Nostello SmartSense Invoice Extraction
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Streamline Your Workflow with Nostello SmartSense Invoice Extraction
Nostello SmartSense Invoice Extraction is a state-of-the-art application designed to revolutionise your business’s efficiency. Powered by advanced AI and machine learning algorithms, our solution automates the extraction of invoice data with unparalleled accuracy. Say goodbye to manual data entry and human errors as Nostello SmartSense seamlessly integrates with your existing systems to extract, validate, and process invoice information in real-time. Experience a new era of productivity and precision in financial management with Nostello SmartSense Invoice Extraction.
01.
Anchors…
When encountering a novel invoice format, Nostello SmartSense doesn’t just decipher it—it learns from it. With each new layout, Nostello SmartSense autonomously educates itself on the unique structure and anchor points of the invoice, etching them into its memory for future reference. These anchor points serve as the bedrock of recognition, ensuring swift and accurate identification of the same vendor in subsequent encounters.
The anchor points include:
Vendor Logo: The graphical emblem of the vendor serves as a visual cue, anchoring the parser’s recognition process.
Header Information: Key details such as –
Vendor Name
Registration Number
VAT Number
Address
02.
Standard Fields
Once the invoice format has been meticulously analysed by Nostello SmartSense, it seamlessly transitions into its primary function: extracting essential information with precision and efficiency.
Key standard fields extracted from the invoice include:
Vendor Name
Address
VAT Number
Invoice Date
Invoice Due Date
Payment Terms
Invoice Number
Purchase Order Number
Invoice Total Excluding VAT
VAT Total
Invoice Total Including VAT
With unparalleled accuracy, SmartSense swiftly extracts these pertinent fields, enabling streamlined processing and facilitating timely payments. Harness the power of automation and precision with Nostello SmartSense.
03.
Custom Fields
Drawing from Noscotek’s extensive experience, we recognise that standard fields may not always suffice to meet our clients’ diverse business needs. In response, Nostello SmartSense offers seamless configurability, allowing for the extraction of custom information crucial to specific business processes. With just a few clicks, clients can set up additional extracted values tailored to their unique requirements, such as:
Authorisation Numbers
Sales Order Numbers
Client References
Bespoke data like ‘Datatim Reference Number’
Once configured, these custom extraction rules are applied dynamically by Nostello SmartSense to all future invoices received for the specific client, ensuring consistency and accuracy in data extraction.
Experience the flexibility and adaptability of Nostello SmartSense as it effortlessly caters to your bespoke business needs, providing tailored solutions that streamline operations and enhance efficiency. With Noscotek’s expertise and the power of automation at your fingertips, unlock new levels of productivity and precision in invoice processing.
04.
Date Extraction
Enter Nostello SmartSense — your steadfast companion in this endeavour.
Our solution excels at extracting dates from invoices, recognising the critical role they play in your operations. But here’s the twist — companies don’t always follow a universal date format. Fear not, for Nostello SmartSense rises to the challenge, effortlessly accommodating diverse date formats. With a swift configuration, our system seamlessly converts extracted dates to the format required by your Line of Business system.
Experience the agility and adaptability of Nostello SmartSense as it navigates the intricacies of date formats, ensuring precision and compliance with your business requirements.
Bid farewell to manual date conversions and embrace a future where efficiency reigns supreme.
05.
Hand Writing Extraction
Even when faced with vendors clinging to traditional invoicing methods, fear not — Nostello SmartSense remains your unwavering ally. Our cutting-edge technology continues to evolve and excel, bridging the gap between legacy practices and modern innovation with ease.
Consider, for example, scenarios where invoices are handwritten — a relic from the technological stone age. With remarkable precision and efficiency, our AI accurately identifies handwritten figures and flawlessly extracts their values. Witness how our solution confidently navigates the complexities of handwritten invoices, delivering clean, reliable data every time.
Embrace the future of invoice processing with confidence, knowing that Nostello SmartSense is designed to revolutionise your workflows — no matter the technological landscape.
06.
Signature Detection
In the realm of invoice processing, authentication is paramount — and Nostello SmartSense rises to the occasion with its advanced signature detection capabilities. Leveraging cutting-edge AI algorithms, SmartSense is equipped to determine whether an invoice has been signed, providing a confidence score that quantifies the AI’s certainty regarding the legitimacy of the detected signature.
This feature is especially valuable in scenarios where invoice authentication is required before payment. By offering a confidence score, our solution provides decision-makers with critical insights, enabling swift and accurate judgments.
With Nostello SmartSense, you can trust that your invoice authentication processes are underpinned by precision and reliability — ushering in a new era of efficiency and confidence in your invoice workflows.
07.
Inverse Text Identification
Nostello SmartSense achieves a remarkable feat by effortlessly retrieving text from documents featuring grey backgrounds with white text — an unprecedented capability in the realm of Optical Character Recognition (OCR). This unique feature sets Nostello SmartSense apart from conventional OCR solutions, showcasing its advanced capabilities and adaptability. By transcending traditional limitations, Nostello SmartSense empowers users to extract valuable information from a broader range of document formats with exceptional accuracy and efficiency.
Experience the groundbreaking innovation of Nostello SmartSense as it redefines the possibilities of document processing.
Implementation
Clean and Easy Pre-Paid Consumption Pricing Model
30 Min
What we need?
Expected Invoice Volume (per month)
Customer Name
IT Contact Details:
Name
Email
Contact Number
30 Min
Switch On!
- Connect Invoice Input Method
- Connect Invoice Data Output Method
- Experience the Magic!
2 Hours
Custom Fields?
- Training +- 1.5 Hours
- 30min to configure
Costings
AVERAGE COST FOR A SINGLE MANUAL INVOICE
The average cost of accounts payable (AP) invoice processing per invoice can vary significantly depending on several factors — including industry, company size, level of automation, geographic location, and the complexity of the invoice. Nevertheless, numerous studies and industry reports offer valuable insights into the typical costs associated with AP invoice processing:
R306,48*
Manual
R190*
Some Automation
R76*
Advanced Automation
*Deloitte – Accounts Payable Automation Report ,Ardent Partners: According to Ardent Partners’ “2019-2020 State of ePayables” report, IOFM – 2019 AP Invoice Automation Benchmark Report
Nostello SmartSense leverages cutting-edge technologies and innovative methodologies to reduce the cost of processing a single invoice to a fraction of traditional expenses.
COMPETITORS
Nostello Solutions optimised and streamlined customers’ operations, driving increased productivity and delivering significant cost savings.
Financial Institution (Major Bank in South Africa)
The Nostello Solution has significantly transformed the operations of multiple divisions, leading to remarkable improvements in efficiency, accuracy, and customer service. Below is an overview and description of the benefits realised from implementing the Nostello Solution:
Overall Process Optimisation
Automated Work Distribution: Previously reliant on Outlook for manual work distribution through shared mailboxes, the system has been upgraded to an automated, tracked work distribution platform. This change has streamlined the process, ensuring tasks are assigned efficiently without manual intervention.
Equal and Efficient Work Distribution: The solution addressed the problem of manual and unequal work allocation, which was prone to human error and inefficiency. The new system automatically distributes and reassigns work equitably among team members, enhancing fairness and productivity.
Performance Measurement: Prior to the implementation of the Nostello Solution, there was no effective method to measure performance or accurately report completed work. The introduction of tracking and performance metrics enables divisions to monitor and evaluate progress precisely, leading to increased accountability and continuous improvement.
Strategic Planning Capability: Manual processes for filing, reporting, and distribution previously hindered strategic planning. The automated system now empowers the client to plan service improvements proactively by better managing and supporting call centre staff.
Survey Result Utilisation: The inability to view survey results or track outcomes has been resolved. Survey feedback is now automatically escalated to team leads and actioned promptly, ensuring customer insights directly inform service enhancements.
Unique Incident Reference Numbers: Moving away from auto-generated emails without specific incident tracking, the system now assigns unique reference numbers for each incident, significantly improving quality control and follow-up capabilities.
Accurate Task Tracking: The solution overcomes previous challenges in tracking completed task volumes, enabling precise reporting on a daily, weekly, monthly, quarterly, and yearly basis. This accuracy supports better resource allocation and operational efficiency.
Trend Identification and Activity Tracking: The system facilitates the identification of trends with clients and merchants and monitors activity volumes, providing valuable insights into areas requiring improvement and the causes of delays.
Time Savings in Reporting and Work Distribution: A key benefit is the saving of 2,058 hours per month previously spent on reporting, filing, and distributing work. This time is now redirected towards handling more queries and processing additional customer requests, thereby enhancing service delivery and operational capacity.
Property Management Company
The Property Management Company significantly enhanced its productivity by integrating Nostello’s SmartSense and Quick Sign tools, enabling a substantial increase in the number of applications and documents processed within the same timeframe as the previous year — all without the need for additional staff.
This marked improvement in processing capabilities represents a major leap in both applications and documents handled, showcasing the tremendous impact of adopting strategic technology solutions. By leveraging these advanced tools, Eris was able to efficiently manage a vastly greater workload without incurring extra operational costs, underscoring the company’s commitment to technology-driven scalability and efficiency.
Applications Processed
2023 Applications: 2,135
2024 Applications: 7,335
Increase of approximately: +244%
Documents Processed
2023 Documents: 12,309
2024 Documents: 549,912
Increase of approximately: +4,368%