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"Let's just ensure that going forward, all the invoices are forwarded to Mr. X for validation before processing." If only invoice validation were that simple. In reality, it requires systematic checks and balances, not just one person's oversight. Studies show that 25% of invoice errors slip through accounts payable processes undetected despite internal correction…

The need for automation in the insurance industry is more pressing than ever. According to a recent study by Datos Insights, the insurance industry lags in terms of digitisation, with only 20% automation in underwriting and less than 3% automation in claims processing across sectors. This gap represents a significant opportunity for improvement and cost…

Introduction Large Language Models or LLMs, have been all the rage since the advent of ChatGPT in 2022. This is largely thanks to the success of the transformer architecture and availability of terabytes worth of text data over the internet. Despite their fame, LLMs are fundamentally limited to working only with texts. A VLM is…

In today's business world, data is everything. However, much of the data we need to make critical decisions is often trapped in PDF documents — invoices and expense reports to orders and delivery notes. The problem here is that PDFs are designed for viewing, not editing. It makes data manipulation a daunting task. PDFs store…

Data annotation is the process of labeling data available in video, text, or images. Labeled datasets are required for supervised machine learning so that machines can clearly understand the input patterns. In autonomous mobility, annotated datasets are essential for training self-driving vehicles to recognize and respond to road conditions, traffic signs, and potential hazards. In…

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Research shows that adopting audit automation tools can significantly reduce costs and save time, and there has been a shift towards increased technology utilization. The advent of AI tools has…

What is Purchase Order Software? Purchase orders are critical documents that signify the start of the purchase process by a business in order to acquire goods or services. In order to complete any particular purchasing process, the purchase order associated must be processed and closed. This process which needs to be completed to complete the…

Businesses today purchase various kinds of goods and services for different purposes. The procure-to-pay process encompasses all processes involved in the entire lifecycle of purchasing goods and services. From initial requisition to final payment, this process involves multiple stakeholders with complex workflows and necessitates significant financial checks and control over itself. Having a well-defined procure-to-pay…

Data is the lifeblood of many businesses today. But what use is data if it's locked away in unstructured formats like emails, PDFs, and invoices? This is where Artificial Intelligence (AI) steps in, revolutionizing how we extract information and unlock the true potential of our data. Traditionally, data extraction was a manual, time-consuming process. Imagine…