Cutting-edge, AI model reads and extracts valuable data from invoices with 97% accuracy to support context driven productivity, reduces costs by 30%
IRVINE, Calif., May 12, 2020 – Ephesoft, Inc., a leader in content acquisition and data enrichment solutions, today announced the availability of Semantik Invoice, a cloud-based data acquisition product with 97% accuracy. This out-of- the-box artificial intelligence model has been shown to reduce costs by 30% and significantly cut the time to process an invoice.
“As companies look to reduce costs and move more transactions to the cloud, there is a market need for solutions that are highly scalable and have a quick time to value,” said Ike Kavas, founder and CEO of Ephesoft. “With more than half of invoices still processed manually and taking on average 8.5 days, AP processing is ripe for innovation. Semantik Invoice is a plug-and-play solution able to streamline invoice processing by exporting critical data from any invoice format and importing the data into existing enterprise systems.”
For companies looking to automate their AP process, Semantik Invoice extracts critical data from any invoice format and imports the data into Enterprise Resource Planning (ERP), Enterprise Content Management (ECM), Robotic Process Automation (RPA), workflow tools and other line of business systems for downstream processing. Ephesoft’s proprietary AI-powered reader technology accurately recognizes key fields such as invoice date, terms, ship date, tax rate, tax IDs, overall amount due, purchase order number, etc. While most capture solutions require significant professional services work or customizations to set up, Semantik Invoice is a low-code, no-code solution that can be deployed and used in a production setting in minutes.
“Routine, content-centric tasks such as invoice processing represent automation opportunities for companies seeking to streamline their business processes,” said Holly Muscolino, Research Vice President, Content and Process Strategies and the Future of Work at IDC. “Identifying best practices and scalable automation solutions in the cloud that demonstrate the ability to improve the bottom line in the short- and long-term will be critical to helping businesses stay competitive moving forward.” Similarly, an industry report from IDC estimates that public cloud capture solutions will have a CAGR of 29.3% by 2023 as more companies look to adopt cloud-enabled microservice architectures and take advantage of more sophisticated AI models that are more conducive to a public cloud offering.
In line with this predicted cloud and AI technology growth, Semantik Invoice is designed to deliver immediate and perpetual benefits. The product makes it possible to streamline AP processes to see an immediate return on investment by using the scalability of the cloud combined with advanced machine learning algorithms. It also ensures the extracted data can be used in any future process automation or AI project through Ephesoft’s semantic data-driven extraction approach. Ephesoft is currently developing the next stage toward autonomous work, which automatically identifies relationships between recognized entities to create a web of knowledge supporting business processes. Having the ability to see each field’s relationship to one another lends itself to automation of the entire AP process.
“During times of uncertainty and budget tightening, companies should be asking themselves if the products they are investing in will integrate with future products and solutions,” said Kavas. “Ephesoft has designed this SaaS-based solution to leverage the power of context in accounts payable with scalability and agility for future innovations.”
In developing the solution, Ephesoft worked with beta testers ranging from small manufacturing firms to large scale consultancy firms, including MicroGenesis Techsoft Pvt Ltd, a technology solutions provider committed to modernizing and automating processes to be more efficient and productive.
“When we tested Semantik Invoice, we could easily tell that this would not only accelerate our AP processes, but it would give us more time to spend with customers and vendors,” said Sanjaya KM, Digital Automation Lead at MicroGenesis Techsoft Pvt Ltd. “With the intuitive interface, AI-based training, template-free, fast and accurate extraction, we strongly believe Ephesoft Semantik has started a new era in a digital automation platform. We are delighted with Ephesoft Semantik and will continue to seek ways for continual business process improvement using the outstanding tool.”
PaperTrail, a document management provider that supports business-critical processes was also part of the beta tester group. “After testing the Semantik solution we are thrilled with what it delivers as it is an absolute game-changer for the data acquisition and management market. From my perspective, it will drive a huge step-change in efficiency and AP processing power, so being able to bring the Semantik Invoice solution into our business and offer it to our clients will ultimately strengthen our true end-to-end document management and BPO offering will be a sensational opportunity,” said Craig Richardson, Senior Partner at PaperTrail NZ Ltd.
Semantik Invoice will be available via technology partners, RPA and workflow resellers, as well as directly to end users. The first phase will be rolled out in the United States, followed by expanding to international markets in EMEA and APAC. Semantik Invoice is the first of a series of Context Driven Productivity products to launch under the Semantik Platform.
For more information about Semantik Invoice, visit https://ephesoft.com/products/semantik-invoice/