DigitalCFO Newsroom | 30 March 2022
Esker, a global cloud platform and leader in AI-driven process automation solutions for finance and customer service functions, today announced the issuance of U.S. Patent No. 11132407B2 by the U.S. Patent and Trademark Office (USPTO) for Esker’s automated batch-cutting technology.
Spanning both the order-to-cash (O2C) and procure-to-pay (P2P) cycles, Esker’s AI-powered solutions are built to vastly reduce repetitive, low-value and time-consuming tasks. For accounting staff, this often meant having to scan paper invoices to create a digital file that then needed to be separated out by individual invoice. Esker’s AI-driven batch-splitting solution handles this process automatically.
These, and other process efficiency issues that arise in the financial cycle can be adeptly addressed by AI-powered automation. Esker’s global AI investment strategy was initiated more than 10 years ago and places its focus on exactly these kinds of concerns. After extensive research on deep convolutional neural networks, Esker efficiently handles document batch-cutting operations, thereby accelerating the processing of supplier invoices. This, in turn, improves the relationships with suppliers while simultaneously increasing internal productivity and job satisfaction.
For over 10 years, Esker has been steadily developing and broadening its expertise in utilising AI technology to streamline business processes with capabilities such as auto-coding, email triage, improved document recognition as well as anomaly and fraud detection. In concrete terms, this innovation eliminates the hours spent manually managing document batches and contributes to shorter payment periods. “This is in line with our goal of simplifying business processes by facilitating invoice management without disrupting established collaboration processes with suppliers and customers,” said Jean-Jacques Bérard, Vice President of Research and Development at Esker.
“Innovation is an integral part of Esker’s DNA, which is substantiated by the fact that we currently have two more AI-engine related patents pending with the USPTO,” said Jean-Michel Bérard, CEO at Esker. “The focus on automation technologies is one of the keys to our success because at a time when the finance department plays an increasingly important role in a company’s digital transformation, it is essential that they can focus on the most strategically valuable activities.”
Esker’s AI-powered solutions equip businesses with technology that creates positive-sum growth, which enables companies to create value for every stakeholder — employees, customers, suppliers and the planet. “We strive to prepare businesses to be a driver of meaningful change by enabling the entire business ecosystem to flourish,” continued Jean-Michel Bérard.