The Role of AI in Invoice Data Extraction

The task list for the average AP employee is growing rapidly. In 2021 alone, 77% of AP professionals found themselves tasked with processing invoices while less than one-third dealt with suppliers.

This isn’t a surprise. After all, processing a single invoice from start to finish can take over a week. With 82% of invoices coming in a manual format rather than an online payment portal, invoicing matching and receipts end up being tedious, hands-on processes.

The document bottleneck usually stems from data extraction. Depending on the document type and format, AP professionals may end up wasting hours on manual data entry into their ERP. To make matters worse, older forms of “automation” are so limited, that almost every invoice could be considered an exception.

When we look deeper, we can see multiple costly inefficiencies that crop up in standard invoice processing procedures. Download our article to learn more.

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