EchoVera, a leading provider of Intelligent OCR, has announced the addition of LLMs to the AI powered cloud solution.

Toronto, Canada - October 31, 2023 —

EchoVera, the leading provider of Intelligent OCR, has announced the integration of large language models (LLMs) to its capture solution that extracts essential data from vendor invoices and sales orders.

EchoVera’s Intelligent OCR Plus incorporates AI to capture information from multi-page forms such as invoices and sales orders and delivers the structured data to popular ERPs such as NetSuite and SAP Business One.

For both supplier invoices and sales orders, the addition of LLMs increases the speed at which finance administrators can onboard new vendors or customers. Finance staff do not need to set up templates or rules for their documents, but instead ask the LLMs what is needed and the AI will do the rest. EchoVera’s Intelligent OCR Plus solution includes ChronoScan powered by OpenAI, and the solution is planning to integrate more LLMs in the future.

https://echovera.ca/solutions/intelligentdatacapture/

The addition of LLMs to the technology stack boosts the utility of Intelligent OCR Plus to make it a compelling choice for organizations looking to optimize their accounts payable and sales order operations.

For supplier invoices, many accounts payable teams spend large amounts of time manually keying invoice data into their ERP or accounting systems. Intelligent OCR takes over the data capture of vendor invoices, validates the data, and delivers structured data into a central dashboard that shows the invoice and its approval status.

Companies with large invoices volumes save time and reduce the occurrence of costly errors by processing incoming invoices with Intelligent OCR. Intelligent OCR automatically and intuitively performs header and line-item field data capture. The technology requires minimal manual intervention, and the automated workflow solution for invoice approval reduces cycle times and provides a time-stamped audit trail.

For sales orders, errors, out-of-stock items, and slow cash flow can hurt revenue performance over time. Companies investing in a sales order management system want to improve their cashflow and reduce the reliance on manual processes. Intelligent OCR captures the data from emailed sales orders and delivers the information in a structured format.

Organizations find automated sales order processing gives them the benefit of improved customer service and a reduction in processing times. It is an automated order processing system that leverages AI and RPA technology to handle most of the manual areas of order processing through a centralized, cloud-based platform.

“Intelligent OCR Plus eliminates tedious tasks such as data entry, allowing customer service representatives more time to focus on customer needs and accounts payable departments do higher value work,” said Ralf Leitner, CEO of EchoVera, “And the new AI allows finance administrators to use natural language to ask questions about the data to get structured data in return.“

EchoVera has a track record of processing invoices and sales order data, with a dollar volume of $8 billion to date. Organizations rely on the firm to process and track vendor invoices, sales orders, purchase orders and goods receipts.

To find out more about Intelligent OCR powered by AI and LLMs visit: https://echovera.ca/solutions/intelligentdatacapture/

About EchoVera:

EchoVera Inc. provides Intelligent OCR Plus and electronic document automation workflow for Sales Orders, AP Invoices and Delivery Documents to organizations looking to reduce costs and increase the efficiency of their financial operations. EchoVera brings over 30 years experience to clients worldwide.

For more information about EchoVera: http://echovera.ca

Contact Info:
Name: Ralf Leitner
Email: Send Email
Organization: EchoVera Inc.
Address: 340 King Street East Suite 216, Toronto, Ontario M5A 1K8, Canada
Website: https://echovera.ca/

Source: PressCable

Release ID: 89111656

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