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Rossum & EY: Next Generation end-to-end Invoice Processing
- 2. A combination of Rossum’s AI tool for invoice data capture (Elis) and EY’s automation tools & finance know-how was the foundation for a game-changing solution for invoice processing.
- 3. EY used a traditional OCR provider, but since invoice formats for each particular vendor needed to be manually setup in those tools, they faced two issues... How was EY used to extract invoice data?
- 4. Each project required a huge amount of work to setup and continuously maintain invoice templates, putting the costs of the project out of whack (despite low nominal costs of the OCR product itself). Setup and maintenance of templates
- 5. Only major suppliers could be covered by the traditional template setup. This meant that reaching a high level of AP automation (at least 90+%) was out of the question. High level of automation not possible
- 6. How was the situation solved? EY solved both problems at once by implementing Elis, invoice data capture tool which uses artificial intelligence to understand documents, rather than handcrafted rules or templates.
- 7. All costs and HR requirements connected with setup and maintenance disappeared completely. Even after project implementation, Elis continued to adapt and automatically learn new invoice formats as they appeared. No setup and maintenance costs
- 8. Consequently, artificial intelligence learns by itself as it processes invoices and thus reaches much higher accuracy and increased levels of automation. Increased level of automation
- 9. New process setup for data extraction
- 10. Results after implementation 0 HOURS 1 HOUR 4 HOURS 0 HOURS Time EY spent training client´s staff: EY’s time to onboard each following customer: Time to setup and adjust templates: EY´s time to onboard first customer into Elis:
- 11. Who is Rossum? Rossum provides a solution to automate data extraction from financial documents with Artificial Intelligence to create a world without manual data entry. Elis, is the next generation invoice data capture tool that works without any specific rule or template setup. Thanks to AI.
- 12. For more details contact: Tobias Rataj, Head of Partnerships ✉ tobias.rataj@rossum.ai www.rossum.ai +44 20 3287 6959 +1 347 269 2599
Hinweis der Redaktion
- Title: Rossum & EY: The Next Generation end-to-end Invoice Processing Description: Rossum and EY have partnered to develop an end-to-end invoice processing solution. EY was facing a number of issues, which is where Rossum stepped in with their data capture tool, Elis. This slideshare will show you the situation and solution that was implemented, along with the benefits that were realized.