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E-invoicing, SCF & E-procurement

Taulia partners with Google Cloud for AI-powered invoicing solution

Thursday 11 April 2019 | 01:37 PM CET

Fintech company Taulia has partnered with Google Cloud to launch AI-powered invoicing solution.

The solution addresses 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 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 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 have to opportunity to access early payments, improving their liquidity.

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