What is Intelligent Document Recognition?
Intelligent Document Recognition (IDR) is an Oracle Fusion Cloud ERP application that extracts invoice information from emailed documents to create invoices and import them into payables. Many suppliers and customers choose to send and receive Payables invoices electronically via email. IDR can process these invoices and extract the required fields to create invoices within Oracle Payables.
IDR supports the entire invoice lifecycle with a seamless and secure user experience which enables customers to quickly process supplier invoices from entry to payment. IDR requires minimal setup and reduces the total cost of ownership, ultimately enhancing capital management. Additionally, IDR uses machine learning to improve information extraction. By adjusting incorrect invoice fields, IDR improves its understanding of the best ways to extract invoice information. As IDR continues to learn, it increases in accuracy and invoice recognition for the future.
Differences between IDR and OCR
The difference between IDR and Optical Character Recognition (OCR) is that OCR only transcribes a document, merely leaving you with a text representation of the scanned image. Unlike IDR, OCR does not provide any further information about what the document is about or the actual data points. For some companies, OCR applications meet their needs; however, for most corporations OCR does not meet their data extraction goals.
Utilizing IDR or OCR for AP Automation allows organizations to reduce time spent on data entry, and allows AP resources to be more strategic, while also reducing human error. Learn more about the basics of AP Automation in our blog post, “Understanding AP Automation.”
Features and Benefits of IDR
IDR allows any enterprise to increase productivity and reduce costs by reducing manual data entry. The application also automates data capture from documents and data types within the document. Documents classification through IDR is based on layout, presence of images or logos, regions of data, presence of keywords or patterns, and ultimately the content itself. It also allows the AI to predict the accounting distribution combination based on recurring supplier document types delivered.
IDR for AP Invoices
The IDR process begins with offices, suppliers, or corporate servers receiving the invoice. It then transitions to Oracle Cloud processing where complete invoices are extracted and ready for payment. If invoices are found to be incomplete, then additional routing and corrective user interaction must take place before the invoice is ready for payment. IDR will alert users to incomplete invoices and only require intervention when certain aspects on the invoice have not been recognized.
IDR supports multiple documents that are converted and saved as PDF, including:
All IDR configurations are done in the Functional Setup Manager under the following sectors – Setup and Maintenance>Financials>Payables>Manage Intelligent Document Recognition Options. At this point you will be able to view your email address as well as set your options.
IDR Supported Attributes
IDR supports a wide variety of attributes for both the Invoice Header and Invoice Line. Supported attributes for Invoice Header include:
- Invoice Type
- Business Unit
- Purchase Order Number
- Invoice Date
- Supplier Site
- Invoice Currency
- Invoice Amount
- Freight Amount
- Routing Attributes 1-4
- Control Amount (Total Tax Amount)
Supported attributes for Invoice Line include:
- Purchase Order Number
- Purchase Order Line
- Purchase Order Schedule
- Item Description
- Invoiced Quantity
- Unit of Measure
- Unit Price
- Line Amount
Stay In Touch
Intelligent Document Recognition can save you time, money, and manhours. This innovative Oracle Fusion Cloud ERP application allows for easier invoicing and data extraction. To learn more about Oracle Cloud ERP applications and how they can help you, visit our Cloud Services page. To stay up to date on all things Cloud, subscribe to our monthly Cloud Newsletter. Lastly, follow Elire on LinkedIn and Twitter, and don’t miss out on Cloud and IT Industry updates right to your phone.