Commercial Invoice Automation
Processing commercial invoices with automation can save time and resources for many logistic and supply chain teams dealing with lengthy documents and time-sensitive materials. Deep Cognition makes automating commercial invoices and Bill of Landings (BOLs) simple with template-free and easy to train, PaperEntry AI.
Commercial invoices are important as they show proof of sales and contain important information such as:
- Buyer and Seller details
- Consignee, to whom and where the shipment is going
- Notify Party, the contact information of the person to be notified when the shipment arrives at its destination
- HS code and description of the goods
- Customs duties details of the value of goods
Most commercial invoices have the same information as a standard invoice, however commercial invoices often include additional information related to freight and needed by customs. Commercial invoices often have information embedded within tables that need to be extracted from tables, this process can be lengthy to manually enter.
Manual Commercial Invoice Processing
Manual commercial invoice processing or data entry of invoice documents is slowly transitioning to automated data entry in many business practices. Common issues that arise from manual processing include:
- Late Payments
- Increased operational or labor costs
- Dissatisfied supplier or customer
- Error-prone and high costs
The solution to the common issues implemented by many businesses is to start automating their data entry processes.
PaperEntry automates data entry with a template-free and easy-to-use AI-powered solution. The process can be broken down into these four steps:
- Document Forwarding – All documents can be directly uploaded or sent through an API or emailed to PaperEntry.
- Extraction – The AI technology automatically extracts all the structured information from the chosen documents.
- Validation – To improve the accuracy of information extracted from the documents, a Deep Cognition validator option is available to ensure 100% of the information was extracted correctly.
- Integration – After all information is extracted, it is directly integrated into the TMS or ERP system.
A) Commercial invoices have different levels of information needed to be inputted, in order to identify the key-value pairs, PaperEntry highlights information such as date, invoice number, location, number of packages, B/L /AWB number, etc.
B) The AI extracts the highlighted information as well as identifies any tables within the commercial invoice or custom document. Identifying and extracting the product codes or HS codes used on customs entry forms. The technology behind PaperEntry remains to be ahead of the competition as the AI is able to also extract information from descriptions within tables. This comes to be an advantage when looking at document extraction OCRs.
C) The AI starts by extracting the information directly from the table, where the product code is within the description and has not yet been extracted.
D) It will then go through a second table, before being normalized and having the table look uniformed every time after. This allows the integration software to understand the information within the table. Common information extracted from the normalized table are:
- Product code
- Product Description
- HS Code or PO
E) PaperEntry allows for the ability to customize the type of document for processing and the information that is extracted. The program can be run completely independently or dependently on a needs basis.
Deep Cognitions PaperEntry gives full flexibility for large or small organizations and is adaptable to client’s needs. The best part is that all of the information extracted can be directly integrated into Cargowise or any ERP and TMS.
Commercial invoice automation can save time and resources for businesses, many make the switch from manual data entry to automated data entry to optimize their resources. The process of digital transformation can be as easy as implementing PaperEntry into workplaces. PaperEntry not only works with commercial invoices but accounts payable invoices as well. To learn more about PaperEntry click here.
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