Google Releases Document AI Solution to Automate Procurement Data Capture

https://thefintechtimes.com/google-releases-document-ai-solution-to-automate-procurement-data-capture/

Google Cloud has announced its newest solution, Procurement DocAI, to automate procurement data capture at scale (e.g. invoices and receipts.) announced at Google Cloud NEXT: OnAir, the solution will take unstructured documents across a variety of formats and turn them into cleanly structured data.

Large enterprise procurement and distribution networks, as well as small and medium enterprises (SMEs), generate millions of invoices, receipts, and other related documents a year. These processes generate significant overhead for every procured item. With competitive pressures only increasing, businesses are forced to find new ways to automate one of their highest volume business processes — the procurement cycle.

A key part of Google Clouds strategy is the creation of industry-specific solutions that address vertical needs. Cross-industry solutions like Document AI are built to plug into existing workflows and deliver business results from AI without having to hire an army of AI experts, or manage cloud infrastructure to get there.

Procurement DocAI is deployed by several of Google Clouds customers and partners including Unifiedpost. Unifiedpost Group is an EU FinTech company present in 15 countries and processes nearly 350M invoices and other procure-to-pay docs per year. Unifiedpost currently serves 400k SMEs and 250+ corporations; their offering includes: documents (e.g., invoice PDF to XML conversion, e-invoicing), identity (e.g., KYC), and payments (e.g., IBAN accounts, online collection services, PSD2 payment services).

“At Unifiedpost, we believe that administrative and financial processes should be simple and smart. Google Cloud’s Procurement DocAI solution helps us achieve that goal by providing the best in class document automation processing with high accuracy and a global, multi-language support,” said Hans Leybaert, CEO, Unifiedpost Group

Google Cloud’s Procurement DocAI delivers two key benefits to address Unifiedpost’s business needs:

  • Lower TCO of procure-to-pay processing – Unifiedpost will be able to lower their TCO of procure-to-pay processing costs by up to 60% with Procurement DocAI. This solution provides a cost-effective approach for data extraction for invoices, receipts, and other valuable documents in the procurement cycle of procure to invoice, and invoice to pay.
  • Improve procurement document processing accuracy – Procurement DocAI also helped boost data accuracy by 250% for Unifiedpost’s document extraction through specialized DocAI parsers with advanced OCR, computer vision, and Natural Language Processing. Additionally, Unifiedpost needed rapid multi-language expansion to enable regionalization support across Europe, particularly for French and Dutch to begin with, which Google delivered in less than a month.

Nelson Gonzalez, Product Manager at Google Cloud, said: “The collaboration between Google Cloud and Unifiedpost is just one of the latest examples of how we’re providing AI-powered functional solutions to solve business problems by leveraging our Deployed AI approach.”

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https://thefintechtimes.com/google-releases-document-ai-solution-to-automate-procurement-data-capture/