Taulia, a leading fintech company, partners with Google Cloud to launch AI-powered invoicing solution.
The solution launching at Google Cloud Next ‘19 showcases how Taulia has addressed the pain businesses experience processing invoices. Supplier invoices are typically generated in a myriad of formats containing unstructured data that is difficult to process using current technology. This antiquated workflow results in a large amount of manual intervention, high administrative burden and ultimately delay of vital payments. A Gartner study suggests that upwards of 80% of all data created by businesses globally is in unstructured formats.
Cognitive Invoicing enables businesses to successfully process invoices in any file format from their suppliers. The solution leverages the optical character recognition (OCR) capabilities of Google Cloud’s Document Understanding AI to read and interpret unstructured supplier invoice data in Taulia’s global invoicing platform. Exceptions are easily handled on a collaborative basis - in the cloud - with the ability for corrections to be made by either party. This delivers an automated end-to-end invoicing process for buyers and suppliers.
By finally automating the process through the application of AI, Cognitive Invoicing is set to reduce the cost of processing an invoice from dollars to cents. Businesses’ ability to process and approve invoices faster also means that their suppliers gain a greater opportunity to access early payments, improving their liquidity.
“Using AI we have finally cracked the intractable invoice processing issues that many businesses face. We are now able to fully realize our vision of enabling buyers and suppliers to freely exchange information,” says Brady Cale, CTO of Taulia. “The faster an invoice can be processed, the sooner it can be leveraged within the company’s working capital strategy, thereby bringing more opportunities for companies to free up cash. It’s a complete game changer for Finance teams.”
“Enterprises are looking for easy, scalable solutions to extract deep insights from their unstructured content and documents,” said Pallab Deb, Head of ML Tech Partners at Google. “We are thrilled to offer Document Understanding AI in collaboration with partners like Taulia to enable our customers to unlock valuable insights from their documents.”