies or exceptions are flagged for manual review by the accounts payable team (e.g., missing information, or exceeding approval limits).
Documents Marked as Valid are Processes Without Any Manual Intervention
Integration with ERP and Intelligent Reporting: Finally, Collatio® can seamlessly integrate with existing ERP or accounting software using direct integration or APIs. This ensures smooth data flow across financial systems. Furthermore, Collatio® automates the creation of dashboards and custom reports. These visualizations provide the Accounts Payable team with immediate insights into vendor payments, enabling data-driven forecasting of spending trends and informed budgeting decisions.
Process Evaluation: Analyze your existing invoice processing workflow to identify bottlenecks and areas for improvement (e.g., slow data entry, and manual reconciliation).
Stakeholder Engagement: Involve key stakeholders from finance, procurement, accounts payable, and IT for a smooth transition and to address any concerns regarding user adoption and data security.
Workflow Design: Define workflows that seamlessly integrate with your existing systems and organizational policies (e.g., ERP system) to ensure user buy-in and efficient data flow.
AI System Selection: Carefully assess various AI vendors based on your specific needs (processing speed, accuracy, ease of use, cost-effectiveness). Consider free trials offered by many SaaS providers to test functionalities and ensure user satisfaction within your AP team. This rigorous testing phase is crucial to ensure you choose the AI system that best aligns with your unique needs and workflows.
SaaS vs. On-Premises: A key consideration is choosing the deployment model: Cloud-based (SaaS) solutions offer ease of use and lower upfront costs, but may not be suitable for all businesses with strict data security needs (e.g., financial institutions). On-premises deployments provide greater control over data but require investment in IT infrastructure and ongoing maintenance.
Appropriate training to users: Comprehensive training empowers your AP team to effectively leverage the new AI system and maximize its benefits (e.g., understanding system functionalities, and handling exceptions).
The benefits of AI-based invoice processing extend far beyond automation. Here’s how it empowers your business:
Faster Processing and Payments: AI-based systems significantly reduce processing times by transforming a three-week-long process (using legacy systems) into two hours (using straight-through processing) or at most two days (with analyst involvement).
Reduced Labor Costs: Free your AP team from tedious tasks like data entry and reconciliation. AI minimizes manual labor expenses and the need for additional staff as invoice volume grows.
Improved Accuracy and Reduced Errors: Automated data extraction and reconciliation reduces errors significantly. It eliminates the risk of incorrect payments and associated late fees or missed discounts.
Deeper Insights and Improved Decision Making: AI-based algorithms can provide valuable insights from invoice data (e.g., spending trends by vendor). You can use this data to optimize vendor relationships, identify cost-saving opportunities, and make informed business decisions regarding procurement strategies.
ROI calculation of AI-powered invoice processing is crucial for understanding the value generated through AI-powered invoice processing.
To this end, key performance indicators (KPIs) serve as critical benchmarks for measuring success. These metrics encompass:
Cost Savings: Quantify the financial benefits of AI automation, including reduced labor costs and streamlined operational expenses.
Processing Speed: Track the reduction in processing time at various levels (e.g., page, invoice, document) to demonstrate efficiency gains.
Accuracy and Error Reduction: Measure the system’s accuracy and identify error rates to showcase increased financial data integrity.
Straight-Through Processing (STP) Rate: Monitor the percentage of invoices processed autonomously by AI, highlighting the system’s automation capabilities.
Human Intervention Time: Track the average time required for human intervention in non-STP invoices to assess the efficiency of exception handling.
Approval Time Differential: Compare average approval times for STP and non-STP invoices to quantify the time saved through automation.
Cost-Effectiveness: Evaluate the annual licensing cost alongside the cost per invoice or page to assess the system’s affordability relative to its benefits.
Vendor Satisfaction: Measure vendor satisfaction with faster payments and improved communication facilitated by AI-driven processing.
Beyond these individual metrics, a comprehensive total cost of ownership (TCO) analysis should be conducted. This includes one-time and annual AI software costs, potential hardware expenses (for on-premise solutions), and employee training investments. A robust TCO analysis, coupled with the aforementioned KPIs, will provide a clear picture of the financial advantages associated with AI-powered invoice processing.
By implementing a data-driven approach to ROI assessment, businesses can confidently embrace AI automation and unlock a future of financial strength and operational excellence.
Blog Written by
CEO, Chief Data Scientist at Scry AI
Author of the book The Fourth Industrial Revolution
and 100 Years of AI (1950-2050)
At Scry Analytics Inc ("us", "we", "our" or the "Company") we value your privacy and the importance of safeguarding your data. This Privacy Policy (the "Policy") describes our privacy practices for the activities set out below. As per your rights, we inform you how we collect, store, access, and otherwise process information relating to individuals. In this Policy, personal data (“Personal Data”) refers to any information that on its own, or in combination with other available information, can identify an individual.
We are committed to protecting your privacy in accordance with the highest level of privacy regulation. As such, we follow the obligations under the below regulations:
This policy applies to the Scry Analytics, Inc. websites, domains, applications, services, and products.
This Policy does not apply to third-party applications, websites, products, services or platforms that may be accessed through (non-) links that we may provide to you. These sites are owned and operated independently from us, and they have their own separate privacy and data collection practices. Any Personal Data that you provide to these websites will be governed by the third-party’s own privacy policy. We cannot accept liability for the actions or policies of these independent sites, and we are not responsible for the content or privacy practices of such sites.
This Policy applies when you interact with us by doing any of the following:
What Personal Data We Collect
When attempt to contact us or make a purchase, we collect the following types of Personal Data:
This includes:
Account Information such as your name, email address, and password
Automated technologies or interactions: As you interact with our website, we may automatically collect the following types of data (all as described above): Device Data about your equipment, Usage Data about your browsing actions and patterns, and Contact Data where tasks carried out via our website remain uncompleted, such as incomplete orders or abandoned baskets. We collect this data by using cookies, server logs and other similar technologies. Please see our Cookie section (below) for further details.
If you provide us, or our service providers, with any Personal Data relating to other individuals, you represent that you have the authority to do so and acknowledge that it will be used in accordance with this Policy. If you believe that your Personal Data has been provided to us improperly, or to otherwise exercise your rights relating to your Personal Data, please contact us by using the information set out in the “Contact us” section below.
When you visit a Scry Analytics, Inc. website, we automatically collect and store information about your visit using browser cookies (files which are sent by us to your computer), or similar technology. You can instruct your browser to refuse all cookies or to indicate when a cookie is being sent. The Help Feature on most browsers will provide information on how to accept cookies, disable cookies or to notify you when receiving a new cookie. If you do not accept cookies, you may not be able to use some features of our Service and we recommend that you leave them turned on.
We also process information when you use our services and products. This information may include:
We may receive your Personal Data from third parties such as companies subscribing to Scry Analytics, Inc. services, partners and other sources. This Personal Data is not collected by us but by a third party and is subject to the relevant third party’s own separate privacy and data collection policies. We do not have any control or input on how your Personal Data is handled by third parties. As always, you have the right to review and rectify this information. If you have any questions you should first contact the relevant third party for further information about your Personal Data.
Our websites and services may contain links to other websites, applications and services maintained by third parties. The information practices of such other services, or of social media networks that host our branded social media pages, are governed by third parties’ privacy statements, which you should review to better understand those third parties’ privacy practices.
We collect and use your Personal Data with your consent to provide, maintain, and develop our products and services and understand how to improve them.
These purposes include:
Where we process your Personal Data to provide a product or service, we do so because it is necessary to perform contractual obligations. All of the above processing is necessary in our legitimate interests to provide products and services and to maintain our relationship with you and to protect our business for example against fraud. Consent will be required to initiate services with you. New consent will be required if any changes are made to the type of data collected. Within our contract, if you fail to provide consent, some services may not be available to you.
Where possible, we store and process data on servers within the general geographical region where you reside (note: this may not be within the country in which you reside). Your Personal Data may also be transferred to, and maintained on, servers residing outside of your state, province, country or other governmental jurisdiction where the data laws may differ from those in your jurisdiction. We will take appropriate steps to ensure that your Personal Data is treated securely and in accordance with this Policy as well as applicable data protection law.Data may be kept in other countries that are considered adequate under your laws.
We will share your Personal Data with third parties only in the ways set out in this Policy or set out at the point when the Personal Data is collected.
We also use Google Analytics to help us understand how our customers use the site. You can read more about how Google uses your Personal Data here: Google Privacy Policy
You can also opt-out of Google Analytics here: https://tools.google.com/dlpage/gaoptout
We may use or disclose your Personal Data in order to comply with a legal obligation, in connection with a request from a public or government authority, or in connection with court or tribunal proceedings, to prevent loss of life or injury, or to protect our rights or property. Where possible and practical to do so, we will tell you in advance of such disclosure.
We may use a third party service provider, independent contractors, agencies, or consultants to deliver and help us improve our products and services. We may share your Personal Data with marketing agencies, database service providers, backup and disaster recovery service providers, email service providers and others but only to maintain and improve our products and services. For further information on the recipients of your Personal Data, please contact us by using the information in the “Contacting us” section below.
A cookie is a small file with information that your browser stores on your device. Information in this file is typically shared with the owner of the site in addition to potential partners and third parties to that business. The collection of this information may be used in the function of the site and/or to improve your experience.
To give you the best experience possible, we use the following types of cookies: Strictly Necessary. As a web application, we require certain necessary cookies to run our service.
We use preference cookies to help us remember the way you like to use our service. Some cookies are used to personalize content and present you with a tailored experience. For example, location could be used to give you services and offers in your area. Analytics. We collect analytics about the types of people who visit our site to improve our service and product.
So long as the cookie is not strictly necessary, you may opt in or out of cookie use at any time. To alter the way in which we collect information from you, visit our Cookie Manager.
A cookie is a small file with information that your browser stores on your device. Information in this file is typically shared with the owner of the site in addition to potential partners and third parties to that business. The collection of this information may be used in the function of the site and/or to improve your experience.
So long as the cookie is not strictly necessary, you may opt in or out of cookie use at any time. To alter the way in which we collect information from you, visit our Cookie Manager.
We will only retain your Personal Data for as long as necessary for the purpose for which that data was collected and to the extent required by applicable law. When we no longer need Personal Data, we will remove it from our systems and/or take steps to anonymize it.
If we are involved in a merger, acquisition or asset sale, your personal information may be transferred. We will provide notice before your personal information is transferred and becomes subject to a different Privacy Policy. Under certain circumstances, we may be required to disclose your personal information if required to do so by law or in response to valid requests by public authorities (e.g. a court or a government agency).
We have appropriate organizational safeguards and security measures in place to protect your Personal Data from being accidentally lost, used or accessed in an unauthorized way, altered or disclosed. The communication between your browser and our website uses a secure encrypted connection wherever your Personal Data is involved. We require any third party who is contracted to process your Personal Data on our behalf to have security measures in place to protect your data and to treat such data in accordance with the law. In the unfortunate event of a Personal Data breach, we will notify you and any applicable regulator when we are legally required to do so.
We do not knowingly collect Personal Data from children under the age of 18 Years.
Depending on your geographical location and citizenship, your rights are subject to local data privacy regulations. These rights may include:
Right to Access (PIPEDA, GDPR Article 15, CCPA/CPRA, CPA, VCDPA, CTDPA, UCPA, LGPD, POPIA)
You have the right to learn whether we are processing your Personal Data and to request a copy of the Personal Data we are processing about you.
Right to Rectification (PIPEDA, GDPR Article 16, CPRA, CPA, VCDPA, CTDPA, LGPD, POPIA)
You have the right to have incomplete or inaccurate Personal Data that we process about you rectified.
Right to be Forgotten (right to erasure) (GDPR Article 17, CCPA/CPRA, CPA, VCDPA, CTDPA, UCPA, LGPD, POPIA)
You have the right to request that we delete Personal Data that we process about you, unless we need to retain such data in order to comply with a legal obligation or to establish, exercise or defend legal claims.
Right to Restriction of Processing (GDPR Article 18, LGPD)
You have the right to restrict our processing of your Personal Data under certain circumstances. In this case, we will not process your Data for any purpose other than storing it.
Right to Portability (PIPEDA, GDPR Article 20, LGPD)
You have the right to obtain Personal Data we hold about you, in a structured, electronic format, and to transmit such Personal Data to another data controller, where this is (a) Personal Data which you have provided to us, and (b) if we are processing that data on the basis of your consent or to perform a contract with you or the third party that subscribes to services.
Right to Opt Out (CPRA, CPA, VCDPA, CTDPA, UCPA)
You have the right to opt out of the processing of your Personal Data for purposes of: (1) Targeted advertising; (2) The sale of Personal Data; and/or (3) Profiling in furtherance of decisions that produce legal or similarly significant effects concerning you. Under CPRA, you have the right to opt out of the sharing of your Personal Data to third parties and our use and disclosure of your Sensitive Personal Data to uses necessary to provide the products and services reasonably expected by you.
Right to Objection (GDPR Article 21, LGPD, POPIA)
Where the legal justification for our processing of your Personal Data is our legitimate interest, you have the right to object to such processing on grounds relating to your particular situation. We will abide by your request unless we have compelling legitimate grounds for processing which override your interests and rights, or if we need to continue to process the Personal Data for the establishment, exercise or defense of a legal claim.
Nondiscrimination and nonretaliation (CCPA/CPRA, CPA, VCDPA, CTDPA, UCPA)
You have the right not to be denied service or have an altered experience for exercising your rights.
File an Appeal (CPA, VCDPA, CTDPA)
You have the right to file an appeal based on our response to you exercising any of these rights. In the event you disagree with how we resolved the appeal, you have the right to contact the attorney general located here:
If you are based in Colorado, please visit this website to file a complaint. If you are based in Virginia, please visit this website to file a complaint. If you are based in Connecticut, please visit this website to file a complaint.
File a Complaint (GDPR Article 77, LGPD, POPIA)
You have the right to bring a claim before their competent data protection authority. If you are based in the EEA, please visit this website (http://ec.europa.eu/newsroom/article29/document.cfm?action=display&doc_id=50061) for a list of local data protection authorities.
If you have consented to our processing of your Personal Data, you have the right to withdraw your consent at any time, free of charge, such as where you wish to opt out from marketing messages that you receive from us. If you wish to withdraw your consent, please contact us using the information found at the bottom of this page.
You can make a request to exercise any of these rights in relation to your Personal Data by sending the request to our privacy team by using the form below.
For your own privacy and security, at our discretion, we may require you to prove your identity before providing the requested information.
We may modify this Policy at any time. If we make changes to this Policy then we will post an updated version of this Policy at this website. When using our services, you will be asked to review and accept our Privacy Policy. In this manner, we may record your acceptance and notify you of any future changes to this Policy.
To request a copy for your information, unsubscribe from our email list, request for your data to be deleted, or ask a question about your data privacy, we've made the process simple:
Our aim is to keep this Agreement as readable as possible, but in some cases for legal reasons, some of the language is required "legalese".
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No failure to exercise, and no delay in exercising, on the part of either party, any right or any power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or power hereunder preclude further exercise of that or any other right hereunder.
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To give us notice under these Terms of Service, you must contact us as follows: (i) by personal delivery, overnight courier or registered or certified mail to Scry Analytics Inc. 2635 North 1st Street, Suite 200 San Jose, CA 95134, USA. We may update the address for notices to us by posting a notice on this Website. Notices provided by personal delivery will be effective immediately once personally received by an authorized representative of Company. Notices provided by overnight courier or registered or certified mail will be effective once received and where confirmation has been provided to evidence the receipt of the notice.
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