Ephesoft has launched Semantik Invoice. The new product helps organisations to automate the accounts payable process. It leverages AI tools to extract data from paper-based purchase invoices and then feed into ERP solutions, notably Infor. Ephesoft believes that the solution extracts data from invoices with 97% accuracy and by using the tools, companies can reduce processing costs by 30%
Ike Kavas, founder and CEO of Ephesoft commented: “As companies look to reduce costs and move more transactions to the cloud, there is a market need for solutions that are highly scalable and have a quick time to value. With more than half of invoices still processed manually and taking on average 8.5 days, AP processing is ripe for innovation. Semantik Invoice is a plug-and-play solution able to streamline invoice processing by exporting critical data from any invoice format and importing the data into existing enterprise systems.”
What does it do?
Out of the box, Semantik Invoice uses trained AI models to extract the relevant data from invoices. This does not require configuration or a learning cycle for each customer. It automatically recognises terms such as:
- invoice date
- ship date
- tax rate
- tax IDs
- overall amount due
- purchase order number.
The solution can extract data from physical invoices, electronic invoices or documents sent by email. Once extracted, customers can also use this data to compare with historical or current online pricing. It delivers this through a context-aware knowledge graph that adds further value to the solution.
Once ingested the solution then uses RPA technology to automate the completion of data fields within the ERP solution. It uses native integration to certain third-party solutions and contains webhooks to integrate with others.
Ephesoft believes that it takes on average $11.50 and 8.5 days to process a purchase invoice. The new solution improves AP workflow efficiency and eliminates human error, time and therefore cost from the process.
What do existing customers think?
The product is already available in beta in a small group of customers. This included a small manufacturing firm and at least one large scale consultancy firm. Sanjaya KM, Digital Automation Lead at MicroGenesis Techsoft Pvt Ltd said: “When we tested Semantik Invoice, we could easily tell that this would not only accelerate our AP processes, but it would give us more time to spend with customers and vendors. With the intuitive interface, AI-based training, template-free, fast and accurate extraction, we strongly believe Ephesoft Semantik has started a new era in a digital automation platform. We are delighted with Ephesoft Semantik and will continue to seek ways for continual business process improvement using the outstanding tool.”
Another customer, PaperTrail, a document management provider that supports business-critical processes, has also found benefits. Craig Richardson, Senior Partner at PaperTrail NZ Ltd, commented: “From my perspective, it will drive a huge step-change in efficiency and AP processing power, so being able to bring the Semantik Invoice solution into our business and offer it to our clients will ultimately strengthen our true end-to-end document management, and BPO offering will be a sensational opportunity.”
Enterprise Times: What does this mean
Is Ephesoft launching yet another Account Payables solution? It is already a crowded marketplace with companies such as Bill.com, Tipalti, MineralTree and others. The Ephesoft solution promises more. Ephesoft recently launched Context Driven Productivity (CDP). With Semantik Invoice, Ephesoft has provided a point solution that is part of the wider CDP offering. CDP promises to link together data fields to provide companies with contextual rather than flat data. It draws data from related data sources by leveraging its knowledge graph technology.
While Semantik Invoice is, at its heart, a Purchase Invoice Automation solution, it promises much more in the future. There are some interesting possibilities, considering how graph technology works to bring insights and connections in data to the fore.
Kavas noted: “During times of uncertainty and budget tightening, companies should be asking themselves if the products they are investing in will integrate with future products and solutions. Ephesoft has designed this SaaS-based solution to leverage the power of context in accounts payable with scalability and agility for future innovations.”
Semantik Invoice is available now in the US, and availability will follow for the EMEA and APAC markets. What isn’t clear is what languages the product will support and when. This is also the first of these point solutions it will be interesting to see what follows. The product is available to both end-users as well a technology partners such as RPA and workflow resellers.