Corecon Now Offers OCR with Document AI Functionality to Quickly Convert Vendor Invoices to Bills
Corecon Technologies, Inc., a leading provider of cloud-based estimating, project management and job-cost construction software, now offers OCR functionality as part of Corecon’s Procurement Module. For use by Corecon subscribers, as well as outside team members via Corecon’s TeamLink Portal, this new tool quickly extracts text from an invoice received in a PDF, PNG or JPEG format and converts it to a draft bill.
“Construction is a fast-paced industry, where every minute counts,” says Mid-Atlantic Building Services Office Manager Shawn Peterson. “Our company offers construction services to building owners and property managers in Hampton Roads, requiring manual data entry of approximately 200 vendor invoices per month into Corecon. The new OCR with document AI tool will streamline our accounting process, saving considerable time which we can devote to other processes.”
Taking typical OCR to the next level, this new tool uses artificial intelligence (AI) to analyze the invoice format and identifies fields on the form such as invoice number, supplier and line items. It also uses machine learning to detect patterns in the invoice related to a previously scanned document, making it easier to use in the future.
If a purchase order (PO) is referenced on the scanned document, Corecon has built-in workflow logic to show the PO to Bill Wizard so that the finalized bill will be linked back to the original PO. In addition, any missing information that may be required by Corecon, such as cost code references on line items, can be updated prior to finalizing the bill.
“We are always searching for ways to increase efficiency in construction operations, and this new feature is a tremendous timesaver,” says Corecon Technologies President Norman Wendl. “It is not uncommon for a construction company to have at least 100 vendor invoices per month requiring manual data entry into Corecon, especially if they self-perform work and have a lot of material-related transactions. With this new add-on tool, invoices can be converted to bills almost instantaneously, saving considerable time, minimizing mistakes and eliminating duplicate data entry.”
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