If this receipt processing is digitized it can lead to substantial gains in time and efficiency. Manual entry of receipts acts as a bottleneck across the supply chain and leads to unnecessary delays. One of the key elements of realising the next generation digital Supply Chain 4.0, is automating data capturing and management and a lot of this data is the form of receipts and invoices. 89% of companies with digital supply chains receive perfect orders from international suppliers, ensuring on-time delivery. The companies that are truly thriving these days have something significant in common: a digitized supply chain. This is essential if organizations are to meet delivery times and control production costs. Managing tasks, information flows, and product flows is the key to ensuring complete control of supply and production. Supply chains are the backbone of many a company’s proper functioning. With digitization, companies can eliminate these drawbacks and can have more advantages - Increased Transparency, Data Analytics, Improved working capital and easier tracking. Here are a few areas where Receipt Digitization can make a huge impact: Accounts payable and receivables automationĬomputing Accounts payable (AP) and Accounts Receivables (ARs) manually is costly, time-consuming and can lead to confusion between managers, customers and vendors. Who will find Receipt Digitization useful? Need a robust receipt OCR or receipt scanner to extract data from receipts? Check out Nanonets receipt OCR API! They play critical roles in streamlining document-intensive processes and office automation in many financial, accounting and taxation areas.

Receipt digitization addresses the challenge of automatically extracting information from a receipt.Įxtracting key information from receipts and converting them to structured documents can serve many applications and services, such as efficient archiving, fast indexing and document analytics. Traditionally this has been achieved by manually extracting the relevant information and inputting it into a database which is a labor-intensive and expensive process.

In order to manage this information effectively, companies extract and store the relevant information contained in these documents.

Receipts carry the information needed for trade to occur between companies and much of it is on paper or in semi-structured formats such as PDFs and images of paper/hard copies. I also review a few important papers that do Receipt Digitization using Deep Learning. In this article, I cover the theory behind receipt digitization and implement an end-to-end pipeline using OpenCV and Tesseract. Receipt OCR or receipt digitization addresses the challenge of automatically extracting information from a receipt.

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