EchoVera provides intelligent OCR, AP automation, purchase automation, and spend management solutions to organizations looking to reduce costs and increase the efficiency of its financial operations. It is based in Toronto, Ontario.
Latest EchoVera News
Oct 31, 2023
Share EchoVera, a leading provider of Intelligent OCR, has announced the addition of LLMs to the AI powered cloud solution. Toronto, Canada - October 31, 2023 /PressCable/ — EchoVera, the leading provider of Intelligent OCR, has announced the integration of large language models (LLMs) to its capture solution that extracts essential data from vendor invoices and sales orders. EchoVera’s Intelligent OCR Plus incorporates AI to capture information from multi-page forms such as invoices and sales orders and delivers the structured data to popular ERPs such as NetSuite and SAP Business One. For both supplier invoices and sales orders, the addition of LLMs increases the speed at which finance administrators can onboard new vendors or customers. Finance staff do not need to set up templates or rules for their documents, but instead ask the LLMs what is needed and the AI will do the rest. EchoVera’s Intelligent OCR Plus solution includes ChronoScan powered by OpenAI, and the solution is planning to integrate more LLMs in the future. The addition of LLMs to the technology stack boosts the utility of Intelligent OCR Plus to make it a compelling choice for organizations looking to optimize their accounts payable and sales order operations. For supplier invoices, many accounts payable teams spend large amounts of time manually keying invoice data into their ERP or accounting systems. Intelligent OCR takes over the data capture of vendor invoices, validates the data, and delivers structured data into a central dashboard that shows the invoice and its approval status. Companies with large invoices volumes save time and reduce the occurrence of costly errors by processing incoming invoices with Intelligent OCR. Intelligent OCR automatically and intuitively performs header and line-item field data capture. The technology requires minimal manual intervention, and the automated workflow solution for invoice approval reduces cycle times and provides a time-stamped audit trail. For sales orders, errors, out-of-stock items, and slow cash flow can hurt revenue performance over time. Companies investing in a sales order management system want to improve their cashflow and reduce the reliance on manual processes. Intelligent OCR captures the data from emailed sales orders and delivers the information in a structured format. Organizations find automated sales order processing gives them the benefit of improved customer service and a reduction in processing times. It is an automated order processing system that leverages AI and RPA technology to handle most of the manual areas of order processing through a centralized, cloud-based platform. “Intelligent OCR Plus eliminates tedious tasks such as data entry, allowing customer service representatives more time to focus on customer needs and accounts payable departments do higher value work,” said Ralf Leitner, CEO of EchoVera, “And the new AI allows finance administrators to use natural language to ask questions about the data to get structured data in return.“ EchoVera has a track record of processing invoices and sales order data, with a dollar volume of $8 billion to date. Organizations rely on the firm to process and track vendor invoices, sales orders, purchase orders and goods receipts. To find out more about Intelligent OCR powered by AI and LLMs visit: https://echovera.ca/solutions/intelligentdatacapture/ About EchoVera: EchoVera Inc. provides Intelligent OCR Plus and electronic document automation workflow for Sales Orders, AP Invoices and Delivery Documents to organizations looking to reduce costs and increase the efficiency of their financial operations. EchoVera brings over 30 years experience to clients worldwide. For more information about EchoVera: http://echovera.ca Contact Info:
EchoVera Frequently Asked Questions (FAQ)
Where is EchoVera's headquarters?
EchoVera's headquarters is located at 9 Davies Ave, Toronto.
Who are EchoVera's competitors?
Competitors of EchoVera include Banyan and 4 more.
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Conexiom specializes in sales order management and touchless document automation, operating in the software industry. The company offers a platform that automates the processing of trade documents, transforming sales orders and invoices received via email into digital transactions. This service primarily caters to the manufacturing and distribution sectors. It was founded in 2005 and is based in Vancouver, Canada.
Go Autonomous is a company that focuses on autonomous commerce and AI-powered automation software in the B2B commerce industry. The company offers solutions that simplify and automate manual tasks such as quotation and sales order management, document data capture, and case management, using artificial intelligence. These services primarily cater to businesses looking to digitize and automate their core sales processes. It was founded in 2020 and is based in Copenhagen, Denmark.
Workist is a company that focuses on automating B2B transactions, specifically in the domain of manual document processing. The company offers services that capture and process order documents automatically, eliminating the need for manual data entry. This automation is achieved through the use of artificial intelligence, providing a seamless integration and automated information exchange with customers, dealers, and suppliers. Workist was formerly known as outsmart.ai. It was founded in 2019 and is based in Berlin, Germany.
RightBound develops technology facilitating automation and streamlining of sales processes between organizations and companies.
Revenue Grid is a Revenue Intelligence platform operating in the sales and business sector. The company offers services that automatically capture sales activities, integrate Salesforce and email, and provide insights on pipeline health and sales forecasts. Its primary customers are businesses seeking to optimize their sales processes and prevent revenue leakage. It was founded in 2006 and is based in Mountain View, California.
JustOn provides cloud-based automation of billing and invoicing processes. JustOn is a provider of billing and invoice management on the Salesforce Platform and support companies to realize their digitization strategy. With advanced software JustOn Billing and Invoice Management, SMBs worldwide monetize every business model directly customers save time and money and can evaluate their key metrics at any time. The software allows companies to invoice recurring pricing models, usage-based data, commissions, and one-time purchases of products or services. As a result, customers can broaden their product offering – presenting more and flexible selling propositions. The company is located in Jena Germany.