Processing Commercial Invoices with Deep Cognition

Processing Commercial Invoices with Deep Cognition

Company Growth and Invoices

Company growth is inevitable, may it be internally or externally, with it comes an increase in invoices and documents. A call to action is needed in order to handle the increase of paperwork, and this is where PaperEntry comes in. 

With the traditional manual data entry, 3 common problems arise:

  1. Late payments
  2. Increased operating cost/ high labor cost
  3. Unhappy supplier/customers

A study was conducted with 500 financial professionals within the 500, 36% said they were concerned with late payments due to process delays, 56% experienced cash flow forecasting issues due to AP issues, and 76% admitted to paying supplier invoices late. 

These are issues that need to be addressed when considering manual data entry versus automated data entry. 

PaperEntry by Deep Cognition

Not only does PaperEntry by Deep Cognition correct these issues, but it strives to better improve and simultaneously learn ways to work more efficiently. 

PaperEntry is an automated data entry solution, powered by artificial intelligence (AI). PaperEntry extracts structured information from commercial invoices and directly integrates them to any TMS or ERP.

Benefits to switching to PaperEntry include:

  1. Reduced data entry backlog
  2. 99.9% Accuracy
  3. Seamless integration with multiple Transport Management System (TMS) / Enterprise Resource Planning (ERP)
  4. 90% Reduction in Data Entry Cost
  5. On Prem/ Cloud Deployment
  6. Table extraction/ line item extraction

PaperEntry process in 4 easy steps: 

  1. Document forwarding – All documents can be directly uploaded to a drive or directly sent to Deep Cognition through API or email. (Commercial invoice, bill of loading, airway bill, packing list, arrival notice)
  2. Automatic Data Entry – Paperentry is powered by AI technology that directly extracts all your structured information from your documents.
  3. Human Validator – After data is extracted from the documents, it gets sent to a Deep Cognition human validator, to ensure the 99.9% accuracy. 
  4. Direct Integration – All structured information is directly integrated into TMS or ERP systems.


Costs of Manual Versus Automated

Manual Data Entry Tasks

  1. Download CL attachment (0.5 mins)
  2. Open TMS Software (0.5 mins)
  3. Fill customs entry including line items (10mins/ page)
  4. Lookup HS codes and fill (2mins/ page)
PaperEntry Automation

  1. Automatic email forwarding
  2. Extract information including line items
  3. Fill customs entry form in TMS and HS code filled with lookup table
  4. Final review done by human validator with minimal key strokes (1min/page)
Assuming the entry of a 5 page Commercial Invoice
Human time: 

0.5+ 0.5 + 5*10 + 5 * 2 = 61 mins => $12.20

 

Human Time: 5 * 1 = 5 mins => $1

AI Cost: 5 * $0.45 (max) = $2.25

Total Cost: $3.25

Savings Per Commercial Invoice : $8.95

*for more information got to : https://roi.paperentry.ai/

How the Technology Works

Deep Cognition offers its clients to choose whether they would like to use the PaperEntry software hands-off by forwarding the documents to be uploaded and keyed into the TMS or ERP directly, or using the software themselves in-house.

A) With a commercial invoice, there are different levels of information that needs to be inputted especially if you are filling out custom data entry forms. In order to identify the key value pairs, the AI will highlight information such as; date, invoice number, location, number of packages, B/L / AWB number, ect. 

 

B) PaperEntry is also able to extract information from tables on commercial invoices, from product codes or an HS code used to fill out the custom entry form. 

PaperEntry stands out from its competitors by being able to extract information that is embedded within the description. For example a description of an item may include the HS code or the PO and that information has to be extracted from the description so it can be used for the custom entry form.

 

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 the same every time, allowing the integration software to understand the information. The normalized table will have extracted: 

  1. Product code 
  2. Product Description
  3. 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 Cognition 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 TMS. 

 

Information

For more information or to schedule a demo, contact us at sales@deepcognition.ai

 

2020-12-23T18:04:14+00:00

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