AI is transforming the commercial landscape. From chat bots to business forecasting, process automation to customer support, and even smart personal assistants, to say that we’re on the cusp of a major technological breakthrough is an understatement.
Perhaps the most exciting aspect of AI touching a vast array of professional and personal aspects of our lives is its ability to streamline what was once laborious and eradicate the potential of costly mistakes being made. This alone is enough to propel scientists, researchers, and developers to take that leap into uncharted territory.
The future of expense data extraction and AI
Expense data extraction API is a prime example of what AI can achieve. The technology solves countless commercial headaches that have long plagued business. Shareholders are figuratively jumping for joy at the possibilities the wholesale introduction of AI into commercial landscape brings.
The Growth of AI
Before the advent of AI, businesses had to devote a costly amount of manpower to manually complete tasks. This is best exemplified by managing expenses and reimbursements. Long the responsibility of someone sat at a desk inputting numbers into a spreadsheet, or if you take a real trip back in time, handwriting a weekly expenses sheet, reimbursing employees was a time-consuming and costly process.
Now, with apps equipped with optical character recognition (OCR), natural language processing (NLP) and machine learning (ML), expense data extraction and automated statement generation are cornerstones of seamless operation across businesses.
Like most technological innovation, OCR has historical roots. Just as the modern-day computer owes much to the pioneering work of Alan Turing who, along with his team, cracked the complex Enigma code used in German naval communications in WWII.
However, prior to this, in 1936 whilst studying for his Ph. D at Princeton University, Turing published a paper about computable numbers. This paper became the foundation of computer science, presenting a theoretical machine that could solve any problem which could be described by simple instructions encoded on paper tape.
Similarly, WW1 physicist, Emmanuel Goldberg is cited as the founder of expense data extraction. Goldberg invented a machine that could read characters and convert them into telegraph code.
As WW1 ended and the roaring ‘20s begun, Goldberg created the world’s first electronic retrieval system so that businesses could quickly retrieve specific records from spools of film – something that was otherwise impossible. Using a photoelectric cell to perform pattern recognition with the aid of a movie projector, he was able to re-purpose existing technology to automate record keeping.
The Problem with OCR
A sound idea in principal, OCR technology’s progress was hindered for decades because of the lack of complementary technology needed to resolve several inherent problems. The most prominent being that OCR couldn’t recognise and transfer data accurately. This problem has since been resolved thanks to cutting-edge expense data extraction API.
Early versions of digital OCR could not recognise different fonts or document layouts. Therefore, the transfer of data to digital format was greatly hindered. The general lack of accuracy meant that digitising print texts was not widely practiced the world over.
However, thanks to perseverance and ingenuity, over the last decade significant leaps have been made. Mobile application has been realised, as has e-document submission. Apps with OCR today employ machine learning technology meaning that they learn and evolve, therefore offering an improved service repeatedly.
The World’s Most Accurate Expense Data Extraction API
In 2020, Tabscanner is acknowledged as the world’s most accurate expense data extraction API. So much more than a simple receipt scanner, the technology achieves 98% accuracy when extracting core data.
Able to recognise receipt fields at human levels of intelligence and boasting a simple and robust API that allows for seamless integration through a reliable and easy-to-use API, Tabscanner represents the pinnacle of modern AI function.
The problem of inaccurate data extraction which historically held OCR back has finally been solved thanks to the revolutionary work done by Tabscanner’s receipt data extraction scientists. Today, it is the only technology that can return accurate line items from any POS receipt in the world, extracting accurate data from any language and character set in the world.
Additionally, such is the prowess of the software, lightning fast Cloud API is achieved – data from all fields in a POS receipt is processed in under two seconds.
Statistics don’t lie. Tabscanner has successfully extracted over 100,000 receipts worldwide. This phenomenal success means that the software has become one of the most trusted expense management tools for businesses across the world – the software is more than just a receipt scanner, it’s a vital financial management tool that bolsters commercial prowess.
In short, if you want to improve how you manage your business expenses, save money, and streamline processes, you need to have a sound infrastructure, right? Well, what if we said that the ‘infrastructure’ you need is a mobile app with revolutionary integrated software?
Doesn’t that seem much simpler than you could possibly imagine?