Supply chain payment technology firm Taulia is teaming up with Google Cloud to enable an artificial intelligence-powered invoice processing solution.
Taulia said in an announcement Wednesday (April 10) that its new solution with Google Cloud aims to address key points of friction in the invoicing process, including corporate's’ use of an array of invoice formats, reliance on unstructured data, and the challenge of processing that invoice data. Described as “cognitive invoicing,” the tool allows companies to automate invoice processing regardless of file format that suppliers send.
Google Cloud’s newly-announced Document Understanding AI technology will enable interpretation of unstructured data from supplier invoices within the Taulia invoicing platform via optical character recognition, the press release noted, adding that these technologies can lower the cost of invoice processing and accelerate approval times for faster payments to suppliers and early payment discounts.
“Using AI we have finally cracked the intractable invoice processing issues that many businesses face,” said Taulia CTO Brady Cale in a statement. “We are now able to fully realise our vision of enabling buyers and suppliers to freely exchange information. The faster an invoice can be processed, the sooner it can be leveraged with the company’s working capital strategy, thereby bringing more opportunities for companies to free up cash.”
In another statement, Google Head of ML Tech Partners Pallab Deb said that companies today demand “easy, scalable solutions to extract deep insights from their unstructured content and documents.” “We are thrilled to offer Document Understanding AI in collaboration with partners like Taulia to enable our customers to unlock valuable insights from their documents,” Deb added.
The collaboration with Taulia was announced the same day Google revealed new artificial intelligence tools using Document Understanding AI, launched in beta. The solution integrates with other enterprise platforms including Accenture, Box and DocuSign.
“Most companies have billions of documents — and moving that information into digital or cloud-native solutions where it can be easily accessed and analysed can involve many hours of manual entry,” said Google Cloud Group Product Manager Levent Besik in a blog post, reports said this week.