Esker Issued U.S. Patent for AI-Generated Document Coding Predictions
Singapore, Malaysia and Hong Kong. — November 28, 2022 — Esker, a global cloud platform and leader in AI-driven process automation solutions for finance and customer service functions, today announced today announced the issuance of U.S. Patent No. 11494551 by the U.S. Patent and Trademark Office (USPTO) for Esker’s Document Coding Prediction technology.
Spanning both the order-to-cash (O2C) and procure-to-pay (P2P) cycles, Esker Synergy AI is built into the solutions to vastly reduce repetitive and low-value tasks. Manually entering data for invoices and other documents is time-consuming and often leads to accounting errors. Esker’s Predictive Coding feature addresses this problem by utilising a powerful set of AI technologies to automatically match data from existing records.
Having focused its investment strategy on how AI technology can enhance business process automation for over 10 years, Esker has engaged in extensive research on deep convolutional neural networks. As an example, the newly patented Predictive Coding feature can anticipate GL account, cost center and tax code/rate assignments on incoming invoices. The “brain” embedded in Esker’s solutions identifies data from similar existing documents and recommends detected information in order to complete the data-insertion process. The suggested action can then be either approved or rejected. Esker Synergy AI allows customers to benefit from high recognition rates from day one.
Esker’s efforts to build new AI capabilities such as auto-coding, email triage, improved document recognition as well as anomaly and fraud detection have resulted in solutions that streamline business processes and empower employees. “It is often challenging to obtain AI patents because it is increasingly difficult to apply traditional patent approval rules to machine and deep learning inventions,” said Jean-Jacques Bérard, Vice President of Research and Development at Esker. “However, since Esker packages the algorithms into dynamic and comprehensive solutions that manage and analyse both structured and unstructured data to create efficient, simplified business processes, we are continuing to be successful in obtaining patents.”
“The fact that Esker Synergy AI makes use of the best of human intelligence and cutting-edge AI technology represents our approach to product development: The technology is not there to replace but to augment the work humans do, thereby making it more efficient and engaging,” said Jean-Michel Bérard, CEO at Esker. “The benefits of this symbiosis are experienced by the entire business ecosystem — from the customer, to the employees to the planet — creating positive-sum growth.”
Esker is a global cloud platform built to unlock strategic value for finance and customer service professionals, and strengthen collaboration between companies by automating the cash conversion cycle. Esker’s solutions incorporate technologies like Artificial Intelligence (AI) to drive increased productivity, enhanced visibility, reduced fraud risk, and improved collaboration with customers, suppliers and internally. Esker operates in North America, Latin America, Europe and Asia Pacific with global headquarters in Lyon, France, and U.S. headquarters in Madison, Wisconsin. For more information on Esker and its solutions, visit www.esker.com.sg. Follow Esker on LinkedIn @EskerAsia and join the conversation on the Esker blog at blog.esker.com.sg