IRISXtract™ for documents is an intelligent document capture and forms processing solution which automatically classifies documents arriving from a host of different input sources such as email, fax, watched folders, and paper documents. IRIS then extracts the data from the documents and places it inside your business application. The unique IRIS system does not require the creation of templates. It does this by providing an intuitive interface for your employees to indicate the data to be extracted. The process can be done by the same personnel that is currently responsible for your Accounts Payable or Purchase Order processing – no IT knowledge is required. Out of the box “solution packages” are available for invoice processing and purchase order processing. These allow you to automatically extract vendor information and line item details while communicating with your ERP or accounting system to provide matching of records.
The IRIS price is very competitive with other solutions. Just complete the contact form on this page and we will send you complete IRISXtract pricing.
What Makes IRISXtract Unique? A Template Free Solution
IRISXtract is a completely template-free document capture and forms processing solution. This unique technology empowers business level users to recognize new documents on the fly without having to change a template. Each time the system encounters a new document that it hasn’t seen before, all the user does is tell the system where to expect the fields. The next time the system encounters the document, it automatically extracts the information from the page.
Introducing UFC’s AP Energize Powered by IRIS
Benefits of IRISXtract for Invoice Processing:
Reduced Cost with “Touchless” Processing
By reducing and in some applications, removing the need for manual document classification, separation and data extraction organizations can drastically reduce their operational costs – the higher the level of Touchless Processing, the greater the cost reduction. With AP Energize users achieve high levels of automation on any document type.
Manual document classification, document separation, and data extraction is time-consuming, tedious, and a poor use of knowledgeable workers’ time. By automating these processes, AP Energize allows knowledgeable workers to focus their efforts on value-adding tasks such as customer service or query resolution. Speed of processing is also increased when processes become touchless.
Increased Processing Capacity
By removing the need for manual document classification, separation, and extraction, companies are able to process more transactions each day while maintaining the same staffing levels. With AP Energize, users achieve high levels of productivity on any document type.
Higher Data Quality
Manual document classification and data extraction is error-prone – humans typically achieve a peak accuracy rate of 70%. By automating these processes and tuning the technologies on a customer’s documents, AP Energize can improve the quality of extracted data compared to manual keying (typically reducing the error to < 10%) while maintaining a high degree of automation. In addition, the powerful data validation capabilities of AP Energize ensure that extracted information is correct before it is used by the business systems to assist in decision-making processes. The result is fewer processing exceptions compared to manual methods, fewer customer queries and more accurate and timely decisions.
AP Energize provides a controlled IT-based framework for gathering sensitive supplier data as soon as it enters an organization and delivering it quickly into a secure repository. Powerful data validation capabilities ensure that the data is correct. Accurate document classification means that content retention and security policies can be applied more reliably.
AP Energize can classify, separate and extract a document in a matter of seconds, and can run outside normal business hours if necessary. Consequently, documents can be processed more quickly than by manual methods, reducing the time to complete each transaction and benefiting both the user and their customer.
Improved Process Auditing
Manual processes are intrinsically difficult to audit. Using automated technology to process documents means that every step can be controlled, monitored and reported on. As a result, organizations can better meet the requirements of regulatory compliance and bottlenecks can be identified more easily.
One Product for All Document Types
AP Energize is the most complete and versatile document classification and data extraction offering on the market today. It can process structured, semi-structured and unstructured documents, including forms, invoices, checks, correspondence and any other document type, on the same platform. Legacy documents can also be processed, thus avoiding expensive and time consuming forms redesign process and allowing efficient back file conversion.
Lower Total Cost of Ownership
AP Energize features powerful learn-by-example technologies for classification and extraction that can be configured more quickly and cheaply than traditional rules based methods. Then, as documents are processed in a production environment, learning can be used to ‘teach’ the system characteristics of problem documents so they are processed automatically in the future, increasing ROI and reducing TCO since no IT skills are needed.
Ergonomic Keying and Data Validation
In an advanced recognition environment, easy to use and efficient data validation is vital for maintaining productivity – poor validation design can cancel out the benefits of automated classification and extraction. During production, screen navigation and image manipulation are logical and easy to use. Separate interfaces are provided for reviewing document classification, single character correction and data validation, and at each stage the interface can be tuned for maximum efficiency.
Reduced Training Costs
AP Energize user interfaces are highly customizable to meet customer specific requirements in terms of screen layout and interface behavior. They can even be configured to mimic legacy systems. This reduces training costs and speeds up the adoption of new systems.
Powerful Reporting with the IRIS Production Database
A reporting system called Production Database is available to provide reports of all document capture tasks performed on your system. As documents are processed AP Energize gathers detailed information regarding recognition rates and presents statistics per field, document types, and average over user selectable time periods. This allows users to monitor system performance and get early notification of any issues.
Facts about Invoice Processing
Did you know that:
- The average cost of processing an invoice is more than $15 for most organizations
- The average time to process an invoice is 29.8 days
- 83% of invoices are still paper based
- Most organizations have a manual approval process
- Manual paper based filing of invoices leads to errors and lost invoices
Benefits of Using IRISXtract:
- Reduce manual effort by approximately 90-97%
- Realizing early payment discounts
- Eliminating late payment fees
- Negotiating better pricing from suppliers
- Reduction of storage, retrieval costs
- Reduction in exposure to government compliance issues
- Improved financial reporting
Standard Functionality Included in IRISXtract:
Web Verify – No Additional Licensing is Required (Other than Existing Verification Users)
IRISXtract’s WebVerify is a new verification client for the cloud. It can run in parallel with the “classic” IRISXtractTM Verify, and enables to verify documents completely in the World Wide Web. WebVerify provides the majority of features known by the classic solution with a high compatibility to the existing IRISXtractTM applications. WebVerify builds a verification solution which is accessible from everywhere you want, just by means of a modern browser, and without any installation on the user side. Configuration aspects as well as software updates are made at one single place, which dramatically decrease administration efforts.
Requirements: In order to use WebVerify, you need a recent IRISXtractTM v4.1 installation and a Microsoft IIS Server (included in most editions of Microsoft Windows). On the user side, the recent versions of the major desktop browsers (Mozilla Firefox, Google Chrome, and Microsoft Internet Explorer) are supported.
Solution Packages Available (Ready to Run Applications):
IRISXtract is available with several powerful solution packages. These are pre-built, out of the box solutions for processing purchase orders, accounts payable processing, and automatic email extraction. The following solution packages are presently available:
SP Accounts Payable
This solution package provides a one stop, out of the box invoice processing solution which also includes an interface to several popular ERP solutions.
Download a brochure of IRIS AP.
This solution package provides an out of the box solution for processing of purchase orders.
Download a brochure of SP Orders.
SP XMail Fetcher
This solution provides a powerful, ready to use application for receiving documents from email.
Download a brochure of XMail Fetcher.
Watch a Short Video Showing IRIS in Action:
See How IRIS Classifies Documents Without Templates: