How AI is Changing the Game in Document Entry
Artificial Intelligence (AI) is revolutionizing the way documents are entered for all businesses. Manual document entry is being replaced by automatic document entry.
Now, thanks to AI technology, routine, non-value-added tasks for businesses are automated. So, for the first time in the history of business since the invention of the internet and computers, entrepreneurs are seeing incredible resources unleashed that they never before imagined.
Let’s take a deeper look at how AI is bringing this new revolution. This time in automatic document entry.
How is document entry ;up to 100 times faster
To explain how automatic document entry is done, we will take purchase invoices as an example.
- Enter your invoices
- Initially the software reads the information in the document using OCR.
In particular, PaperEntry uses genetic artificial intelligence technology to understand and process the information of any document regardless of its type, type and structure.
With PaperEntry’s new capabilities, the software is trained each time a correction is made to its results, thus improving the validity and accuracy of its results
Upon completion of the automatic checks, the document is ready for import into the ERP.
What does up to 100 Times Faster Import of Documents mean for businesses?
Sit down and think about it for a moment. Up to 100 times faster document import. What could this mean for any business? If you can’t imagine it, below is a breakdown. It’s based on documented experiences of business market leaders who are already leveraging the technology.
Reducing time and costs for businesses
Time saving: AI transforms the manual processing of documents (invoices, bills of lading, customs documents, etc.) from a time-consuming and laborious process into a simple, fast and efficient automated task.
Traditional invoice processing can take up to 21 days for businesses with a high volume of entries per month. With artificial intelligence, the time is significantly reduced to as little as 3 or 4 days. So businesses can now process invoices up to 100 times faster.
Cost Reduction: Saving time means saving money for businesses. Reducing the time spent on document entry automatically means lower operating costs for businesses.
Reduce Errors and Increase Productivity for Workers
Reducing Human Error: AI makes document entry a simple and enjoyable process for employees. It automates the process and reduces 99% of errors in processing invoices and other documents. Errors are usually caused by human error and often occur during manual document entry. This improves the accuracy of data entry and reduces the dependence on human input.
Increased Productivity: AI simplifies the process of automatic document entry and requires no special knowledge or skills from the company’s employees. Thus, employees can process all kinds of documents without any special training. This processing is done very quickly and with much greater accuracy. This frees up time for employees and allows them to work on other, more productive (added value) tasks.
Improving Control and Transparency for the Administration
AI dramatically speeds up the import of documents (up to 100 times faster). This literally transforms the accounting department from a cumbersome/dysfunctional part of the business into an interactive organization.
The day-to-day operations of the accounting department are aligned with the actual needs of the business.
In turn, the correct mapping of the company’s progress helps management to make important decisions. Decisions that are based on accurate data and improve the overall efficiency of the business.
Support for Growth and Innovation
The adoption of artificial intelligence in document importing encourages growth and innovation across the enterprise. According to research, companies that adopt AI in their day-to-day processes are not unfairly described as industry leaders.
They establish themselves as market leaders and have a strong competitive advantage over their competitors.
Upgrading Corporate Social Responsibility (CSR)
The term “corporate social responsibility” refers to companies that take responsibility for their behaviour and their impact on society.
By automating the document registration process, AI helps businesses, among other things, to reduce their ecological footprint.
Thanks to the technology, automatic data extraction and entry now offers the possibility of creating a fully digital record.
By eliminating the need for paper, AI helps businesses to enhance their corporate social responsibility. They help save trees and reduce their environmental footprint.
Interface with all ERP systems
Thanks to Artificial Intelligence, Automatic Document Entry can be integrated into the existing IT infrastructure of any business, operating as a plug-in to ERP or as an independent application. The easy integration ensures a smooth transition to automatic data extraction without drastic changes to the existing structures of the business.
A solution for all businesses and all professional sectors with Low Investment Cost with high ROI
From the beginning of the year (2024) PaperEntry launched another innovation in document import automation. It incorporates genetic artificial intelligence into its mode of operation. This innovation offers another unique solution for processing and document entry.
With the latest AI software version of PaperEntry, documents are automatically converted into data. Using Generative AI, it eliminates the labeling requirement that other software requires to identify the data of interest to users. At the same time, the need to train the machine to understand each new document type is eliminated for the first time.
According to Deep Cognition, the developer of the software, PaperEntry provides high accuracy for even the most complex document types. PaperEntry’s ability to operate without training and without the need for extensive configuration will help businesses see a return on their investment from day one ( Return Of Investment) .
With Genetic AI, now any business that enters more than 500 documents per month has every reason to want to implement automated document entry. This is because, according to companies already using the technology, the return on investment is achievable from the first day of production of the software.
Indicative example
Suppose a company receives 25 documents every day. Each document contains 2 pages. So in one day the company processes 50 pages.
If we estimate that it takes 2 minutes to enter each page , then it takes about 100 minutes to go through all 50 pages.
If we are talking about an experienced registrar, at best it will take 1.30 hours for this task. With Paperentry this task will be completed within 10 minutes.
Summarizing
AI, among other things, is decisively changing the way businesses enter their documents. Now documents are entered with AI 100 times faster, and this has positive spillover benefits for any business that leverages the technology, regardless of size.
