AI and Machine Learning

Capabilities

 SmartPDF

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. 

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 CloudScan

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. 

 Advanced Matching

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

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. 

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 Predictive Analytics

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. 

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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.