Information Extraction from Invoices

Technology CV, NLP
Industry Oil and Gas
Potential industries Retail, Logistics and Transportation, Insurance, Finance
Client Equipment Distributor

Summary

We developed a service that extracts data from different types of invoices. Our service allowed the customer to automate the data entry process, ultimately saving 850 man-hours per month and de-creasing the recognition error-rate by half.

Challenge

The customer, a large multinational equipment distributor, was interested in streamlining their in-voice processing activities through digitization. They wanted to extract account information from invoices in their custom-made ERP system. Prior to our involvement, the customer was doing this manually, and the process was taking several minutes per invoice. As the number of daily invoices began to grow, it soon became apparent that a human-centric solution was no longer feasible. Moreover, in their efforts to increase manual processing speed, more and more human errors were being made.

Solution by AI Superior

The solution delivered is a web service that allows users to upload an invoice and receive extracted information in a predefined structure. The service relies on a pipeline that consists of the following components:

  • Document scans processing and enhancement
  • Information extraction based on Optical Character Recognition (OCR) and post-processing
  • Identifying information blocks
  • Invoice type classification
  • Information packaging and dumping

Outcome and Implications

The developed service allowed the customer to streamline invoice processing in the CRM without any human intervention. It reduced the error rate by half since most errors fell into the category of human error. The speed of invoice processing increased by a factor of 25, and the customer saved 850 man-hours per month.