Infrrd, a leading provider of Intelligent Document Processing (IDP) solutions, announced the launch of Infrrd for Invoice, the latest addition to its innovative artificial intelligence (AI) technology portfolio.
Infrrd for Invoice incorporates the Company’s proprietary and patented AI-based IDP technology to extract and manage essential invoice information in the most accurate and efficient manner. IDP is a next-generation solution for extracting data from complex, semi-structured and unstructured documents. Unlike technologies that came before it, IDP can handle high levels of document complexity and variation with the help of multiple AI and machine learning (ML) technologies.
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Accounts payable departments at organizations processing large volumes of invoices with many variations are excellent candidates for Infrrd for Invoice.
Infrrd for Invoice features include but are not limited to:
- AI-first and template-free, capable of managing exponential volumes and variations, an area where other document processing solutions fall short.
- Out-of-the box invoice and accounts payable document models make deployment easy and quick.
- The Infrrd Fields Library streamlines configurability, allowing companies to choose from a variety of fields to build their own processing models, based on their distinct needs.
- ML-based capabilities drive continuous improvement on extraction accuracy, thereby enhancing efficiency and improving productivity.
- Automated purchase order matching connects invoices with their respective purchase order numbers for seamless processing.
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“Many organizations processing anywhere from tens to hundreds of thousands of invoices monthly still rely on manual intervention, which isn’t scalable nor cost effective. Infrrd for Invoice allows these types of companies to transform their back-office operations by leveraging AI and ML to drive greater productivity and reduce costs while utilizing their workforces to perform strategic tasks that benefit the business. This is demonstrative of the power of our IDP-based solutions,” stated Infrrd Founder and Chief Executive Officer Amit Jnagal.
“The release of our latest AI-driven solution, Infrrd for Invoice, complements our current IDP portfolio. We continually identify market demands and needs and leverage our AI and ML technology to apply to areas which could benefit most from our technology applications,” Jnagal added.
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