A system designed to automatically bring invoice data into a target application, such as an accounting or Enterprise Resource Planning (ERP) system, defines the process under consideration. For example, an accounts payable department might utilize this system to process hundreds of vendor invoices received in various formats (PDF, email attachments, etc.) daily, transforming the data into a standardized, usable format within their accounting software.
The importance of automated invoice processing lies in its ability to significantly reduce manual data entry, minimize errors, and accelerate the overall invoice processing cycle. Traditionally, invoice information would be manually entered into systems, a time-consuming and error-prone process. Automation offers improved accuracy, faster payment cycles, and better visibility into financial data. Its adoption has evolved alongside advancements in Optical Character Recognition (OCR) technology and data extraction techniques, leading to more sophisticated and efficient solutions.
