Xtracta Admin

Accounts payable efficiency is crucial to maintaining a business’s financial planning, ensuring accurate cash flow forecasting, and building a rapport and strong reputation with its vendors. Below, we explore how automation solutions like data extraction software, powered by OCR & AI, can address inefficiencies in the accounts payable process to maximise efficiencies and benefits for companies. Unresolved AP Problems Can Accumulate Daily, accounts payable teams face numerous challenges that inhibit their workflow. An invoice with no matching purchase order in the system, for example, or a late invoice notice when no one saw the original invoice arrive. Ongoing issues like…

With the effects of COVID-19 still prevalent worldwide, what changes can we expect to see for logistics and shipping companies? We explore this question below, looking forward to the future of logistics and supply chains. Learn more about the benefits of cloud-based solutions and how automated OCR software powered by artificial intelligence can help. If you haven’t yet, please check out the first part of this article, where we discussed the benefits of automation in logistics. The Future of Logistics and Supply Chain The serious economic implications of COVID-19 within the logistics and supply chain industry will likely be felt…

Staying afloat on mountains of paperwork is one of the biggest struggles for logistics companies, especially those that use outdated processes. Below, we explore the benefits of automation in logistics and transportation and how automated document management solutions enable efficient workflows for precise record-keeping, tracking, and shipping of goods. Read on to discover how OCR data capture solutions like Xtracta can mitigate or prevent costly errors and increase efficiency for your logistics document management software. What is Document Management in Logistics? Document management software in logistics and transportation allows companies to efficiently manage document flows in their supply chain. All…

OCR, data extraction, and AI are common terms in today’s media, but the distinction between them is often blurred (e.g., OCR AI and OCR data extraction). So, what does OCR mean and how is it related to AI and data extraction? Below, we’ll clarify these terms for you. Read on for a quick overview of each and what sets them apart. Learn what makes these terms more than just buzzwords, how they should be used, and how they relate to each other within the context of Xtracta’s automatic data capture technology. Optical Character Recognition (OCR) Optical character recognition (OCR) lets…

Manual invoice processing is slow, costly, and resource-intensive. Through accounts payable automation and invoice data capture software, businesses can save time, resources, and successfully maintain business continuity. Invoice scanning software and process automation can benefit your business in numerous ways. Below, we explore the benefits of automated invoice processing for accounts payable and how it can benefit your business. Read more. Reduced Carbon Footprint With invoice scanning software, companies can receive invoices as PDFs, scanned images, Google docs, and other digital formats instead of printing, filing, and storing paper documents. These digital documents can be stored in the cloud, making…

In a world driven by technological advancement, artificial intelligence (AI) has a significant impact on the progress and transformation of industries worldwide. For example, through Xtracta’s AI engine (which has full OCR support), businesses can now achieve fast and accurate data capture for use cases like invoice scanning, contract extraction, and more. This simplifies the way they deal with data and minimise the need for time-consuming manual data processing. The possibilities of AI are endless, and today, we will discuss current artificial intelligence trends, exploring everything from the potential of AI in supply chain automation to cybersecurity, and more. Below…

Here, we discuss the role of automation and data extraction software in invoice management systems. Read on to learn all about invoice processing, including traditional methods of invoice processing, the basics of invoice automation, and where AI fits in. What is Traditional Invoice Processing? Traditional accounts payable invoice processing is usually a manual, paper-based process, often drawn out into multiple steps—inputting invoice data received from multiple sources (e.g., mail, fax, and email), matching purchase orders, approval routing, filing, and more. Within this process, accounts payable is responsible for processing invoices. Through traditional methods, this can be a very tedious task…

When it comes to fast and efficient document processing, how beneficial is it to have automation technology to process data? Does intelligent document processing (IDP) apply to unstructured data? We’ll explore these questions below, elaborating on the difference between structured and unstructured data and why it’s important to have data capture technology that can process and classify documents. What is Unstructured Data? Unstructured data is the most abundant form of big data and can come in textual and non-textual formats. It is so abundant because of its diverse nature; it could be anything from text data, media, and images to…

Knowing how to scale your business effectively can be challenging. Here, we explore key difficulties companies are often faced with when scaling their business, elaborating on ideas for effective scaling, including the advantages of nurturing an automation-first mentality and implementing scalable processes and digital document extraction technology. What Are the Key Challenges for Business Scaleups? When it comes to scaling a business for long-term success, some of the most common challenges or setbacks for companies include: Getting substantial investment. Investment is the most obvious prerequisite that most new companies need to obtain to scale up. Implementing scalable processes. Investing in…

When it comes to the growth versus scalability of a business, is there a difference? While these two terms are often used interchangeably, there are some key differences between the two that every business should be aware of. Here, we explore the difference and why it matters, and delve into the value that automation solutions such as Xtracta’s data extraction API and data capture software bring to the table when talking about growing vs scaling.   Business Growth vs. Scalability: The Basics First, let’s start by defining the most common distinction between these two terms. Growth is a concept that…