Bills Process Automation

Incresol brought an Artificial Intelligent (AI) tool for Bills Processing System by naming BPA – Bills Process Automation. It enables Click-and-Sit method, means just take the snapshot or pdf of your bill and upload into the BPA solution it will automatically grab the data to convert and transform into the System. You can share it or submit to the financial aspect easily and also last but not least you can search the bills whenever you need specifically.

In just a few clicks the data will transform from PDF’s like Image or Text by using the (OCR) Optical Character Recognition technology into the ERP systems.

Bill processing is a seemingly simple task that can often turn into a daunting challenge for many individuals and businesses. The common hurdles faced include the sheet volume of bills, the need for meticulous accuracy, and the significant time investment it requires. Imagine a small business owner, juggling between multiple roles, having to sit down at the end of a long day to sort through a pile of bills. Or consider an IT professional, tasked with managing the financial record of a large corporation. In both scenarios, manual bill processing can become a tedious, error-prone task that’s hard to keep up with the need for precision, coupled with the pressure of managing large volume of data, can turn bill processing into a real headache, for this pain point Incresol’s BPA solution is conducive, With just in clicks it will complete the entire Juggling process.

BPA Benefits

Incresol’s BPA will automate and manage the processing of vendor invoices, from receipt to payment. It helps streamline accounts payable processes.
Efficiency and Accuracy:  Streamlines invoice processing for better efficiency
Cost Reduction: Reduces administrative costs associated with manual handling.
Faster Processing: Speeds up invoice approval and payment, improving vendor relations.
Data Security: Ensures the security of sensitive financial data through authorizations.
Compliance and Audit: Ensures compliance with tax regulations and provides a clear audit trail.
Workflow Automation:  Automates approval workflows for invoice routing.
Cash Flow Management: Helps manage cash flow and working capital effectively.
Error Reduction: Minimizes data entry errors and reconciliation issues.
Vendor Relations: Enhances relationships through timely payments and accuracy.
Reporting and Analytics: Bill backlog and insights.
Paperless Environment: Digitizes invoices to SAP DMS and results in an eco-friendly office.
Scalability: Handles increased invoice volumes as businesses grow.
Statutory Verifications:  This will be made Mandatory  in e-Waybill and e–Invoie Systems.

Here’s how Incresol BPA Solution works ?

Incresol BPA Solution
Incresol BPA uses Optical Character Recognition, or OCR, a technology that reads and captures data from bills. This data isn’t just numbers or words on a page. It’s valuable information that can be used for various purposes like IT filings or financial submissions. Once OCR has done its job, the data is then automatically transformed and integrated into an aligned system. It’s like having a personal assistant, who not only organizes your data but also makes it searchable and ready for archiving. What sets BPA apart is its high level of accuracy. It reduces the chances of errors that are common in manual processing. This means less manual work, fewer errors, and more efficiency in processing bills.

So, how exactly does Incresol BPA make your life easier?

Well, let’s dive right into it. One of the key benefits of Incresol BPA is the ease of searchability and archiving of data along with the Image of your Bill Scanned Copy. Imagine trying to find a needle in a haystack – that’s what searching through piles of paperwork feels like. But with BPA, it’s more like using a high-powered magnet. Your data becomes easily searchable saving you countless hours of manual labor. It’s like having your very own digital assistant, taking care of the tedious tasks so you can focus on the bigger picture, Perhaps one of the most impressive benefits of BPA is its high level of accuracy in data transformation. We all know that human error is inevitable, but BPA drastically minimizes these mistakes. It’s like having a safety net, ensuring that your data is not just organized, but also accurate, Moreover, BPA simplifies the process of IT filings and financial submissions.

So, are you ready to revolutionize your bill processing?

As we’ve journeyed through the complexities of bill processing, we’ve seen the challenges that many face. Misplaced invoices, errors in data entry, and the time-consuming nature of manual processing can be a real headache. Enter Bills Process Automation or BPA for short, a game changer in the world of finance and IT. The innovative solution uses Optical Character Recognition to read data and automatically transform it into a system that’s searchable and easy to archive. It’s not just about convenience, but also about precision. BPA ensures a high level of accuracy in data transformation, minimizing errors and data transformation, minimizing errors and making IT filings or financial submissions a breeze. Remember, BPA isn’t just for business as Individuals can also harness its power to streamline their personal finance management.  “With Bills Process Automation, you can say goodbye to the hassles of manual bill processing and welcome a world of efficiency and accuracy.”

BPA offers two services that can help you implement OCR in your business:

Manual Upload process

BPA is a machine learning (ML) service that uses OCR to automatically extract text, handwriting, and data from scanned documents such as PDFs. It can read thousands of different documents in multiple layouts and formats at high speed. When it extracts information from documents, BPA returns a confidence score for everything it identifies so that you can make informed decisions about how you want to use the results.

Email to Bill Submit

BPA  can analyze millions of images and Text within minutes and augment human visual review tasks with artificial intelligence. You can use SAP integration with BPA to extract text from both images and Text. You can extract skewed and distorted text from images and Text of street signs, social media posts, and product packaging.

What is OCR (Optical Character Recognition)?

Optical Character Recognition (OCR) is the process that converts an image of text into a machine-readable text format. For example, if you scan a form or a receipt, your computer saves the However, you can use OCR to convert the image into a text document with its contents stored as text data.

Why is OCR important?

Most business workflows involve receiving information from print media. Paper forms, invoices, scanned legal documents, and printed contracts are all part of business processes. These large volumes of paperwork take a lot of time and space to store and manage. Though paperless document management is the way to go, scanning the document into an image creates challenges. The process requires manual intervention and can be tedious and slow. Moreover, digitizing this document content creates image files with the text hidden within it. Text in images cannot be processed by word processing software in the same way as text documents. OCR technology solves the problem by converting text images into text data that can be analyzed by other business software. You can then use the data to conduct analytics, streamline operations, automate processes, and improve productivity.

How does OCR work?

The OCR engine or OCR software works by using the following steps: Image acquisition A scanner reads documents and converts them to binary data. The OCR software analyzes the scanned image and classifies the light areas as background and the dark areas as text. Preprocessing The OCR software first cleans the image and removes errors to prepare it for reading. These are some of its cleaning techniques:
  • Deskewing or tilting the scanned document slightly to fix alignment issues during the scan.
  • Despeckling or removing any digital image spots or smoothing the edges of text images.
  • Cleaning up boxes and lines in the image.
  • Script recognition for multi-language OCR technology.
Text recognition The two main types of OCR algorithms or software processes that an OCR software uses for text recognition are called pattern matching and feature extraction.
Pattern matching Pattern matching works by isolating a character image, called a glyph, and comparing it with a similarly stored glyph. Pattern recognition works only if the stored glyph has a similar font and scale to the input glyph. This method works well with scanned images of documents that have been typed in a known font.
Feature extraction Feature extraction breaks down or decomposes the glyphs into features such as lines, closed loops, line direction, and line intersections. It then uses these features to find the best match or the nearest neighbor among its various stored glyphs.
Postprocessing After analysis, the system converts the extracted text data into a computerized file. Some OCR systems can create annotated PDF files that include both the before and after versions of the scanned document.

What are the types of OCR?

Data scientists classify different types of OCR technologies based on their use and application. The following are a few examples: Simple optical character recognition software A simple OCR engine works by storing many different font and text image patterns as templates. The OCR software uses pattern-matching algorithms to compare text images, character by character, to its internal database. If the system matches the text word by word, it is called optical word recognition. This solution has limitations because there are virtually unlimited font and handwriting styles, and every single type cannot be captured and stored in the database. Intelligent character recognition software Modern OCR systems use intelligent character recognition (ICR) technology to read the text in the same way humans do. They use advanced methods that train machines to behave like humans by using machine learning software. A machine learning system called a neural network analyzes the text over many levels, processing the image repeatedly. It looks for different image attributes, such as curves, lines, intersections, and loops, and combines the results of all these different levels of analysis to get the final result. Even though ICR typically processes the images one character at a time, the process is fast, with results obtained in seconds. Intelligent word recognition Intelligent word recognition systems work on the same principles as ICR, but process whole word images instead of preprocessing the images into characters.
Intelligent word recognition Intelligent word recognition systems work on the same principles as ICR, but process whole word images instead of preprocessing the images into characters.
Pattern matching Pattern matching works by isolating a character image, called a glyph, and comparing it with a similarly stored glyph. Pattern recognition works only if the stored glyph has a similar font and scale to the input glyph. This method works well with scanned images of documents that have been typed in a known font.
Optical mark recognition Optical mark recognition identifies logos, watermarks, and other text symbols in a document.

What are the benefits of OCR?

The following are major benefits of OCR technology: Searchable text Businesses can convert their existing and new documents into a fully searchable knowledge archive. They can also process the text database automatically by using data analytics software for further knowledge processing.
Operational efficiency You can improve efficiency by using OCR software to automatically integrate document workflows and digital workflows within your business. Here are some examples of what OCR software can do: Scan hand-filled forms for automated verification, reviews, editing, and analysis. This saves the time required for manual document processing and data entry. Find the required documents by quickly searching for a term in the database so that you don’t have to manually sort through files in a box. Convert handwritten notes to editable texts and documents.
Artificial intelligence solutions OCR is often part of other artificial intelligence solutions that businesses might implement. For example, it scans and reads number plates and road signs in self-driving cars, detects brand logos in social media posts, or identifies product packaging in advertising images. Such artificial intelligence technology helps businesses make better marketing and operational decisions that reduce expenses and improve the customer experience.

What is OCR used for?

The following are some common OCR use cases in various industries:

Banking

Bank

The banking industry uses OCR to process and verify paperwork for loan documents, deposit checks, and other financial transactions. This verification has improved fraud prevention and enhanced transaction security. For example, financial company that provides financing to small and medium-sized businesses. It might use BPA, a cloud-based OCR service, to develop a product for small businesses in the US to quickly access Paycheck Protection Program (PPP) loans as part of the COVID-19 relief stimulus package. BPA automatically processed and analyzed tens of thousands of PPP forms per day so that financial company could help several thousand businesses get funds, saving over 400,000 jobs in the process.

Healthcare

Health care

The healthcare industry uses OCR to process patient records, including treatments, tests, hospital records, and insurance payments. OCR helps to streamline workflow and reduce manual work at hospitals while keeping records up to date. For example, the nib Group provides health and medical insurance to over 1 million Australians and receives thousands of medical claims per day. Its customers can take photos of their medical invoice and submit them through the nib mobile app. BPA processes these images automatically so that the company can approve claims much faster.

Logistics

Logistics

Logistics companies use OCR to track package labels, invoices, receipts, and other documents more efficiently. For example, the Foresight Group uses BPA to automate invoice processing in SAP. Manual entry of these business documents was time-consuming and error-prone because Foresight employees had to enter the data in multiple accounting systems. With BPA, Foresight software can read characters more accurately across many different layouts, which increases business efficiency.