The findings in the new study underscored these companies’ growing use of IDP-enabled systems to capture and extract invoice data efficiently. This process automation has demonstrated a boost in productivity due to the optimal, error-free accounts payable results reaped from no-touch processing (meaning no human is needed to assist in data extraction).
IDP is a next-generation solution for extracting data from complex, semi- and unstructured documents. Unlike technologies that came before it, IDP can handle document complexities and variations with the help of artificial intelligence (AI) and machine learning (ML) technologies. Recently, Infrrd launched Infrrd for Invoice, which 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.
Key findings of the study amongst respondents include:
87% of the 400 companies surveyed cited elimination of manual procedures, paperwork, and human errors as their primary reason for adopting IDP-enabled invoice processing.
72% of respondents noted they opted to transform their AP function as part of a bigger campaign to enhance user experience as they incorporate IDP systems for invoice processing into ERP integration and data interoperability strategy.
78% of companies reported increased efficiency, productivity, and performance after deploying IDP-based systems for invoice processing in as little as one year while 68% of the companies surveyed realized faster invoice and payment processing.
Regardless of the size of the organization, the majority of the 400 companies -- or 90% -- examined indicated that elimination of manual procedures was the key reason behind their purchase of an IDP system for invoice processing. Similarly, increased efficiency was cited as the top benefit across most of the surveyed companies -- regardless of size – which was 81% of those with more than $1 billion in revenue. These efficiencies include reduced expenses, larger discounts from suppliers and higher spend compliance.
“This study confirms the rationale for the automation of invoice processing. Infrrd customers are already benefiting from the recent introduction of Infrrd for Invoice, which allows them to transform their back-office operations by leveraging our patented and proprietary AI and ML technologies to drive greater productivity and reduce costs,” explained Amit Jnagal, Infrrd founder and chief executive officer.
“Additionally, we recently declared a 100 percent accuracy guarantee in data extraction. We are highly confident in the power and proficiency of our solutions and the subsequent results they deliver, especially in the processing of semi-structured documents such as invoices,” Jnagal concluded.
Albert Pang, Apps Run the World president and lead for the study, commented on the results: "The survey results are based on our continuous research across tens of thousands of companies annually and review of their enterprise applications implementations. We gain our knowledge by zeroing in on their system go-lives and the short- and long-term benefits they have documented as well as implications of such projects on the future of work, or impact on workplace and organizational productivity for all the key stakeholders involved. With the latest AI and ML advances, companies are quick to realize that IDP-enabled invoice processing presents an attractive alternative to a mixed bag of legacy systems that are fast becoming obsolete.”
The 400 IDP use cases in the study span a wide range of industries with manufacturing topping the list at 25%, professional services next at 17% and healthcare at 10%. Many of these companies have recently implemented IDP-enabled invoice processing as part of their digital transformation initiatives with 35% of the 400 surveyed organizations purchasing and deploying such advanced solutions since 2019.
To access the full report, click here. To view the infographic, click here.
San Jose, Calif.-based Infrrd is a leading provider of proprietary and patented Intelligent Document Processing (IDP) solutions, which leverage artificial intelligence (AI) and machine learning (ML) to enable enterprises to extract and manage data from semi-structured and unstructured documents in large volumes. Infrrd offers pre-built, highly configurable solutions for managing complex documents with reliable accuracy, such as invoices, claims, and bank statements, while also allowing organizations to create and train new models. Enterprises across the globe use Infrrd’s solutions to enhance employee productivity, improve operations, accelerate business scalability, reap cost efficiencies, and deliver exceptional customer experiences.
How can I try Infrrd before I commit to a full deployment?
Sure. The first step is to schedule a guided demo where you get to jump into the thick of it. After you explore our solution you can try a proof of concept. When you're ready, you can deploy the system to one use case. Then more use cases. Then across your enterprise.
Glad you asked. Our data extraction process runs on servers. We have found performance and accuracy decline when running on a desktop or mobile device. (Remember Infrrd is running a powerful AI stack).
In a fast-paced world filled with never-ending rivers of documents and data, organizations continuously need smarter ways to work. Teams need flexible solutions that enable them to work faster while delivering higher levels of reliable accuracy than ever before. At Infrrd, we empower teams with Intelligent Document Processing Solutions for Intelligent Work™.