“Intelligence is the ability to adapt to change.” – Stephen Hawking

How did David emerge victorious in the battle with Goliath? With a slingshot. From the five stones he had picked up for the battle, David just needed one stone to defeat the giant (Book of Samuel, Old Testament). While much has been written about his intelligence and valor, his aim streamlined and precise was just as important in ensuring Goliath’s defeat. From a purely technical standpoint, since we are in the technology and data business, had David been late by a split second, or had his aim not been streamlined or precise, the story of David and Goliath would have had a different ending.

Similarly, in financial and capital markets, there is a lot that can be achieved (or lost) when processes are not streamlined, particularly in critical areas like invoice processing. Just as David’s perfectly timed and streamlined shot delivered maximum impact, a streamlined invoice processing mechanism shields organizations from irritants such as delays, errors, and penalties, and future proofs them from disruptions and missed opportunities.

Understanding the Essence of Invoice Processing

In simplest terms, invoice processing is defined as the series of steps that takes place right from the time when the supplier invoice is received to the time when it is paid and recorded in the general ledger. The invoice can be received via mail, or as a PDF attached to an email, or as an e-invoice. Whatever the format, the invoice must be manually/automatically scanned into the accounting system, digitized, ETL performed, data validated, and later inserted in the workflow approval and payment system.

Why Manual Invoice Processing is No Longer Viable

While earlier, invoice processing was largely dependent on human effort, most organizations are now moving to some forms of invoice automation solutions. This shift is primarily driven by the complexities of global financial and capital markets, which involve multiple asset classes. Manually processing invoices is impractical due to the higher likelihood of errors introduced by humans and the significant amount of time it takes, such as a lengthy 19-day process. Consequently, implementing automated workflows with Straight-Through Processing (STP) becomes a strategic investment that empowers firms to improve their spending practices and enhance efficiency.

Getting there: Why Rules-Based AI/ML Engine Critical for End-to-End Automation

While hedge funds and asset managers invest in intelligent platforms like Coupa and SAP Concur, they are still unable to accrue the true benefits. Many still rely on manual labor at some stages of invoice processing. For example, while an automated platform makes the processes of extraction of relevant information easy from the plethora of document types, there are other more complicated information that must be extracted for non-PO invoices, such as allocation and tax withholding, which require a more advanced invoice processing solution than just plain data extraction or OCR. It requires the application of pertinent business rules for ensuring that invoices are processed correctly and do not result in compliance or regulatory failures. While a centralized invoice receipt, digitized information (including data from emails, faxes, and email attachments) and optimized processes – internal sources and outsourced integrations) are prerequisite for ensuring productivity and efficiency, but for true transformation, additional value with quality and compliance, absolute traceability, and control end-to- end is also necessary. And hence the need for a platform like Magic DeepSightTM for both structured and unstructured invoices.

Magic DeepSightTM : When your need is for a Streamlined and Advanced Solution

Since we are talking about the David and Goliath, all it takes to sort out the invoice processing problems is well-sorted, streamlined solution like DeepSightTM, that can be easily integrated with existing invoice processing platforms and organization-wide workflows, organizations can counter traditional invoice processing woes related to lack of efficiency, high costs, no real-time financial visibility, non-compliance, penalties, reputation damage, business disruptions, and revenue leakage with ease.

DeepSightTM brings together the best-of-breed technologies such as AI, Robotic Process Automation (RPA), machine learning, a rules-based engine, and analytics, to integrate seamlessly in existing systems and transform how your businesses handle invoice data. Highly advanced, DeepSightTM builds up the right momentum for modern enterprises (enriches data quality with a rules-based, deep learning/self-learning approach), and facilitates institutions to make well-informed decisions. Its user-friendly interface is a significant value-add as it helps finance teams be aligned and on the same page.

What makes DeepSight an Exceptional Tool for Automated Invoice Processing

  1. Complete End-to-End Solution
    DeepSight is the ideal solution if you seek an end-to-end approach. It ensures a smooth and efficient invoice processing experience, whether you’re dealing with PO or non-PO invoices, requiring minimal human intervention. While conventional automated Invoice Processing platforms, even the most intelligent ones, focus on data classification, extraction, and cleansing, they fail to utilize business rules for determining the appropriate invoice allocation for non-PO invoices, necessitating manual work. However, DeepSight stands apart with its intelligent data technology. Its AI/ML engine not only extracts data but also offers significant value by performing critical analytical functions. This capability proves invaluable for Hedge Funds, Investment Managers, and Brokerages handling a vast number of non-PO invoices alongside their PO invoices.
    DeepSight utilizes a pre-built, highly intelligent, advanced, and comprehensive rule-based AI/ML engine to effortlessly determine allocations and tax withholding. This process effectively meets essential compliance and stakeholder requirements while preventing revenue losses. The enhanced invoice information, also referred to as the golden data, is securely stored in the internal accounting system through Magic FinServ’s API for accurate record keeping. By offering a single window or centralized single source of truth, it promotes transparency and traceability.
    DeepSight’s continuous upgrades and updates enable it to adapt to new information using its pre- trained AI/ML and rule-based data extraction capabilities. This results in an end-to-end automated solution that learns with minimal supervision, making it an exemplary version of such a comprehensive solution.
  2. Rules-Based Data Extraction through Pre-Trained AI/ML Models
    DeepSight’s intelligent document content recognition performs accurate identification, classification and segregation of documents. Critical data elements from documents are recognized and extracted by pre- trained ML/AI models through a rules-based engine. Incorrect, Out-of-date, Redundant, Incomplete, Incorrectly Formatted extracted data is cleansed utilizing DeepSight’s reverse lookup algorithm and pre- trained models. So, more insights and less effort.
  3. Straight Through Processing (STP)
    One of the key requisites for future-proofing any process is STP. Data from invoice documents is extracted, cleansed, transformed and invoices are created in Coupa without requiring any manual intervention or active monitoring is required.
  4. Streamlined Exception Management
    The system will be implemented with an exhaustive exception workflow to alert users for any manual input (if required). Real-time exceptions resolution mechanism available in the system (Review UI) aims to reduce redundant effort of filling same information every time with onset of new legal entities/funds/deals Our rule-based user interface ensures clean and consistent data, reducing errors, and streamlining the process for Coupa customers.
  5. Enabling Traceability with Regimented and Well-defined Processes
    One of the major requirements when it comes to invoice processing is traceability. DeepSight system provides audits in exception handling, error handling, and changes in rules. These are performed in a well-defined and regimented manner. All activities are documented as version changes or user actions as appropriate and can be accessed via the audit table or in the form of reports for further audit.
  6. Create Standardized Nomenclature
    All of the business rules/key parameters will be picked from a Single Golden Copy (maintained in DeepSight). This nullifies the chances of inadvertent human errors that can result in data integrity issues.
    By embracing streamlined and automated invoice processing, it is possible for organizations to unlock multiple benefits. They can eliminate bottlenecks, improve accuracy, enhance visibility into financial operations, and achieve greater control over their accounts payable function. They are also in a better position to direct their time, effort and resources for more strategic and value-added tasks.

DeepSight futureproofs Invoice Processing for a Global Alternative Investment Manager

A global alternative investment manager that was facing problems due to its archaic largely manual- oriented invoice processing, was able to tackle high-level issues related to redundancy, productivity, costs, etc., with DeepSightTM. The customer’s business across different asset classes such as credit, private equity, and real estate, was difficult to manage due to the extremely high volumes of invoices. Manually mapping the complex business rules related to charges and tax withholdings was not an easy task to accomplish manually. With Magic FinServ’s DeepSightTM, the client was able to override the obstacles of time, operational costs, and errors while bolstering efficiency and productivity. Provided below is a step-by step guide of how DeepSight was able to meet the client’s objectives.

  • Parse through diverse invoice formats whether it is an image, PDF, excel, etc., with ease
  • Using DeepSight, the global alternative investment company, was able to extract information smartly and accurately related to different vendor invoices and carrying varied templates.
  • One of the biggest advantages of the tool is its ability to self-learn user’s action and feedback, thereby making it easier for the tool to auto populate from new learnings.
  • Our advanced and highly comprehensive solution based on AI/ML, fixated issues related to tax withholding and allocation with a rules-based approach.
  • For ensuring seamless end-to end processing, data was enriched via RPA and an RPA-enabled workflow was implemented for approvals and authorizations processing.
  • Using APIs for seamless integration with the core platform

The use case above exemplifies how DeepSightTM can be easily integrated with existing workflows or platforms to provide the results that firms had been looking for.

A truly transformative Invoice processing with DeepSightTM

While productivity and cost savings are the essential pillars of automated invoices, truly transformative invoice processing is one that focuses on increasing stakeholder satisfaction, improving agility and ensuring better management of working capital. For true transformation, additional value with quality and compliance, absolute traceability, and end-to-end control is also necessary. As a new shift is surfacing in the business ecosystem, it is time to redefine invoice processing and shift from the traditional approach to the DeepSightTM approach powered by AI technologies. With a highly refined and comprehensive solution that self learns with little help and has the gigantic capacity to scale up while ensuring end-to-end automated invoice processing of both PO and non-PO invoices, organizations not only can significantly reduce the percentage of errors and improve efficiency, but more essentially, they get a head start because of the deep insight they have gained thanks analytical capabilities of DeepSight (with rules-based approach) and an end-to-end solutioning of invoicing and prevention of revenue leakage.

For more information on how we can transform and enrich invoice processing with DeepSightTM, drop us a mail, at mail@magicfinserv.com to know about our invoice automation solutions. Even if you already have invested in an IP platform, you will be surprised to find what you are missing and how we can ensure a true end to end automation, where you will not have to worry about manual work ever again.

Though for years, overwrought developers had secretly been wishing for a genie who could automatically make their troubles vanish by automatically generating source code, that idea seemed far- fetched. But not anymore.

What seemed like wishful thinking once is now within reach thanks to the Developer Companion, an Artificial Intelligence-enabled platform designed specifically for the harried developers and development teams walking the thin line between contradicting business interests. The Developer Companion can do a lot more than just write a line of code, as you are about to find out very soon. But before that, a sneak peek into the developments that are underway in software programming.

Coding Goes through a Shift in Financial Software Development

The approach to financial software development has been undergoing a massive shift thanks to Artificial Intelligence and Machine Learning. Though Integrated Development Environments (IDEs) have been around for some time now, providing autocomplete features that take away some of the pains of coding, AI has been ushering in a paradigm shift underway in the world of software development. AI- assisted coding is simply the use of artificial intelligence/machine learning models to generate code automatically. AI-assisted code generation marks a new epoch because it relies on prebuilt code modules to build applications without the developers writing much (or any) code themselves. Instead, AI-assisted coding tools generate custom code entirely from scratch based on comprehensive training data and smart algorithms. Or to say, the central premise of these tools is the LLM model, that includes training on massive amounts of data existing source code — which usually comes in the form of publicly available source code produced by open-source projects. All that the developer has to do is ascribe in natural language what they want from the code. And viola! The tool does the rest.

With More Time in their Hands, Developers Turn into Superheroes

Artificial intelligence powered coding provides a new lease of life to financial software developers. With the power of AI, we are unlikely to see them frantic, their heads buried in the computer screen figuring out the next line of code or fixing a bug. Assuredly, when writing a boilerplate code for uploading a file, is no longer their sole preoccupation thanks to artificial intelligence and machine learning, they would have time to focus on the real core activities such as:

  • Brainstorming with product teams and carrying out requirement analysis
  • Bettering systems design and designing engaging user experience,
  • Planning the development and other implementation details to ensure timeliness and accelerated time to market
  • Continuously update and better their skills set
  • And in the process metamorphizing from a mere developer to a superhero

Now, let’s move on to the tool that turns them into a superhero and how it accomplishes this.

Developer Companion: Elevating Platform Engineering for the Ultimate Developer Experience and Efficiency

The Developer Companion is an artificial intelligence powered coding companion or rather a teammate for developers. The Developer Companion empowers developers by taking away the mundane aspects of their work and providing them time to focus on core valuable and higher-level activities instead of repetitive administrative tasks. Whether you’re starting from scratch or enhancing existing applications, Developer Companion is here to empower you every step of the way, here’s how:

Increased productivity: With the Developer Companion, developers can save time, improve quality, and increase efficiency. By slashing down the administrative work drastically, the Developer Companion can enable developers to focus more on the design and functional aspects of the coding work, along with other valuable and higher-level activities.

Accelerate the time to market: Thanks to the Developer Companion, and AI-based code prompters, developers can ensure a faster time to market. Instead of carrying out mundane and time-consuming tasks, like writing unit tests or translating code from one language to another, developers can complete the tasks much quicker.

Empowering developers: Whether you’re starting from scratch or enhancing existing applications, Developer Companion is here to empower you every step of the way. It does much of the heavy lifting, leaving developers to focus on truly critical aspects of work.

Extremely intuitive: It will not only predict the next line of code, but to understand your intent and infer context from what you’ve already written (including comments) to generate valid code. Not to mention, it makes mundane and time-consuming tasks, like writing unit tests or translating code from one language to another much easier.

Advantages of Developer Companion that You Cannot Afford to Miss!

Provided below are the tangible benefits of Developer Companion, that you cannot afford to miss out on:

Generate Code Snippet with Ease: Code snippets are templates that make it easier to enter repeating code patterns. Developer Companion can automatically generate code based on high-level descriptions or specifications. For example, AI models can analyze natural language descriptions of a desired program and generate corresponding code snippets or even complete programs. This can help automate the initial stages of coding and reduce development time.

Review the Code with Confidence: Developers have to accept (or reject) automatically generated code as they work. For some developers, the need to review code constantly could be distracting. They may be able to work more efficiently if there was a tool to review all code.

Navigate Complex Codebases with Code Comprehension: Whether it is complex code or legacy code, navigating through both is tricky on account of the complexities involved, lack of documentation, interdependencies, scale (number of lines of code, file size, terms of lines of code, number of files, and overall project scope, and in the case of legacy code there are multiple iterations, updates, and maintenance issues involved as well). Codebase or source code also encompasses multiple modules, libraries, and frameworks. However, the Developer Companion can easily navigate through the complexity of the codebase.

Extract knowledge from the existing code and make enhancements faster and error-free: Complex codebases/source code often involve multiple levels of abstraction. They may consist of high-level architectural components, intermediate modules, and low-level implementation details. With Developer Companion, programmers can extract the relevant details quickly and efficiently.

Bridge the Gap between Programming Languages through Code Conversion: Whether you are migrating a codebase from an archaic programming language such as COBOL to a modern one like Java or C++ or translating functions between C++, Java, and Python 3, the process is difficult and resource- intensive, and moreover requires expertise in the source and target languages. With Developer Companion, developers can bridge the divide through code conversion.

Test Code with Automated Test Case Generation: Automatic test case generation is the process of identifying and creating test cases for an application without the need for any manual intervention. It involves utilizing various techniques and tools to automatically generate test cases for software applications or systems. The primary objective is to automate the creation of test cases, leading to enhanced test coverage, improved efficiency, and reduced effort required for manual testing.

Discover Hidden Code Vulnerabilities: Instead of racking your brains regarding what could be wrong, or where the gap exists, developers can unearth the hidden vulnerabilities with ease using Developer Companion.

Unravel the Data Maze with Unique Database Query Console: Do not get lost in the maze of data, as a unique query console gets you inputs way faster.

Unleash the Power of Developer Companion Today!

In essence, an AI assistant for developers was long due for ridding the irksome, repetitive, and mundane pieces of work that they are saddled with daily. An AI-enabled assistant not only grants them a new ease of life but raises the bar as well when it comes to programming. It improves the time to market, efficiency, while minimizing problems such as legacy code and tackling risks such as shortage of skilled labor, attrition, testing challenges, etc., with AI. Developer Companion is all set to revolutionize AI in financial software development by extending the possibilities and taking it to a new level.

Now, if that was not enough to ask for a demo right away, we will be more than glad to satisfy your curiosity and any further questions that you might have. You can write to us for more information on how we could give coding a new lease or reach out to us at mail@magicfinserv.com for fintech solutions.

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