Invoice capture is a growing area of AI where most companies are making their first purchase of an AI product because it is an easy to integrate solution with significant benefits.
While digitization helped automate numerous processes, mostly rule based software was used in digitization. However, invoice capture involves both reading the invoice text with Optical Character Recognition (OCR) and understanding its context with machine learning.
What is invoice capture?
Invoice capture (also called invoice capture, invoice data extraction or invoice OCR) is extracting structured from invoices so invoices can be automatically processed. Invoice capture has been the first back office process to be automated with AI for most companies.