Adopting an artificial intelligence-powered data extraction software has helped Core Vision offers its clients time-saving features. Core Vision’s Facilities Management solution myBuildings™ utilises AI to automatically extract information out of transactional documentation, namely invoices. The company then utilises APIs to third-party systems to transfer these invoices to industry-standard financial systems for the processing of payments.
“When it comes to invoice processing, many organisations still rely on manual processes or in some cases, Optical Character Recognition (OCR), however, this is difficult due to the differences in formats across suppliers” – says Kane Bullen, Head of Technology at Core Vision. “We are offering a real-time solution that verifies data at the point that it is loaded.”
“In the property sector, the processing of invoices makes up a considerable and important part of Property Management. Imagine the numbers. Both the dollars involved and the time involved. Our solution traps issues at the source. This significantly reduces the processing time and administration overheads whilst at the same time ensuring accuracy. There is now no need to manually enter data at a later point in time, which leads to error, compliance issues, and payment delays” – says Kevin Williams, Managing Director at Core Vision.
“We have in a sense turned the whole process on its head. And the great thing is that it is just part of our already powerful Accounts Payable Automation solution”, added Kane Bullen.
Just one of the ways in which Core Vision’s myBuildings™ solution helps facilities managers save money, save time and manage risk.
For more information on myBuildings™ contact Core Vision at email@example.com.