Purchase Order Automation provides greater visibility into the supply chain level and helps business owners get great deals with suppliers. PO Automation reduces the need to send traditional paper-based purchase order requests to vendors and streamlines the entire shipping process by routing purchase order acquisitions to the appropriate staff members. Using purchase order data extraction software makes it convenient for accounts payable departments to track expenses, approve payments, retrieve key information, and allow vendors to acknowledge invoices faster.
Purchase Order Automation refers to the process of automating workflows involved in managing purchase orders. It is essentially software used by organizations to track their expenses and see how much they’re spending.
It is a technique used for automating the purchase order entry and approval process when it comes to handling shipments. The process involves collecting invoices, forms, receipts, and converting them into a digital format for processing. Purchase order automation streamlines business operations and makes processes more efficient by preventing bottlenecks in deliveries, delays, and speeds up information structuring and organization.
Automating your PO processing with Docsumo takes just following a few simple and easy steps. It starts with training an API module and letting it learn how to structure and read your documents.
Here is how you train Docsumo’s API and teach it to automate PO processing:
Manual data entry is limited by the number of keystrokes per minute an employee can type. An average KPM rate of 78 keystrokes per minute is realistic but in reality, it is not possible to maintain this speed round the clock. Purchase order data automation platforms like Docsumo make it convenient to store documents electronically, manage them, and remove the need for repeated corrections and reviews. There is no need to worry about making mistakes while entering data or missing details since machine learning models are very efficient and enter data field-by-field.
Other benefits of purchase order automation when compared with manual data entry are:
If you are having trouble keeping up with paperwork and spending too much money in transporting documents, using purchase order automation software can help you. PO automation removes manual data entry and increases the overall efficiency of business operations
Purchase order automation workflows are not prone to human error, unlike manual data entry. Docsumo’s proprietary algorithm uses previous records to cross-reference and fact-check data, thus ensuring whatever is entered gets validated. There are no delays faced in sending invoices to vendors and the reduction in processing times makes it easy to manage deliverables as well
Manual data entry has hidden costs such as extra hours spent on corrections, reviews, and re-entering missing information.
If you’re using Docsumo for your PO automation, you can save your purchase orders as PDFs, JSON, XML, and in a variety of other file formats. Docsumo supports migration of data from legacy systems and makes it easy to store data electronically on the Cloud.
If you’re worried about your PO data falling into the wrong hands or getting lost during transportation, PO automation can help prevent that. All data is securely stored on Docsumo’s servers and enjoy secure encryption. This means only you, as the authorized user, have access to your purchase order data and no one else
Using online purchase order software like Docsumo for data extraction and automation can help safeguard the privacy of your data and protect it from access by third-parties and unintended agents. Businesses can prevent leaks, password protect their invoices, and streamline product shipments by automating their purchase order entry workflows.
Sign up for a free demo with Docsumo today and find out how productive you can get with our PO automation tools.
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.