December 2022 Summaries

Nanonets has partnered with Robocorp to automate business workflows through intelligent automation, offering end-to-end document workflow management. Nanonets, an AI-based OCR platform, helps businesses capture structured data from unstructured documents, facilitating document management and workflow automation. Over recent years, Nanonets has enabled users to build numerous AI workflows and process billions of files, aiming to create a seamless document communication platform using Deep Learning. Robocorp, meanwhile, provides tools for constructing intelligent software robots that automate complex business processes, offering a secure orchestration and execution platform with flexible pricing. This collaboration aims to break new ground in robotic process automation and intelligent automation.

Handling supplier invoices in the accounting process requires meticulous verification to ensure accuracy before payments are made, utilizing methods such as 2-way, 3-way, and 4-way matching. These processes involve comparing purchase orders, invoices, goods receipts, and in some cases, inspection slips to confirm that quantities, prices, and delivery conditions align. Manual matching can be labor-intensive and error-prone, often resulting in inefficiencies and potential financial discrepancies. Automation, exemplified by AI-enabled tools like Nanonets, enhances the process by digitizing documents and automating verification, which reduces errors, increases efficiency, and prevents issues such as fraud. Nanonets, specifically, uses advanced AI to streamline the matching process, reducing processing times significantly while integrating seamlessly with existing systems, ultimately saving time and cost for companies.