Google and Unifiedpost have announced a collaboration that could see Google's Procurement DocAI solution applied to documents supplied by over 400,000 businesses across Europe.
On Wednesday, Nelson Gonzalez, Product Manager at Google Cloud said that Procurement DocAI will be used by Unifiedpost, a FinTech organization with a presence in 15 countries.
The company handles procurement documents for over 400,000 small and medium-sized businesses and more than 250 enterprise players, a time-consuming and complicated task -- but it is thought that AI could streamline the process.
See also: Google's Lending DocAI streamlines mortgage applications with artificial intelligence
Announced in September, Procurement DocAI uses artificial intelligence (AI) models to automatically capture valuable information from documents and various forms of unstructured data.
Unifiedpost intends to work with Google to refine the solution and use it to capture data from documents including invoices, e-invoices, Know Your Customer (KYC) records, and payment services ranging from IBAN notices to PSD2 payments.
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"Large enterprise procurement and distribution networks as well as SMEs generate millions of invoices, receipts, and other related documents a year," Gonzalez says. "These processes generate significant overhead for every procured item. With competitive pressures only increasing, businesses are forced to find new ways to automate one of their highest volume business processes."
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The companies say that implementing Procurement DocAI will eventually result in a 60% reduction in procure-to-pay processing costs and could potentially "boost data accuracy by 250% for Unifiedpost's document extraction."
In related news this week, Google revealed Lending DocAI, an AI solution designed with the mortgage industry in mind. This crossover software also utilizes AI algorithms for data capture and processing and is focused on speeding up loan applications by assessing an applicant's income and assets.
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