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Top 5 eInvoicing Benefits – Going Paperless Electronic invoicing, or eInvoicing, represents one of many shifts in how businesses process invoices in 2024. Moving away from traditional paper-based or PDF methods, eInvoicing benefits all parties involved, making invoicing faster, more accurate, and easier to manage.   eInvoicing enables the quick digital exchange of invoice information between suppliers and buyers across different financial systems via a common network like Peppol. In its legacy form, it has been available for some time now as EDI (electronic data interchange), but historically, it would typically cost thousands of dollars to set up between trading…

Reconcile Payments Faster with Remittance Advice Extraction Remittance advice are important documents that many businesses rely on to help reconcile payments. Used to confirm customer payments and match them with invoices and credit notes, payment remittance advice documents assist the finance team with their day-to-day operations and keeps the business running efficiently. It is also instrumental in managing productive relationships with other businesses.   A remittance advice document typically includes a list of invoices that the client is including in a payment to their supplier. It will usually provide a table of the invoices being paid and the total amount…

Harnessing Contract Data Extraction for Business Success   Contracts are an important part of every business and often touch on all kinds of business functions, from sales and HR to procurement and facilities management. They play a pivotal role in the operation of different business units. Whether dealing with a high volume of lower value contracts or a small number of critical ones, managing contracts well is critical for business success.   If drafted and managed badly, a contract can lead to huge detriments to a business. For example, a multi-year, auto-renewing contract may require the purchase of goods or…

How Automated Data Capture is Empowering the Insurance Industry The insurance industry is notoriously entangled with extensive paperwork. From policy creation to claims processing, there's a seemingly endless trail of documents to navigate. However, AI-powered data extraction technology is simplifying how insurance companies manage these papers, enhancing both efficiency and accuracy across the board.   Xtracta is helping to lead this movement, enabling insurers to process information more quickly and with fewer errors than ever before. Join us as we explore how insurance companies achieve unprecedented operational excellence through data extraction.   Streamlining Onboarding with Automated Document Handling Data extraction…

How Receipt Capture Technology is Influencing Consumer Behaviour Analysis In today's world, where virtually everything we buy can be tracked, analysed, and turned into actionable insights, the simple shopping receipt is becoming increasingly valuable for market research. Many companies are using receipt capture technology to unlock the secrets of consumer habits and behaviour. Join us as we uncover the impact of this groundbreaking technology on consumer behaviour analysis and how it's reshaping the market research landscape.   What is Receipt Capture? Xtracta's receipt scanner API automatically captures and extracts information from physical receipts. This AI-powered technology supports practically all receipt formats and offers multiple…

Streamlining Expense Management with Xtracta Managing employee expenses can be challenging for businesses of all sizes. From lost receipts and manual data entry to complex tax laws and partial deductions, the traditional approach to expense reporting is rife with inefficiencies and the potential for costly errors. As companies face pressures to control costs while enabling productive travel and client engagement, efficient expense management processes have become vital. Sophisticated data extraction technologies like Xtracta have introduced an innovative solution to traditional expense management, helping businesses maintain financial integrity, boost efficiency, and ensure compliance. Discover how Xtracta is transforming expense management through…

Getting Started with Document Data Extraction Automation: A Step-by-Step Guide Is your business considering improving its automation and implementing automated document data extraction? This step-by-step guide will explore everything you need to know about Xtracta's document data extraction automation and data capture solutions, from identifying automation opportunities to system integration and implementation. Discover the process below and start transforming your data handling operations today.   How Does Data Automation Work? Xtracta's document data extraction software is helping businesses save time, money, and valuable resources. Powered by AI, it autonomously extracts and captures data from documents, regardless of whether they are scanned images,…

Top Reasons for Automating Your Accounts Payable Managing accounts payable (AP) efficiently is critical for businesses of all sizes and sectors. Whether settling bills with utility providers or handling payments for products in a retail setup, this task can be complex and time-consuming. However, thanks to data extraction software like Xtracta, the days of manual accounting processing are quickly becoming a thing of the past. Xtracta's user-friendly API enables touchless data capture that seamlessly integrates with virtually any accounting or ERP software. This easy-to-use technology allows you to fully optimise your accounts payable workflow, offering multi-faceted benefits for your business. Let's explore…

How to Calculate ROI When Choosing an IDP Solution Implementing an Intelligent Document Processing (IDP) solution is one of the most compelling investments any business can make. The investment can pay off quickly, often in just a few months. So, how do you determine its potential value to your business?  In this article, we'll explore  how to calculate ROI  when selecting an IDP solution, factoring in crucial variables such as labour costs and location.  Understanding the Basics of IDP ROI Calculation Businesses typically invest in IDP to save time and costs. AI-powered IDP solutions automate manual, repetitive tasks that hinder…

How Xtracta Uses AI Models The evolution of artificial intelligence has impacted businesses worldwide, and Xtracta is at the forefront of this rapidly changing landscape. Our AI models have become invaluable tools for organisations across various sectors. But how do our models differ from the rest?  Join us as we explore Xtracta's AI-powered data extraction software solutions and how they are reshaping industries for a more efficient and productive future.  Xtracta's Multi-Modal-Models: Going Beyond Language The growing popularity of deep-learning based AI language models like ChatGPT has skyrocketed as businesses seek new ways to become more efficient. These models often focus on a single…