Invoice Processing

Automates invoice extraction, approval routing, and posting into finance systems.

Business impact

• Invoice approval time — AMD reported an 80% time reduction.
• Annual person hours freed — AMD reported about 5,000 person hours freed per year.
• Annual savings — AMD reported approximately US$250,000 annually.
• Average transaction costs — Gullivers Travel Associates reported a 74% reduction.
• Invoice processing time — Gullivers Travel Associates reported an 86% reduction.
• Invoices automatically handled — Gullivers Travel Associates reported 70% of invoices automatically handled.
• Documents processed — Gullivers Travel Associates reported processing over 20,000 documents.
• Guarantee-liability information extraction accuracy — Mitsubishi reported an average of 97% in the pilot.
• Payment-record filing-necessity determination recall — Mitsubishi reported 98% recall in the pilot.
• Legal fees — UBS reported 15 to 20 percent year over year, attributed by ACC to a broader framework and associated tools.

Data requirements

• Invoice documents (text) — Invoices are read and extracted for processing.
• Approval messages (text) — AMD’s workflow extracts invoice-approval messages.
• Contracts (text) — Mitsubishi’s pilot used contracts to extract guarantee-liability information.
• Balance confirmations (text) — Mitsubishi’s pilot used balance confirmations for extraction.
• Payment records (text) — Mitsubishi’s pilot checked whether payment records had to be filed.
• Multi-language travel documents (text) — Gullivers Travel Associates processes invoices and related documents from many countries and languages.

AI methods and techniques

• Information extraction — Used to pull invoice data and approval messages from documents.
• Document processing — Used to read invoices and other finance documents before routing or filing decisions.
• Machine learning — Used in the systems that automate invoice and document handling.
• Natural language processing — Used in UBS to identify outliers in outside-counsel invoices.
• Generative AI — Used in Mitsubishi’s pilot to assess invoice-related filing needs and extract contract information.

Industries

Real-world evidence

7 documented case studies on record.

Companies using this: AMD, ASUS, Mercedes-Benz, Komatsu, Mitsubishi, UBS, Gullivers Travel Associates.