The leader in AP and invoice automation adds a tool that trains AI to recognize exception invoices and advance touchless invoice processing
ESPOO, Finland, April 27, 2023. – Basware, the leader in making AP automation and invoice processing happen, announced the latest innovation in Accounts Payable (AP) automation processes by introducing SmartPDF with self-validation. SmartPDF extracts data from PDF invoices and turns roughly 80% into real e-invoices automatically. The rest are exception invoices that need user guidance to be processed. Now SmartPDF self-validation AI can be trained to recognize exception invoices and handle them automatically as well in the future.
Finance leaders continue to face challenges with their AP processes, Basware found that 47% of CFOs say invoice approvals take too long, 45% struggle with a high percentage of exceptions, and 23% face challenges with late supplier payments. This next step in SmartPDF development tackles exception invoice validation, such as invoices with missing fields or unrecognized content.
Basware's SmartPDF was first launched in 2018 and enhanced with AI technology in 2020. SmartPDF uses an intelligent algorithm and state-of-the-art AI technology to determine an invoice layout, whether machine-readable or an image PDF. It extracts high-quality data with over 97% accuracy, zero delays and converts the data into a real e-invoice. Then SmartPDF delivers the e-invoice to a company's AP or ERP system, providing better data input and higher automation as well as continuous improvement to AP processes.
Now, with SmartPDF self-validation, even exception invoices can be addressed, corrected and automated thanks to Basware's AI technology, which becomes better informed over time and trained to recognize exception invoices and process them automatically. By eliminating the need for manual intervention of exception invoices, Basware is further reinforcing its mission to create a touchless invoice processing future and true AP
Jason Kurtz, CEO, Basware, commented:
“Our customers put their trust in us to deliver the world’s best AP and invoice automation solutions. Today, we are delivering on that trust and extending our leadership in the industry. We are thrilled to announce the latest innovation in our capabilities that provide even more value in AP Automation processes and take our customers yet another giant step towards touchless invoice processing. SmartPDF with self-validation is the third evolution of this tool that allows finance teams to save money and reduce risk through easy extraction of relevant and high-quality invoice data from PDFs.”
SmartPDF self-validation works with Basware e-invoice receiving and any ERP or AP solution. It will free CFOs from outdated scan-and-capture solutions through true automation. SmartPDF with self-validation is just another way Basware is helping finance leaders and their teams free up resources, ensure agility and visibility, and prioritize investments with high impact and fast ROI.
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Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at 700+ global customers rely on Basware to handle over 170 million invoices per year. Basware. Now it all just happens.™