Tag FinancialOperations
Automatic Invoice Processing by AI
Our fifth case study is about our AI powered Automatic Invoice Processing. It addresses a critical need in the building construction industry, particularly in the realm of financial and accounting operations. This case study highlights how we transformed a time-consuming manual process into a streamlined, automated solution.
Case Study Details:
About the Client:
The customer is a leading solution and service provider in the building construction industry. Their service offerings include financial and accounting back-office operations, specifically data entry and processing of supplier invoices into a Financial ERP system.
Business Challenge:
After Optical Character Recognition (OCR) processing, the task of assigning cost elements and accounts to supplier invoices was previously a manual process, requiring detailed analysis of descriptions. This labor-intensive task was prone to errors, and posed challenges in terms of efficiency and scalability. Accurate cost assignments are essential for gaining visibility into project costs and cost breakdowns.
Solution:
We implemented a Natural Language Processing (NLP)-based recommendation system designed to extract article information from the invoice descriptions and recommend the appropriate account to be assigned. The solution leveraged Generative AI models from Azure OpenAI and utilized Vector databases to automate the task.
This AI-driven approach not only improved efficiency but also helped reduce manual errors in account assignments.
Tools & Technology:
For our AI powered Automatic Invoice Processing solution we used:
- LLM (Large Language Models)
- NLP
- Azure OpenAI
- Feedback loops implementation
- EC2, FastAPI, Python, React JS
- S3, SQL Server
Results:
- Optimized supply chain processes, leading to greater operational efficiency.
- Reduced costs and minimized waste, ensuring more accurate financial records.
- Increased revenues and profitability by streamlining the invoicing process.
At Pratham Software GmbH, we specialize in creating AI-driven solutions that tackle industry-specific challenges, automate processes, and boost profitability. This is just another example of how our AI expertise can transform your back-office operations and make your business more efficient.
Stay tuned for more innovative case studies as we continue to demonstrate how AI can be harnessed to bring tangible business value. Interested in transforming your financial operations with AI? 💡 Contact us today to explore how Pratham Software GmbH can help streamline your business processes.
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