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Thursday, 10 October, 2019

Eucon digitalizes invoice workflow for real estate companies with SmartInvoice

The solution is based on Artificial Intelligence (AI) and reads, recognizes and classifies invoices and records them into the respective ERP system ready for account assignment.

A new era has begun for the real estate industry. Modern technologies such as machine learning and data analytics are opening up enormous potential for the intelligent automation of real estate management. As a result, enterprises can achieve significant cost savings and efficiency gains, with digital systems for the automation of the invoice workflow being particularly noteworthy. Until now, manual invoice processing was time-consuming and costly, which sometimes meant several weeks from invoice receipt to payment.

With SmartInvoice, Eucon is now offering a solution that automates the invoice workflow. The use of artificial intelligence makes the system adaptive, thus allowing it to be individually tailored to customer needs. Historical data, for example from individual objects or service providers, is incorporated into the process, enabling the “machine” to learn with every run. The integration of SmartInvoice into the respective ERP system is easily possible thanks to individual interfaces.

The product is individually scalable, employees can be assigned specific roles and rights, making the entire process transparent and non-disruptive. The high error rate of analog procedures is a thing of the past. In the future, it will not be necessary to maintain various Excel files as reference works for master data, account assignment and workflow processes.

With the help of integrated automatic rule sets, the invoices are checked factually and mathematically and transferred to the respective workflow processes on the basis of a predefined routing. With just one click, the invoice can be approved and payment initiated. Administrative processes in the fields of invoice processing, verification, task routing and analysis are accelerated. Costs are reduced thanks to the full use of cash discounts, rebates and the avoidance of dunning fees through punctual payments.

“With SmartInvoice, real estate companies can significantly improve the processing efficiency and transparency of their invoice workflow. The digital process allows invoices to be processed within just a few hours. On average, invoice processing can take place six times faster per document than before,” says Heike Gündling, Managing Director Real Estate at Eucon Digital GmbH, highlighting the benefits of the software.