Outdated Tech is Costing You. It’s Time to Automate and Save.
Optical character recognition was once revolutionary, but today it’s slowing your business down with costly errors, inefficiencies, and compliance risks. It’s time to move beyond rigid, outdated technology and embrace AI-powered automation for financial document processing.
In this eBook, you’ll come to understand:
- The major limitations of OCR and why it’s failing modern finance teams
- How AI-driven automation outperforms OCR with 98–99%+ accuracy
- How businesses that have upgraded from OCR have seen measurable improvements
- How Itemize AI transforms financial workflows with intelligent data extraction, validation, and automation
Don’t let outdated technology hold you back. Download the eBook now and learn why AI is the future of financial automation.
Get the eBook
Itemize AI by The Numbers
Our solution accurately processes low-quality, distorted, or handwritten financial documents using Deep Learning, NLP, and Vision Transformers—and it continuously adapts to new formats without manual updates.
Breaking it Down
|
Feature
|
OCR
|
Itemize AI
|
|---|---|---|
|
Accuracy
|
60–70%
|
98–99%+
|
|
Data Handling
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Structured data only
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Structured, semi-structured, and unstructured data
|
|
Error Rate
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High, requiring manual correction
|
Near-zero, with built-in validation and correction
|
|
Adaptability
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Rigid, rule-based templates
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Self-learning AI, adaptable to new formats without intervention
|
|
Handwriting Recognition
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Poor
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Superior, thanks to Recurrent Neural Networks (RNNs) and Transformers
|
|
Compliance & Security
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Limited
|
Fully compliant with SOC 2, PCI, GDPR, HIPAA, and EU-US standards
|
|
Scalability
|
Limited
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Seamless, capable of processing millions of records effortlessly
|
|
Integration
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Requires customization
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Compatible with procurement and financial systems, ready to deploy
|
Mini Case Study:
Accuracy Improvements With Itemize AI
Customer
DATABASICS
A Travel and Expense Management Company
The Challenge
Manual processing of semi-structured and unstructured documents was holding DATABASICS back. Their system struggled with customized requests and maintaining high STP (straight-through processing) rates. Accuracy issues were driving up costs and slowing down workflows.
The Solution
DATABASICS partnered with Itemize AI and deployed the solution within a week. Itemize AI immediately improved their STP rate by delivering accurate, AI-driven document processing. The intelligent system continuously adapts to DATABASICS’ evolving needs, handling diverse document formats without compromising quality.
“Itemize’s AI-powered engine started improving our STP rate right away. The ability to process unstructured and semi-structured documents accurately has been a game-changer.”
How Itemize AI Achieves 98-99% Accuracy
Achieving near-perfect accuracy requires more than just basic data extraction. Itemize AI’s breakthrough technology offers intelligent processing through advanced architecture:
Deep Learning for Computer Vision:
Recognizes text even under challenging conditions — poor image quality, distorted documents, and varied fonts. Uses multi-layered models to cross-validate and enhance accuracy.
Natural Language Processing (NLP):
Understands the context and meaning of financial documents, not just extracting text. Differentiates between line items, totals, due dates, and vendor details to reduce errors.
Document Layout Analysis:
Graph Neural Networks (GNNs) and Vision Transformers analyze the structure and relationships between elements. This ensures accurate classification and extraction of complex documents.
Handwriting Recognition:
RNNs and Transformers power precise extraction of handwritten text, far surpassing OCR’s limited capabilities.
Ensemble Models & Independent Validation:
Multiple AI models work together to cross-validate results, catching errors before they reach financial systems.
Self-Supervised Learning:
Continuously learns from user feedback and new document formats, adapting without manual intervention
Knowledge Graphs for Data Validation:
Cross-references extracted data against external sources and business rules for absolute accuracy.
Ready to see it in action?
Request a demo from Itemize and discover how automation can power your receivables and treasury operations.
