Hi, and welcome to Rossum! Today we will explain how AI OCR works and why it was developed.
Even today, 90% of invoices are processed manually. You have seen how slow manual data entry is if you’ve watched our data entry championship video. But what about traditional template-based OCR?
OCR technology reads and captures document data, so you might think that’s the key to more efficient invoice processing.
Unfortunately, for most companies this is not the case. Every invoice has a different layout, so a traditional OCR solution needs separate templates for every invoice you want it to process. This approach requires you to spend hours creating templates. When processing invoices, you’ll need to spend more time finding the right templates before you can start extracting data.
This is where AI OCR comes in. It is built on neural networks that enable it to read invoices the way a human would, without any complicated setup or template creation.
Because it’s an out-of-the-box solution that requires far less maintenance than traditional OCR software, AI OCR can save you a lot of money. Using AI OCR can reduce the total cost of ownership for processing one invoice from $1 per invoice to $0.40 per invoice.
AI OCR delivers these 4 key benefits: it saves time and cost, ensures fast ROI, frees up resources, and streamlines processes.
Rossum gives you all these benefits and features an intuitive UI, powerful reporting engine, and superior extension environment. The platform can reduce monthly keystrokes per person from 60,000 to only 4,500, freeing your AP experts to take on more fulfilling roles and transforming AP from a cost center to a profit center.
To learn more about what Rossum’s AI OCR engine can do for your company, sign up for a free trial account by following the link in the description below. And feel free to contact us on any of these platforms. For the latest Rossum updates, subscribe to our YouTube channel! From all of us here at Rossum, have a great day!