As Artificial Intelligence continues to shape and accelerate the way we handle information and process data, it is also helping innovation-focused companies to use new AI-infused capabilities to improve business outcomes. One example is the Tel Aviv-based Kryon Systems, a global provider of intelligent Robotic Process Automation (RPA) solution. Kryon Systems recently decided to combine AI-powered document automation technology with its RPA solutions to create a single platform for document automation and streamline invoice and purchase order processing.
Kryon Systems AI-based solution of choice is ABBYY FlexiCapture, a top-of-the-line platform for automated processing of unstructured documents. By integrating FlexiCapture into its Leo RPA platform, the company will be able to offer businesses best-in-class RPA services that include the ability to parse unstructured data for invoice and purchase order processing.
Digital transformation is leading companies to turn to automation technologies in order to reduce errors, increase efficiency and boost profits across the enterprise. Kryon Systems’ RPA solution provides a workforce of “digital employees” onto whom crucial yet repetitive and time-consuming processes can be offloaded, enabling employees to devote more attention to higher value tasks that more directly contribute to the core mission of the company.
Traditionally, unstructured documents such as invoices and purchase orders, which lack standardized formats and are submitted as PDFs or scanned documents that cannot be edited, have posed an obstacle to automation efforts. By leveraging ABBYY, whose market-leading AI-powered document automation technology transforms unstructured documents into standardized files and alerts the relevant party when it is unable to do so, Kryon Systems is removing the hurdle which previously prevented the automation of these processes.
Industry leaders increasingly see cognitive solutions like ABBYY FlexiCapture as the future of enterprise capture platform for processing documents. “The needs of enterprises are evolving all the time, and we are constantly expanding the capabilities of our RPA platform to ensure that we provide a one-stop-shop automation solution for companies, no matter what processes they are seeking to optimize,” said Harel Tayeb, CEO of Kryon Systems. “Our new partnership with ABBYY allows us to help companies transcend the problem that unstructured invoices and purchase order forms cause by simply removing a substantial amount of time-consuming tasks from their employees’ workloads so they can focus on higher value assignments.”
The FlexiCapture platform will complement and extend the automation capabilities of Kryon RPA into document-based business processes, said Bruce Orcutt, SVP for Product Marketing at ABBYY. “Together, we look forward to helping clients address a full range of business process automation projects, from simple data entry, to more complex case automation,” he added.
ABBYY’s FlexiCapture platform is unique in being able to handle documents of any format, layout and structure thanks to its in-built, proprietary machine learning and natural language processing technology.
Invoices, which vary by supplier, are automatically read and processed, providing all necessary data to Kryon Systems’ Leo platform to execute the remainder of the process – checking and approval procedures, and posting to ERP systems for payment. Used in combination, both platforms automate and streamline document processes, driving operational efficiencies, reducing unnecessary costs and freeing up staff to focus on value-adding financial activities.