These complexities have required finance departments to devote numerous staff to extract data manually. But these manual efforts are costly, error-prone, and slow. Technologies like optical character recognition help to a limited degree, but OCR does not “know” what it is looking at, so a slow and costly process continues.
Companies need automation capable of understanding a document's meaning and extracting and converting the data into a rational, structured format. Emagia’s AI-powered Gia Docs provides just this capability.
Emagia providesa digital Order-to-Cash Management (OTC) Platform that combines the power of automation, analytics, and artificial intelligence to accounts receivables. Gia, the company's next-generation digital finance assistant, has been integrated with Gia Docs AI, a self-learning, document-reading capability that finally replaces manual processes. It swiftly and accurately extracts data from financial documents—from invoices, remittances, lockboxes, and related documents—to provide hyper-efficiency in finance operations.
Transforming Finance Operations - Accounts Receivables, Payables and Treasury
Based on next-generation neural networks deep learning technologies, Gia Docs AI has humanlike cognitive skills to read, learn, understand, and distill data from finance documents in the accounts receivable, payable, and treasury operations in minutes. In addition, Gia Docs AI is trained in multiple languages and recognizes numerous currencies.
"Our aim with Gia Docs AI is to lead finance firms to automatic data extraction in the digital age," said Veena Gundavelli, Founder & CEO of Emagia.
Finance operations can use Gia Docs AI with options to upload files, or IT developers can use its APIs to integrate document data capture skills into document management for finance and treasury management systems such as SAP, Oracle, PeopleSoft, JDEdwards, MS Dynamics, NetSuite, Workday, Salesforce, and IT2.
Case in Point
To illustrate, Gundavelli points to one of Emagia’s customers with worldwide operations that had the usual difficulties manually extracting critical business data from incoming financial documents. In particular, the company receives emails from customers in multiple languages and accepts large numbers of lockbox image files with checks, making it a cumbersome job for the finance operations staff to read and post cash receipts entries in the books.
Using Emagia’s Gia Docs AI, the customer can now extract pertinent information from all the emails and PDFs and integrate it directly into the company’s financial system for straight-through cash posting. The consequence is considerable time and costs savings.
Our Aim With Gia Docs AI Is To Lead Finance Firms To Fully Autonomous Document Data Extraction In The Digital Age
Gundavellinotes that Gia Doc AI garnered widespread acceptance from several global companies after its launch. With accelerated digitalization due to the pandemic-induced shift to remote work, companies send and receive finance documents as PDF copies via email, leading companies to look for tools and solutions to automate their processes.
“With the increased digitization of financial processes, we want to focus further on removing mundane, non-value repetitive work and making it seamlessly automated and autonomous. For the road ahead, we want to be known as the market leaders in the autonomous finance space,” concludes Gundavelli.