We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » Basware Evolves SmartPDF, Now Captures Invoice Data Automatically via Artificial Intelligence
Press releases are provided by companies as is and have not been edited or checked for accuracy. Any queries should be directed to the company issuing the release.

Upload your press release

Basware Evolves SmartPDF, Now Captures Invoice Data Automatically via Artificial Intelligence

Basware Evolves SmartPDF, Now Captures Invoice Data Automatically via Artificial Intelligence
September 22, 2020
No Comments

Basware (Nasdaq: BAS1V) has launched SmartPDF AI, the latest evolution of its SmartPDF service, which automates the conversion of machine-readable PDFs to e-invoices above 97% accuracy, requiring extremely minimal manual effort. Unlike optical character recognition (OCR) technology that relies on capturing data from images, SmartPDF AI is trained using data automatically extracted from historical invoices via a state-of-the art machine learning (ML) model.

“With our longstanding history in the e-invoicing space and our automatic extraction capability, we had a very large dataset to train the new AI models, allowing us to confidently achieve the targeted field level accuracy of 97%,” commented Sami Nikula, Director Network Solutions, Basware. “Once applied to a customer’s historical invoices, the AI learns and improves even more each time, but again, with very little human interaction required, saving the accounts payable team a tremendous amount of time. In fact, we already have a global enterprise customer live at our targeted accuracy and quality levels, and no action was required by the customer. Another customer will enter the pilot phase soon. With these early results, we feel confident that the technology is now customer-ready.”

Because SmartPDF AI removes invoice data-mapping from the process, it requires zero setup, manual validation or configuration, and offers multi-language support. Whether a new supplier sends an invoice for the first time or an existing supplier changes invoice formats, the self-learning system automatically adjusts. It is designed to ask as few questions as possible and once answered, the artificial intelligence (AI) learns immediately, never asking the same question again. Plus, the AI takes into consideration not just the text, but also features, such as fonts, lines, logos, etc., allowing it to recognize the patterns better and ultimately improve accuracy.

The benefits of converting from machine readable PDF invoices to e-invoices are wide-reaching. The information remains in an electronic format at all times, eliminating data extraction errors, meaning less paper, less manual handling, better data accuracy and faster invoice processing time. And with SmartPDF AI, all without manual effort.

http://www.basware.com/en-en/why-basware/advanced-cloud-technology/ai-and-machine-learning
Submit your logistics, material handling, or supply chain related company news in Supply Chain Quarterly's's Industry Press Room section or New Products section
Finance Technology
KEYWORDS Basware
  • Related Articles

    Using Invoice Data for Carbon Emissions Reductions

    Artificial intelligence continues to mature with o9 and Project44 partnership

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Forecasts call for freight rate slumps in 2023

  • Projected U.S. recession in early 2023 will soften freight market

  • Inflation drops again as interest rate hikes hit home, NRF says

  • How to avoid the next crisis: A new approach to supply chain agility

  • New Jersey truck fleet says Freightliner tractors will deliver safety as well as freight

Featured Video

20221107korber large vs

Enhancing Customer Experience with Your Supply Chain Strategy

Viewer Contributed
With the rise of e-commerce, many businesses have had to transform their warehouses to handle online orders in addition to regularly scheduled inventory shipments. This means warehouses need more information than ever before to ensure they can meet customers' needs. As a result, companies need to select warehouse...

FEATURED WHITE PAPERS

  • Guide to Pallet Rack Safety

  • 3PLs: Complete Orders Faster with Flexible Automation

  • A shipper's guide to navigating post-pandemic holiday freight

  • THE NEW WAY TO WAREHOUSE: 4 Innovations in Automation & Robotics to Boost Warehouse Productivity

View More

Subscribe to Supply Chain Quarterly

Get Your Subscription
  • SUBSCRIBE
  • E-NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing