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.”
Note to editors:
Taulia delivers working capital solutions that make it easy for
businesses to free up cash, accelerate payments and improve supply chain
health.
Since its foundation in 2009, Taulia has envisioned a world where every
business can thrive by liberating cash using our state of the art
platform. Today our team of financial game changers have built a network
connecting 1.6 million businesses across 168 countries and has
accelerated more than $90 billion in early payments.
Taulia is headquartered in San Francisco with locations across the
United States, Europe and Asia Pacific.
For more information on Cognitive Invoicing go to https://taulia.com/cognitive-invoicing/
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