Preface: While I appreciate what is proposed in this blog may be extreme and have flaws, it is just a proposed idea. Comments and critique are welcome. Why we need to take the offensive to all those who don’t want to play their role in keeping one of humanity’s biggest achievements from being destroyed. The internet and how it operates is something most people take for granted. As long as they can grab their phone out of their pocket or open their laptop, people’s expectations are that they are instantly online with fast access to the latest news, instagram updates…
Does your company receive invoices or other documents in several different languages? For companies that operate in multiple nations or continents, this is common and can lead to issues with document categorization and indexing. Not all OCR solutions offer natural language processing or the ability to capture and extract data from documents in different languages. If your company deals with documents in different languages, that is a problem. Xtracta’s solutions use natural language processing (NLP) to evaluate and categorize documents, no matter what language they use. Over time, repeated exposure to a language helps Xtracta’s systems to better understand…
One of the biggest challenges many companies face when it comes to AP invoice processing is an over-reliance on people and manual paper processes. These labor-intensive tasks slow down the processing of invoices and increases the chances of human error. There are many benefits to automating AP invoicing processes including time savings, cost savings, reduced security risks, and improvements in overall operational efficiency. Let’s examine and quantify some of the direct benefits that your company will enjoy from AP invoicing automation: Save Time A recent study by Aberdeen showed that AP invoicing automation can lower invoice processing times down from…
Today OCR technology is commonplace in companies that collect and process a large number of documents. Using the technology isn’t a competitive advantage, it’s a necessity to compete in fast-paced industries. However, there are some OCR solutions that allow you to capture that competitive advantage and improve your data recognition and extraction capabilities across the board. Those solutions use A.I. and machine learning to continually adapt and improve in rapidly changing conditions and give companies the ability to put their data to use. A.I.-powered OCR solutions enable your company to harness the data that you already collect, improve your…
AP invoicing is an area where many companies are poised for improvement. Despite automation creeping into business processes all around us, too many companies are over-reliant on employees and paper-based processes. This laborious process actually hurts businesses on several fronts — it costs more money, requires more time, and ultimately leads to more errors according to PayStream’s “2017 Invoice Workflow Automation Report.” Using Xtracta’s automated data-entry solutions, you can automate a majority of your invoice processing tasks. We’ve worked with companies like Scandinavian Vehicle Distributors, Ryman Healthcare, and Nando’s to implement automating invoicing solutions that complement their current invoicing processes….
How much time does your accounting team spend processing invoices and receipts every month? How long does it take the average invoice to be processed and enter your system? Every extra day that an invoice sits unprocessed, it’s another day until the invoice is paid. Using Xtracta, our system can automatically read, process, and sort your invoices, eliminating hours of manual work that would usually be handled by your employees. Not only will your invoicing processes speed up, but our automated data capture solution will result in fewer errors. If you aren’t sold yet, let’s dive into why automated…
If you are considering an optical character recognition (OCR) app for your business, there are a few considerations that you should take into account that can help you sift through your options. Understanding the differences between different types of OCR apps, the platforms that they run on, and how they will mesh with your current business processes is important for finding the right solution for your business. Some of the things you should take into account include understanding the differences between traditional and AI-powered OCR apps, knowing which platforms will be the best fit for your business, and taking…
“Big data” is a hot-button issue in today’s business world. The rise of the internet and data processing technologies have given way to innovative ways of capturing, processing, storing, and using data to the advantage of your business. According to a report from Evans Data Corporation, more than six million developers worldwide are currently working on big data and advanced analytics projects. Hiring employees for data entry has been commonplace for decades but comes with many downsides. It’s extremely time-consuming, expensive, and is prone to manual entry errors. With the range of options available to businesses today, many have turned…
Authored By: Jonathan Spence Data and the internet are becoming ever more critical to the planet’s residents. Even the smallest rural villages in Kenya or India are likely using data services on a daily basis; services whose importance can often be placed far ahead of electricity or even sanitation. The rise of the likes of M-Pesa in what many in the developed world would (arrogantly) consider backwaters is testament to the power of communications and information to transform the lives of all. No matter whether its an SMS message, financial transaction, email, complex business process or cat video, almost all…
In his outstanding book “Automate This”, author Christopher Steiner tells the story to Thomas Petterfy, a virtual unknown who single-handedly revolutionised the stock trading industry and became one of the richest men on the planet in the process. Petterfy was not a trader, nor did he have a degree or experience in finance. Rather, he was a computer programmer with a visionary sense for identifying inefficiencies and developing ways to solve them. Petterfty developed an automated system for share trading so accurate and efficient that within a decade it had completely redefined the stock market. Pits filled with screaming traders…
