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EXACTO™ enables smart data extraction to accelerate invoice processing
The client operates in a complex vendor ecosystem with over 1400 European vendors from across multiple language regions. This required the client to direct their highly skilled talent towards repetitive and mundane tasks such as manual data entry while also burdening their overhead as it required them to manually maintain logs for every action in order to meet audit and compliance requirements. The client wanted to automate this entire process while also ensuring high levels of quality and accuracy that would free up skilled resources, increase throughput, reduce errors, and save costs.
HCL implemented the EXACTO™ product for the client’s finance department that leverages Deep Neural Networking and Natural Language Processing to automate the data extraction in the processing of invoices. The EXACTO™ product was designed with machine learning capabilities that can automate the process by intelligently reading emails, identifying invoices, extracting invoice data, structuring the information, and classifying it into categories.