New Jersey, July 5, 2021: Zycus, the pioneer in Cognitive Procurement software announced today that it has filed a patent for its Artificial Intelligence based Merlin Invoice Reader at the United States Patent and Trademark Office (USPTO).
Merlin Invoice Reader is a novel invention of Zycus. It is an intelligent solution for automatically extracting key information from header and line levels of invoice documents.
It uses cognitive capture, an integrated method of extracting required information from a plurality of structured and semi-structured documents such as invoices, HTML documents scattered over open networks and present across procurement systems and have different document structures, presentation styles, and information elements. The system is self-learning and enables to read, extract, understand, classify, make decisions, produce appropriate responses at scale.
“We are delighted to file this patent. It underlines our commitment and focus towards sustained investments in R&D. The latest patent acquired by Zycus further strengthens our leadership in building cutting-edge, innovative solutions and helps us transform the source to pay process for organizations of all sizes and industries. It is a giant category-defining leap ahead which disrupts decades-old offerings in the market like OCR and RPA.” , said Aatish Dedhia, Founder and CEO of Zycus.
Zycus invests almost 50% of company resources towards research & development (R&D) each year, which is by far the highest in the industry, with 25% of them specifically dedicated towards Artificial Intelligence (AI) based offerings.
Zycus is the pioneer in Cognitive Procurement software and has been a trusted partner of choice for large global enterprises for two decades. Zycus has been consistently recognized by Gartner, Forrester, and other analysts for its Source to Pay integrated suite.
Zycus powers its S2P software with the revolutionary Merlin AI Suite. Merlin AI takes over the tactical tasks and empowers procurement and AP officers to focus on strategic projects; offers data-driven actionable insights for quicker and smarter decisions, and its conversational AI offers a B2C type user-experience to the end-users.
Start your #CognitiveProcurement journey with us, as you are #MeantforMore.
Customer Marketing Manager, Zycus Inc.