Google and Unifiedpost collaboration results in Google’s Procurement DocAI solution applied to documents supplied by over 400,000 businesses across Europe.

According to Nelson Gonzalez, Product Manager at Google Cloud, the Procurement DocAI would be used by Unifiedpost, a FinTech-based organization, which has a presence in 15 countries.

The company looks over procurement documents of 400,000 small and medium-sized businesses and more than 250 enterprise players. The company found it a time-consuming and complicated task and thus came up with an idea of artificial intelligence (AI) that would simplify it.

Launched in September, Procurement DocAI uses artificial intelligence (AI) models that could automatically capture valuable information from documents and various unstructured data forms.

The motto of Unifiedpost in working with Google is to refine the solution and use it to obtain data from documents that include e-invoices, Know Your Customer (KYC) records, invoices, and payment services ranging from IBAN notices to PSD2 payments.

“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.”

The companies are of the view that implementing Procurement DocAI will ultimately lead to a 60% reduction in procure-to-pay processing costs and could potentially “boost data accuracy by 250% for Unifiedpost’s document extraction.”

Google had also talked about a Lending DocAI, an AI solution designed by keeping the mortgage industry in mind. This crossover software makes use of AI algorithms for processing and data capturing. It also focuses on speeding up loan applications by assessing an applicant’s income and assets.