Any business handling a bulk amount of sales and purchase orders needs a data extraction software solution to make the job easier. Purchase orders contain sensitive data that must not be misrepresented or missed. There are Electronic Data Interchange (EDI) software options that help to exchange data between companies and suppliers or customers. A simple purchase order processing software streamlines your order fulfillment system by eliminating manual data entry jobs and sending order details to the end-point in real-time.
What are Purchase Orders, and why do they need automation?
A purchase order is a document issued by a buyer when buying any products or services. It contains details of the purchase, including types, quantity, prices, and so on. Mostly, this commercial document is used when dealing with external suppliers.
A business has to typically handle several purchase orders from varied departments regularly. Hence, it is important to invest in efficient data extraction software that can automate the process.
You can opt for an online purchase order software that can help with your automation needs. Purchase order automation has several benefits.
- It reduces manual labor and the time taken to process each order.
- It significantly decreases the error margin while working with bulk data.
- It helps businesses to keep track of sales and purchases efficiently.
- It also analyzes the overall company performance and financial data.
- It enables intelligent data capture from purchase orders (POs) and gives useful input to the sales team.
- It extracts data from different sources and formats, like email attachments, snail mail, fax, etc.
5 best Purchase Order data extraction software
There are several simple purchase order automation software systems available online. Depending on your budget and requirements, you can choose the one most suitable for your business. Here are our picks of the five best purchase order data extraction software:-
Docparser provides a software solution that allows you to build an automated purchase order system. With it, you can extract data from PDFs, scanned documents, or faxed POs.
Their automated data entry solution has a gentle learning curve and takes only a couple of minutes to optimize your purchase order workflow. Docparser can be integrated into your existing system to improve the order management system.
You can extract data to upload to your Point of Sale or any other cloud app. Its data capture process is reliable, flexible, and efficient for all PO automation needs.
Docsumo is a document AI software that enables intelligent document processing and end-to-end automation. You can extract data from any purchase order document, like pay stubs, invoices, forms, or bank statements. This data can be made actionable with a few setup steps.
This software extracts data from structured, semi-structured, or unstructured documents through pre-trained APIs. You can also digitize your manual documents to improve the efficiency of your PO processes. Docsumo provides more than 98 percent accuracy and 50 percent lesser expenses.
3. Abby Flexicapture
This is an intelligent document processing platform that uses Natural Language Processing (NLP), machine learning, and advanced recognition capabilities to extract data from multiple document formats.
You can use it with simple forms, complex documents, ad hoc single documents, or large data batches. It enables cost reduction, time-saving, compliance, and competitive advantages in organizations.
Abby Flexicapture can identify, validate, and process critical data fields and entities automatically. It can also be trained for improvements and addressing budget concerns through a consistent machine learning process.
Instabase helps you work with complex documents and large data sets by using configurable toolkits and powerful building blocks. It provides a single automation platform that can address multiple pain points to build a solution. You can extract data from invoices, physical contracts, applications, purchase orders, etc.
Its automation software helps analyze unstructured data and template-based documents to unlock insightful information and streamline the purchase order process. Its holistic solution makes the customer or supplier journey smooth and saves time, money, and efforts while dealing with bulk POs.
Nanonets is an intelligent document processor that uses AI to capture data from documents. It works instantly and reduces turnaround times significantly in the purchase order process.
Its AI understands unstructured or semi-structured documents efficiently and eliminates manual data entry requirements almost completely. What is more beneficial is that it learns with multiple usages and improves the accuracy rate accordingly.
You can seamlessly upload documents, export data to your existing workflow, and validate that data from various document types. You can also add new fields, if required, without disrupting the system.
With the help of an automated data extraction software, you can easily automate purchase orders and sales orders without having to change your internal systems or workflow. The solution, such as Docsumo, integrates into your existing setup to optimize it and increase the overall efficiency of your sales and purchasing departments.
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