OpenText Vendor Invoice Management (VIM) for SAP Solutions incorporates advanced data extraction technology, called IC4SAP. This makes it possible to automate the capture and processing of invoices, reducing the need for manual data entry and allowing companies to streamline their accounts payable processes to achieve faster and error-free financial operations.
The IC4SAP potential of OpenText Vendor Invoice Management for SAP Solutions (VIM) is surprising in the efficient management of supplier invoices. A process that is essential for optimizing an organization's financial processes. We explain it to you in detail!
What is intelligent capture and how does IC4SAP work?
The intelligent recognition and capture is a technology that converts different types of documents, such as paper invoices or scanned PDFs, into editable electronic data through a digital recognition of characters. In the context of Vendor Invoice Management for SAP Solutions (VIM), IC4SAP scans the invoices received, extracts the relevant information, and converts it into structured data that can be automatically processed.
With this you can:
> Automate the capture and processing of invoices.
> Reduce manual data entry.
> Faster and error-free financial operations.
We'll tell you about it with a practical exampleor In this Success Story: Automating Electronic Vendor Invoices with SAP eDocument and VIM on SABA
IC4SAP — an innovative way to apply AI in Accounting
Below we highlight some of the strengths of this technology. You can check out other examples of AI applied to Finance in this other article.
- Artificial Intelligence and autonomous learning: Artificial intelligence improves the system through self-learning, allowing the system to adapt and improve continuously.
- Adaptive learning algorithms: These algorithms are nourished by user feedback. For most documents, learning is effective only after 1 to 5 manual corrections.
- User feedback with just one click: The function Single Click Entry allows users to capture information in the correct format using the mouse cursor, refining the algorithm regarding the position, format and structure of the desired text.
- High field recognition rates: Field recognition rates reach 90% or more after some learning and optimizations.
- Full integration with SAP: IC4SAP uses the SAP database, eliminating the need for data duplication or having to bring in external data. Thus, the process is more agile and all the information is kept within the SAP system. Something that not all systems can do.
- Business Entity Determination (BED): The BED algorithm matches the document data with the SAP Master Data to identify business partners such as company code, suppliers and customers.
- All document formats are recognized: such as invoices, orders, and more, including common formats such as DIN A4, legal, letter, as well as TIFF, JPEG and PDF, which are used in commercial/corporate transactions.
Example of using IC4SAP
> Provider Training Scenario: train a supplier 4 times and realize that there was an error.
> IC4SAP Solution: saves time by overwriting the training performed for a specific provider.
Discover the Power of AI in Accounting with Brait
With these advanced capabilities, IC4SAP is positioned as an indispensable technology for companies that seek to optimize the management of their billing cycle, achieving greater efficiency and precision in their financial operations.
At Brait, we implement Vendor Invoice Management for SAP Solutions (VIM) as well as IC4SAP, that help companies optimize their financial departments.
¡Contact us now for free advice!
