In today’s dynamic business environment, the efficient handling of invoices is crucial for maintaining operational excellence. Traditional manual processes are time-consuming and prone to errors, leading to inefficiencies and increased costs. However, with the advancement of Robotic Process Automation (RPA) and Intelligent Data Extraction technologies, organizations can streamline their invoice processing workflows seamlessly.
In this blog post, we’ll delve into a step-by-step process leveraging NeuralFlow by NeuralStream Automations for RPA and NeuralXtractor for Intelligent Data Extraction. We will walk through how these technologies work in tandem to automate the extraction of invoice data and its integration into an ERP system.
Here is the video demonstration of actual process on YouTube:
The Process Unveiled
Our automated process kicks off every 2 hours on weekdays, ensuring timely and consistent handling of invoices. It begins with the bot logging into the ERP system, ready to initiate the extraction and capture tasks.
The first step involves identifying a particular series receipts within the ERP system. The bot either selects invoices based on the current date or checks their status (YES or NO), preparing to capture pending invoices.
Once the list of pending invoices is identified, it is exported to an Excel file and downloaded into a temporary folder. Simultaneously, using the unique receipt numbers, the bot downloads each corresponding invoice into the same temporary folder. An email confirmation is sent at this stage to notify stakeholders of successful downloads.
Having gathered all required invoices, the bot logs out of the ERP system and proceeds to the next phase, interacting with NeuralXtractor via the Activities available in NeuralFlow. Here, it uploads each invoice from the temporary folder one by one, applying a custom machine learning model to extract relevant data.
The extracted data from all invoices is then parsed and consolidated into a single Excel file. This consolidated file undergoes validation against predefined business rules, ensuring accuracy in dates, amounts, and accepted output formats, thereby guaranteeing efficient integration into the ERP system.
Upon successful validation, the bot logs back into the ERP system to commence capturing the validated data. Each invoice is captured individually, with data saved within the system after each successful capture.
Upon completion of data capture, an email confirmation is sent to all stakeholders, informing the successful data capture of extracted invoice data into the ERP system.
With the task accomplished, the bot logs out of the ERP system, concluding the entire automated process seamlessly.
Benefits and Conclusion
By automating the invoice data extraction and ERP integration process using NeuralFlow and NeuralXtractor, organizations can reap numerous benefits. These include:
1. Reduced manual effort and human errors, leading to increased operational efficiency.
2. Timely processing of invoices, ensuring compliance with payment deadlines.
3. Improved data accuracy and integrity through automated validation against business rules.
4. Enhanced visibility and transparency in invoice processing workflows.
5. Cost savings and resource optimization by eliminating repetitive manual tasks.
Leveraging advanced technologies such as RPA and Intelligent Data Extraction not only streamlines invoice processing but also paves the way for digital transformation and operational excellence. Embracing automation is key to staying competitive in today’s fast-paced business landscape.
Are you ready to transform your invoice processing workflows? Contact NeuralStream Automations today to unlock the power of automation with NeuralFlow and NeuralXtractor!
NOTE: Overall accuracy of the system is 98%, and the balance 2% invoices include extremely bad quality invoice, Stamp on important information on the invoice, Handwritten comments on the invoice leading to improper data extraction, attaching other scanned documents like part list or even email message instead of actual invoice and Printing issues on the invoice.
