ancora Software continues to disrupt the Intelligent Document Classification and Advanced Data Capture space with the announcement of filing of their third US patent. The Customer Portal is a win-win solution, benefiting both the vendor submitting the invoice by speeding up payment terms, and the company receiving it by eliminating manual labor.
SAN DIEGO, March 28, 2022 /PRNewswire-PRWeb/ -- ancora Software, Inc., a global leader in intelligent process automation solutions including Intelligent Document Classification and Advanced Data Capture, announced today the filing of a U.S. patent application for a customer-driven super-portal to enable automated accounts payable and sales order document processing. The method and system benefits customers by reducing labor for recipients and expediting invoice payments. This would be the third US Patent issued to ancora Software for its industry leading technology.
With millions of documents exchanged daily, businesses must find more efficient ways of addressing processes such as accounting workflows. With many different types of documents and formats, though, it is difficult to access and extract data of interest to enable seamless data flow between issuers and recipients. This complexity results in a cumbersome and time-consuming translation process that has traditionally been performed by the recipient of documents—the company receiving an invoice. This delay creates a data lag between organizations' ERPs, contributes to human error, increases the cost of the AP process, and delays payment.
ancora's customer-driven super-portal uses patented automation technology, ancoraDocs, to give the organization issuing the invoice control of the process, ultimately speeding payment. The vendor logs in, gets authenticated as an authorized user, and uploads all documents such as invoices and supporting documents to the recipient system. Data is then automatically extracted, verified against the recipient's ERP system, and exported to this system. Required documents are then submitted for the recipient's approval, streamlining the traditional approach to invoicing. The portal, using ancoraDocs, includes a menu of all supported input formats as well as export formats acceptable to the recipient's ERP system.
"Everything ancora does ultimately focuses on reducing human involvement in processes that can be automated," said ancora Software CEO Noel Flynn. "With the advances of digitization and the cloud, it's essential to develop faster automated processes. Our customer portal is a win-win solution, benefiting both the vendor submitting the invoice by speeding up payment terms, and the company receiving it by eliminating manual labor."
ancora Software's advanced capabilities in intelligent process automation leverage unassisted and assisted machine learning to help software extract data of interest from a variety of documents. "This will cut implementation time dramatically, from weeks or months to as little as hours or days with our portal."
About ancora Software
ancora Software, Inc. is an innovative provider of Intelligent Process Automation solutions including Intelligent Document Classification and Data Capture. Its flagship product, ancoraDocs, simplifies document capture. ancora Software's patented artificial intelligence and machine learning technologies help organizations eliminate costly manual steps in their business processes such as document classification, document analysis, manual data entry, and manual filing. Organizations using ancora Software achieve faster and less expensive business process automation and better controls over their mission-critical information. Headquartered in San Diego, CA, ancora Software maintains sales and support operations throughout North America and in the United Kingdom.
For more information about ancora Software, Inc. visit http://www.ancorasoftware.com
Media Contact
Nick Bova, ancora Software, Inc., 1 (844) 626-2672, [email protected]
SOURCE ancora Software, Inc.
Share this article