Ephesoft automates accounts payable process with latest solution

Ephesoft, Inc., a provider of content acquisition and data enrichment solutions, is releasing of Semantik Invoice, a cloud-based data acquisition product.

“As companies look to reduce costs and move more transactions to the cloud, there is a market need for solutions that are highly scalable and have a quick time to value,” said Ike Kavas, founder and CEO of Ephesoft. “With more than half of invoices still processed manually and taking on average 8.5 days, AP processing is ripe for innovation. Semantik Invoice is a plug-and-play solution able to streamline invoice processing by exporting critical data from any invoice format and importing the data into existing enterprise systems.”

For companies looking to automate their AP process, Semantik Invoice extracts critical data from any invoice format and imports the data into enterprise resource planning (ERP), enterprise content management (ECM), robotic process automation (RPA), workflow tools, and other line of business systems for downstream processing.

Ephesoft’s proprietary AI-powered reader technology accurately recognizes key fields such as invoice date, terms, ship date, tax rate, tax IDs, overall amount due, purchase order number, etc.  

In line with this predicted cloud and AI technology growth, Semantik Invoice is designed to deliver immediate and perpetual benefits.

The product makes it possible to streamline AP processes to see an immediate return on investment by using the scalability of the cloud combined with advanced machine learning algorithms.

It also ensures the extracted data can be used in any future process automation or AI project through Ephesoft’s semantic data-driven extraction approach.  

In developing the solution, Ephesoft worked with beta testers ranging from small manufacturing firms to large scale consultancy firms, including MicroGenesis Techsoft Pvt Ltd, a technology solutions provider committed to modernizing and automating processes to be more efficient and productive.  

For more information about this news, visit https://ephesoft.com.