Processing 1.8+ million invoices per year through an Intelligent Document Recognition solution for a leading e-invoicing platform
eConnect is a Dutch FinTech company for which Vanenburg built an e-invoicing platform to exchange invoices with their business partners. The platform utilizes Vanenburg’s UnDoc solution to automate the processing of incoming invoices.
Challenges
- Over 1.8 million invoices are received annually from hundreds of buyers and sellers as PDFs or scanned copies.
- Invoices need to be manually entered into the accounting software for further processing.
- The existing conversion partner was holding them back with high costs and a high number of errors.
Solution
- Vanenburg used its Google-Cloud-based UnDoc solution to deliver an intelligent document recognition engine.
- UnDoc leverages Google’s DocAI machine learning algorithms, enabling accurate, automated bulk-processing of documents.
- The use of UnDoc resulted in a higher quality solution at a reduced cost, with an ROI in less than 1 year.
Vanenburg managed to develop an AI-driven document conversion solution with a ROI of < 12 months and 4x faster processing of invoices and are available in accounting back-end system in minutes.
