Xtracta Blog

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afloat on mountains of paperwork is one of the biggest struggles for logistics companies, especially those that use outdated processes.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…