AP Automation: The first finance process to automate in 2020

Thanks to machine learning and the document data extraction, validation and processing technologies it enables, ~80% no touch AP automation is possible for invoices submitted outside of the company’s Electronic Data Interchange (EDI). Additionally, companies should push foe EDI adoption to further increase no touch automation rate.

By adopting these technologies, companies can dramatically reduce manual document processing. Therefore they can reduce costs and errors while increasing compliance and employee satisfaction. According to our interviews with project managers from the Big 4 and solution providers in the space, an average Fortune 500 processes a few millions of documents manually per year and adopting the latest automation technologies can result in savings of hundreds of millions of dollars per year. Read more

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Data Extraction in 2020: In-depth guide for business users

The dramatic increase in the volume of unstructured and semi structured data has made data extraction vital. This is because structured data can be processed and analyzed more accurately than other types of data since it is machine-readable.

Automated data extraction software helps companies to automatically pull data from various sources. Automated data extraction enables businesses to save time & costs, reduce manual errors, improve their decision-making processes and save employees from mind-numbing repetitive work. Read more

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AI in Automation: Which tasks can we automate in 2020?

The advances in AI since the rise of deep learning can usher a new age of automation as machines go beyond human capabilities in a wide range of tasks.

The jobs that can be mostly automated include

  • predictable physical labor
  • white-collar back-office work: data collection and processing

Machines can now perform the activities involved in these jobs better/cheaper than humans. These activities include tasks that involve manipulating tools, extracting data from documents and other semi-structured data sources, making tacit judgments and even sensing emotions. In the next decade, driving is likely to become automated as well, enabling one of the most common professions to be automated. Read more

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Optical Character Recognition (OCR) in 2020: In-depth Guide

Imagine you want to edit a printed document like a book, a magazine article or a printed contract. You need to spend hours to type the document from the beginning and be careful about the mistakes. Or you can use an Optical Character Recognition (OCR) tool to scan the printed document and digitize the whole text.

OCR is a great solution for converting human-to-human communication but falls short when converting more structured documents such as forms that need to be processed by machines.

Human-to-human communication is mostly in the form of free text like the one you are reading now. Such documents are called unstructured data and while they are great for human-to-human communication but they are hard for machines to understand. OCR converts the text in unstructured data into machine readable text so it can be searched and therefore more easily consumed by humans. Read more

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100+ AI Use Cases / Applications in 2020

Popularity of AI, machine learning and data science over the past few years

AI is becoming more integrated into our lives with more AI use cases emerging. This leads to increased interest in AI, its subdomains and related fields such as machine learning and data science as seen above.

According to a recent Gartner survey, 37% of organizations are still looking to define their AI strategies. To integrate AI into your own business, you need to identify how AI can serve your business, possible use cases of AI in your business. This article gathers the most common use cases covering marketing, sales, customer services, security, data, technology, and other processes: Read more

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