Written by Ana Canteli on 27 March 2023
Invoice management can be a tedious task for many businesses, especially those that handle large volumes of invoices. Manually extracting invoice data can be a time-consuming and costly process, increasing the risk of errors and reducing the efficiency of the process. However, automatic invoice data extraction can significantly improve the efficiency of the invoicing and accounting process, resulting in time and cost savings.
On the other hand, storing, sorting and searching documents are crucial tasks that need to be performed efficiently and effectively. Automated invoice extraction is a technology that has recently emerged to facilitate document management related to invoicing. It is a process in which specialised software is used to read and extract key information from invoices in an automated and accurate manner. This includes information such as invoice number, date of issue, total amount, list of products or services invoiced, taxes applied, supplier and customer information, among other relevant data.
OpenKM is a document management software that offers a complete solution for automatic invoice management. The automatic invoice data extraction process uses Optical Character Recognition (OCR) technology to analyse invoice content and extract relevant information. OpenKM's Optical Character Recognition Module can be trained and configured to recognise and extract the specific data needed based on the context and business requirements.
The automatic extraction of invoice data can be very useful for companies that handle large volumes of invoices. By automating this process, the amount of time and resources required to process invoices manually can be reduced. By minimising the risk of human error, the accuracy and efficiency of the invoicing and accounting process can be improved.
In addition, automatic invoice data extraction can also be particularly useful for companies that need to process invoices quickly and efficiently to meet payment deadlines and avoid delays in business operations.
In general, automatic invoice data extraction is necessary in any business context where efficient management of large volumes of invoices is crucial for business success.
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