Leaving 2022, the automated age is growing faster than ever. Departments plagued with manual processes have made automation a priority, aiming to reduce time-intensive, repetitive tasks to reduce inconsistencies and errors. Kofax’s Intelligent Automation Benchmark Study found that bank statement processing (41%), claim processing (55%), invoice processing (43%) and transaction processing (46%) are taking up significant hours of the working day. So, where can these improvements be found?
SharePoint Syntex is one of the latest developments from Microsoft, with some of the most intuitive and effective features being updated in the ’add-on’, AI Builder. In the short amount of time the software has been out, it is already making huge changes in the automated landscape. The ability to extract data and information from structured or unstructured documents is incredibly powerful in alleviating pain points of departments like account payables.
With the latest update, Microsoft have unlocked the ability to extract itemised information from POs and invoices. Users can now scan across multiple pages and multiple lines, returning all points of interest! In our example document, OfficeLabs are able to extract the contents from this formatted invoice, including item description, quantity and price. Although an example, it is clear to see how this can be replicated in a ‘real life’ situation. In parallel with Power Automate, 2023 could see these processes go ‘hands-free’, almost removing the 5 hours per week 58% of organisations say they’re wasting.
Whilst in a preview state, Microsoft SharePoint Syntex is continually learning the behaviours of users, improving modelling, and gauging required features that may further remove previous bugbears. We’re only scratching the surface of what Power Automate and AI Builder are capable of; who knows where this piece of technology will reach in 2023.