How We Automated Invoicing Process Using ML Technology – Overview
- By comprehending and reading the data on the invoice, machine learning algorithms can be developed to remove data from them.
- Machine learning (ML) can organization – wide quickly and reliably capture invoice information without the necessity for manual data entry.
- The data input process is one of the time-consuming tasks for any Fintech business. If manual work is not effectively managed, it can be onerous and result in document backlogs.
- Adopting RPA techniques to streamline and automate operations is one of the wise steps to solve this.
- Technology named (RPA) makes it simple to create, use, and manage software robots that replicate how individuals engage with digital devices and software.
- Robotic Process Automation (RPA) computer bots can interact with any application or system in the same way that humans can, with the exception that RPA bots can work continually, nonstop, so much more quickly, and with 100% reliability and accuracy.
- Software bots for robotic process automation can copy-paste, scrape data from the web, perform operations, open and move files, analyse emails, log into applications, subscribe to APIs, and extract unstructured data.
- Around 80% of finance leaders have used RPA or plan to do so, according to a New poll.
Benefits of Using RPA model.
- Boost Productivity
- Improved Analytics
- Accuracy & Quality
- Improve Employee Productivity
- Improve Customer Satisfaction
How we helped Fintech industry with Robotic Process Automation RPA ?
- We worked with one of the top FinTech firms in Europe in not just automating the invoice process but also fetch key information without any human interferences.
- Our RPA solution helped client in saving 50% of time and efforts spent on documentation. Also, improved overall efficiency and made resources to focus on their key tasks rather than manual documentation.
- Invoice is unstructured data with different templates, initially, they will be converted into text, wherein this text is properly formatted.
- Custom data is prepared, For example, Invoice Number, Invoice date. The Data set is prepared to map these similar fields into the same bucket.
- Built a NER model to extract entities present in the invoice.
- WEB UI is developed where an invoice is dropped, It will return as key-value pair of specific information.
Market Size: Robotic Process Automation (RPA)
The global robotic process automation market size was valued at USD 1.89 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.2% from 2022 to 2030.