Extracting Data from PDF Invoices at Scale – The Effective Method

Extracting Data from PDF Invoices at Scale – The Effective Method

Extracting data from PDF invoices meant manually entering everything or constantly managing exceptions and adjusting templates. However, there’s a far more effective, accurate, and scalable way of extracting data from PDFs.

You have an outstanding accounts payable/bookkeeping team, but there’s no way around it: they’re all overworked. You have a data processor — it just isn’t working out as you had hoped. 

Instead of sitting back and letting your data processor do the work, your accounts payable/bookkeeping team is constantly scrambling to adjust templates, change settings, handle exceptions, or entirely rework PDF invoices because each invoice has a slightly different format.

There’s a better way to extract data from PDF invoices at scale, right?

The good news is that there is! But first, let’s go over the basics of what exactly data extraction is.

What is Data Extraction?

Data extraction is the process of procuring data from various sources and moving it into a new context for data processing, storage, or analysis. It sounds pretty straightforward, but there isn’t just one way to extract data. You can use manual or cognitive data extraction methods.

It seems like manual data extraction has been around forever, so it’s hardly surprising that 90% of invoices are still processed manually. After all, it’s familiar for companies. They’ve manually retyped data for years, but it isn’t the best approach. Switching to a cognitive data extraction method can be a game-changer for businesses large and small.

While manual data extraction and entry is a slow, unscalable, and fault-prone process, cognitive data extraction is far more efficient, adaptable, capable, and accurate, making it an invaluable tool for accounts payable/bookkeeping teams. Cognitive data extraction processes involve extracting data, validating it, and correcting it. 

However, while manual data extraction requires humans every step of the way and less advanced data extraction systems require human touch to create templates and rules, cognitive data processing is document-agnostic.

Today’s automated document processing solutions use a combination of artificial intelligence and machine learning algorithms, offering modern, far more efficient, adaptable, and accurate takes on processes such as:

As a result, your accounts payable/bookkeeping staff can focus on the things that matter instead of spending hours fiddling with templates and invoice formats or manually typing everything.

However, not all providers are the same. On the one hand, you have cheaper, DIY methods like PDF converters that can extract data from invoices. While these free versions of downloadable software can extract data from PDFs, they don’t come anywhere close to what dedicated IDP solutions can do — especially when you’re dealing with piles of invoices and documents from various vendors and suppliers from different regions around the world. 

That’s where automated invoice processing comes in.

How Automated Processing Helps Organizations Process PDF Invoices at Scale

Processing PDF invoices at scale is no easy task. Not only do data fields need to be localized, but the data then needs to be extracted from those fields. Luckily, automated processing is more than up for the challenge. 

Whether your organization consistently works with a few business partners or hundreds that are constantly updating their invoice formats, automated processing solutions will be able to keep up and meet your needs.

When it comes to processing PDF invoices at scale, automated processing can help organizations reduce their workload by up to 95% for incoming documents. Plus, since there’s no templating or pre-formatting required, there’s little need for manual intervention so that companies can save lots of time and labor.

Manually extracting data from one invoice takes more than three and a half minutes, but using an AI-powered data extraction tool reduces the processing time to under twenty-seven seconds. With the average accounts payable/bookkeeping team member spending 49% of their time processing transactions, having a solution like Rossum that’s capable of extracting data over seven times faster than doing it manually is invaluable! 

What’s more, automated data extraction solutions are far more accurate, which saves time when it comes to validating and correcting information and will allow your team to concentrate on tracking company spending, financial planning, and other profitable, business-critical activities.

Just look at PepsiCo CZ as an example of how valuable automated processing can be for processing large volumes of PDF invoices. They were understaffed and overwhelmed with hundreds of invoices and documents following a series of mergers and acquisitions. With Rossum, PepsiCo CZ achieved 95% straight-through processing automation rates, saving everyone time and drastically boosting team morale.

A Proven Method for Extracting Data from PDF Invoices at Scale

While there are certainly other data extraction tools available, the Rossum platform goes above and beyond. Companies can use Rossum to increase operating efficiencies and boost revenue, all while reducing risk.

Unlike basic PDF extractors or competitors, our solution uses advanced cognitive data capture technology that mimics the human mind. Regardless of format or template, Rossum’s contextual AI can quickly and accurately understand invoices’ structures, patterns, and possible meanings and accurately capture data — no pre-processing required. 

Plus, minimal exceptions mean little need for human intervention for unrecognizable sections of invoices. In cases where fields are empty, or data has low confidence scores, Rossum will automatically direct you to the area in question and incorporate your feedback moving forward, making invoice processing even faster!

Not only is Rossum accurate and fast, but it also features best-in-class security and is highly scalable thanks to its basis in the cloud. No matter how large your business grows or how many invoices you receive daily, Rossum can keep up. Since it was designed for 99.9% uptime, you’ll rarely have to worry about falling behind on PDF invoice processing due to downtime.

Rossum is also the most secure IDP provider, making us the perfect partner — even if you’re in a sensitive industry like legal, finance, or medicine. Our solution is both HIPAA compliant and ISO-27001 certified, so you can rest easy knowing you’re in good hands. If you still aren’t 100% convinced, check out some of our customers’ stories to see how Rossum can impact your organization and data entry process.

Quickly And Accurately Process Your PDF Invoices With Rossum

Having PDF invoice after PDF invoice to process can be overwhelming, but it doesn’t have to be! Manual data extraction is unscalable, slow, and often riddled with human errors, but there are better, faster, more accurate ways to process invoices these days.

When it comes to extracting data from PDF invoices at scale, you can’t do better than Rossum. We’re a trusted and secure provider capable of processing all your incoming invoices, PDFs, and documents, no matter how many you have. Plus, Rossum offers pinpoint accuracy thanks to our highly adaptable AI neural engine.
Contact us today for a demonstration to see how Rossum can transform your data entry process and how it stands out from other IDP solutions for yourself!

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