Basware announced the latest innovation in Accounts Payable (AP) automation processes by introducing SmartPDF with self-validation. SmartPDF extracts data from PDF invoices and turns roughly 80% into real e-invoices automatically. The rest are exception invoices that need user guidance to be processed. Now SmartPDF self-validation AI can be trained to recognize exception invoices and handle them automatically as well in the future. Finance leaders continue to face challenges with their AP processes, Basware found that 47% of CFOs say invoice approvals take too long, 45% struggle with a high percentage of exceptions, and 23% face challenges with late supplier payments. This next step in SmartPDF development tackles exception invoice validation, such as invoices with missing fields or unrecognized content.
Basware's SmartPDF was first launched in 2018 and enhanced with AI technology in 2020. SmartPDF uses an intelligent algorithm and AI technology to determine an invoice layout, whether machine-readable or an image PDF. It extracts high-quality data with over 97% accuracy, zero delays and converts the data into a real e-invoice. Then SmartPDF delivers the e-invoice to a company's AP or ERP system, providing better data input and higher automation as well as continuous improvement to AP processes. Now, with SmartPDF self-validation, even exception invoices can be addressed, corrected and automated Basware's AI technology, which becomes better informed over time and trained to recognize exception invoices and process them automatically. By eliminating the need for manual intervention of exception invoices, Basware is further reinforcing its mission to create a touchless invoice processing future and true AP automation.