Problem statement
Manual processing of invoices is time-consuming, error-prone, and resource-intensive.
Organizations face challenges in handling large volumes of invoices efficiently, leading
to delays, inaccuracies, and increased operational costs.
Abstract
The Automated Invoice Processing using OCR project addresses the inefficiencies in
manual invoice handling by implementing Optical Character Recognition (OCR)
technology. The system automates the extraction of relevant information from invoices,
streamlining the processing workflow and reducing errors associated with manual data
entry.
Outcome
The outcome of this project is an automated invoice processing system that significantly
improves efficiency and accuracy. By leveraging OCR, the system extracts key
information such as invoice numbers, dates, and amounts with high precision. This
automation reduces processing time, minimizes errors, and enhances the overall
workflow in finance departments, leading to increased productivity and cost savings for
organizations
Reference
A company may receive loads of invoices and need to process them to make the payment in time. Staff need to manually extract the information from the invoices and key in the payment details into the company system, which will take a lot of man-hours and be subject to human error. This paper proposes the use of optical character recognition (OCR) and artificial intelligence (AI) to extract semi-structured data from invoice images. The Robotic Process Automation (RPA) bot approach was developed as automation for entering data into the company’s system to automate system. The validation result displays how well the system performed in terms of accuracy and processing time for the samples of invoice images. The system shows that accuracy is 100% with less than 30 seconds to complete the process. Hence, RPA with AI and OCR are suitable methods to be used as the invoice processing solution.
- V. Singh, “Automation of Business Process Using RPA (Robotic Process Automation)”, International Journal for Research in Applied Science and Engineering Technology, vol. 10, no. 7, pp. 68-71, 2022.
- Siderska Julia, “Robotic Process Automation – a driver of digital transformation?”, Engineering Management in Production and Services, vol. 12, no. 2, pp. 21-31, 2020.
- S. Awasthi, C. Travieso-Gonzalez, G. Sanyal and D. Kumar Singh, Artificial intelligence for a sustainable industry 4.0, Cham, Switzerland:Springer, 2021.
- A. Sobczak and L. Ziora, “The Use of Robotic Process Automation (RPA) as an Element of Smart City Implementation: A Case Study of Electricity Billing Document Management at Bydgoszcz City Hall”, Energies, vol. 14, no. 16, pp. 5191, 2021.
- D. Oza, D. Padhiyar, V. Doshi and S. Patil, “Insurance Claim Processing Using RPA Along With Chatbot”, SSRN Electronic Journal, 2020.
https://ieeexplore.ieee.org/document/9973841/references#references