Tag NLP
AI Case Study 6: Automatic Account Assignment
We are excited to present our Pratham Software AI Case Study 6: Automatic Account Assignment!
About: The client provides a platform for optimizing and monetizing the processing of paper and electronic invoices. Their solution automates the entire invoice-to-pay process, simplifying each step from receipt through reconciliation.
Business Need: Currently, users manually enter General Ledger (GL) accounts based on item descriptions in invoices. This method is inefficient, prone to errors, and lacks consistency, which delays financial reporting, introduces inaccuracies in financial records, and increases operational costs.
Solution: Pratham Software GmbH developed a solution that automates the assignment of GL accounts based on item descriptions. The goal of this solution is to improve the accuracy and efficiency of financial data while ensuring that GL accounts are accurately classified and assigned to relevant items.
Software Tools:
In order to accomplish the project we used the following software tools:
- Machine Learning (LLM)
- Feedback loops
- NLP (Natural Language Processing)
- EC2
- Fast API
- Python
- React JS
- S3
- SQL Server
Results:
- Improved system efficiency and consistency
- Enhanced financial data accuracy
- Increased productivity
Interested to learn more from Pratham Software’s exciting AI case studies?
Having studied our Pratham Software AI Case Study 6: Automatic Account Assignment, please also check our other case Studies!
- Case Study No. 1 Automatic Sampling of BIM Description
- Case Study No. 2 Loan Default Early Warning
- Case Study No. 3 Centralized Chatbot with Azure open AI
- Case Study No. 4 Train Rolling Inspection & Alerting by AI
- Case Study No. 5 Automatic Invoice Processing by AI
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.
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.
More Case Studies
Apart from today’s case study about Train Rolling Inspection & Alerting by AI please check:
Second Case Study of Pratham Software AI Service
How AI has helped a bank saving millions of Euros by Loan Default Early Warning
Our second case study is about Loan Default Early Warning. The AI powered solution has helped our client saving millions of Euros. We delivered an advanced entity scoring and fraud detection system. The solution is powered by a sophisticated machine. It is a learning solution that integrates NLP (Sentiment Analysis), Clustering (DBSCAN), Isolation Forest, Neo4j, Python, Pandas, Sci-Kit Learn, and several third-party API data integrations.
Loan Default Early Warning by AI Case Study Details:
📌 Context:
Our customer operates in the integrity risk analytics space. This means that they are focusing on monitoring the creditworthiness of borrowers. Their advanced platform was designed to assist them in making well-informed decisions by offering comprehensive analytical and collaborative insights.
📌 Business Need:
The client required an effective solution to monitor borrower accounts continuously and identify opportunities for de-risking. This involved the early detection of potential financial stress in borrower accounts, providing near real-time signals and alerts to ensure prompt action.
📌 Solution:
We delivered an advanced entity scoring and fraud detection system that provided comprehensive borrower business insights using multiple models. This included creating relationship graphs, transactional and temporal analysis. Further on it contained sentiment and sensitivity assessment, trend analysis, exposure evaluations, spatial mapping, project Expected Value (EV), Binford analysis, and forensic investigations. By leveraging these insights, the system was able to raise early warnings of potential loan defaults. In this way aiding credit players in mitigating risks and making proactive, informed decisions.
Pratham Software GmbH
Whether you’re looking to automate processes, analyse large datasets, or enhance decision-making through AI, Pratham Software GmbH is here to support your journey with our tailor-made solutions.
Stay tuned as we roll out more case studies in the coming weeks, showcasing how our AI solutions are driving efficiency, accuracy, and innovation across industries. Please also read our first case study about Automatic Sampling of BIM Description.
Ready to harness the power of AI for your business? 💡 Contact us today to explore how Pratham Software GmbH can be your trusted partner in AI transformation.
First Case study of Pratham’s AI services
Today we announce the launch of our AI services in Germany, bringing cutting-edge solutions to clients across various industries. Stay tuned as we unveil our groundbreaking work portfolio showcasing the transformative power of AI. Let’s explain details of our AI solution with Automatic Sampling of BIM Description.
Automatic Sampling of BIM Description
✨ Introducing Our First Case Study: „Automatic Sampling of BIM Descriptions“ powered by Gen AI & NLP. Our innovative solution optimizes Building Information Modeling (BIM) processes, enabling businesses to extract valuable insights from complex data.
– Context: In the building construction industry, manual mapping of project LVs to BIM models posed challenges in efficiency and accuracy.
– Business Challenge: The error-prone manual process hindered project planning, highlighting the need for intelligent automation.
– Solution: Our advanced algorithm automates the mapping between BIM objects and project LVs, enhancing efficiency, accuracy, and scalability.
Result:
By automating this critical process, we have boosted efficiency, reduced dependency on manual expertise, and improved project productivity. Our customers have seen significant benefits including better cost visibility, reduced project risks, and a 50% increase in productivity.
Looking to streamline processes, analyze large datasets, or enhance decision-making with AI? Pratham Software GmbH is probably the best partner you can find for AI transformation. Contact us today to explore tailor-made solutions for your business.
Please follow our series of AI case studies. The second case about „loan default early warning“ is available here:
