Are you looking to improve the quality and accuracy of invoice data and eliminate manual processes across the P2P process?
Basware’s artificial intelligence (AI) and machine learning (ML) capabilities deliver many benefits across the procure-to-pay cycle. From invoice capture and data extraction to coding and matching, our innovative AI and ML technologies add value by accelerating processing times, reducing the need for manual effort, and eliminating errors.
Basware automates the conversion of machine-readable PDFs to e-invoices consistently with above 97% accuracy, requiring extremely minimal manual effort. Unlike optical character recognition (OCR) technology that relies on mapping each invoice field for every invoice, SmartPDF AI is trained using data automatically extracted from historical invoices via a state-of-the-art machine learning model.
Since SmartPDF AI removes invoice data-mapping from the process, it requires zero setup, manual validation or configuration, and supports more languages. Whether a new supplier sends an invoice for the first time or an existing supplier changes invoice formats, the self-learning system automatically adjusts. It is designed to ask as few questions as possible and once answered, the artificial intelligence (AI) learns immediately, never asking the same question again. Plus, the AI takes into consideration, not just the text, but also features, such as fonts, lines, logos, etc., allowing it to recognize the patterns better and ultimately improve accuracy.
Receiving paper invoices causes a lot of problems for AP operations. Digitising and processing the data is a long and error-prone process. With CloudScan you can easily scan and digitise paper invoices yourself. To keep the manual matching of invoice fields to a minimum, Cloudscan collects the coordinates where correct invoice field data was found. If an exception occurs and you manually correct the recognition for a field, Cloudscan stores the correct coordinates for the future. When you receive the next invoice from the same supplier, the fields are automatically recognized, significantly reducing manual effort and speeding up the process.
Traditional matching leaves your AP team with a variety of issues, often leading to manual exception handling. Basware’s advanced matching algorithms provide all the key elements needed to reach high levels of automation and drive touchless processing. Basware solutions enable the use of any combination of invoices, POs, goods receipts, quality checks, contracts, etc. at the line or header level for straight-through processing of PO-based invoices. And when information is missing, Basware uses recognition methods that combine association settings and calculation rules to provide more accurate matching results, minimizing exceptions.
SmartCoding alleviates the strain of exception handling for non-PO invoices and helps you move closer to touchless invoice processing. With SmartCoding, invoices that are not backed by purchase orders, coding templates, or recurring payment plans can also be automatically coded with minimal human interaction. Using a state-of-the-art machine learning algorithm, SmartCoding technology automatically searches and analyzes historical data to recommend appropriate coding for non-PO invoices. By leveraging and learning from company financial data, the technology continuously improves the accuracy of its recommendations – increasing efficiency, productivity, and accuracy of invoice handling. This eliminates the manual, time-consuming activities of researching and coding specific invoice types – saving significant time in the AP Department.
Basware’s predictive analytics capabilities incorporate an intelligent algorithm to identify invoices at risk of being paid late, enabling organizations to prevent late payments, capture early payment discounts, and optimize cashflow. Our predictive analytics show users the powerful knowledge that is in their data by analyzing patterns found in transactional information and predicting potential future outcomes. This enables more proactive decision-making that drives competitive advantage.
Basware PDF E-Invoice service helps us save time and money when processing invoices, I would choose Basware again
96% of invoices are sent as e-invoices
Substantial savings at transaction level, faster invoice capture, better electronic data quality and greater transparency.
We needed a solution that was compliant in the many countries we operate in. In addition, we needed the solution to be highly flexible when it comes to connectivity with other e-Invoicing platforms, so we could use the same provider in every country and region to serve all of our customers.
How Basware can help
The introduction of predictive intelligence is an evolution in the journey towards delivering AI-powered insights that give our customers a distinct advantage. With this level of insight, our customers reduce the cost of operations, spend smarter, and build strong business relationships with suppliers. We aim to help customers harness the power of innovations like predictive and prescriptive analytics, and artificial intelligence while providing them with a roadmap to success. With this approach, AI and ML stop being mere buzzwords – instead, they deliver a measurable impact on P2P operations.
Accounts Payable Benefits
- Support Accounts Payable (AP) processes with artificial intelligence to automate and reduce manual handling of invoices.
- State of the art AI automates the conversion of machine-readable PDFs to e-invoices with 97% accuracy.
- With very little human interaction required, your AP team saves a tremendous amount of time.
- Faster invoice processing times allow you to improve your cashflows and generate savings through early payment discounts and DPO optimisation.
- Minimise exception handling. Once your AP staff teaches the AI how to handle an exception, it will never ask the same question again.
Financial Insight Benefits
- Convert PDF & paper invoices to e-invoices with Basware. The information always remains in an electronic format, which eliminates data extraction errors.
- Better accuracy leads to better invoice data quality and greater spend visibility.
- Our AI automatically identifies invoices that are likely to get paid late. This allows you to handle them early to realise even more early payment discounts.
Why customers work with Basware to make automation happen
Cutting-edge technology powered by AI & ML that eliminates all manual processes
Global compliance capabilities and the ability to integrate with 250 ERPs across more than 175 countries
40 years of specialized experience implementing best practices and reducing risk across finance operations