As highlighted in our previous blog posts, AI has unleashed great possibilities for our portfolio companies. Optoscale has successfully harnessed the power of AI to improve the aquaculture industry, and now we want to share how an AI-driven approach has reshaped the landscape of invoice automation for Semine.
Semine began its AI journey in 2016, with a focus on human-machine interaction. Their approach was rooted in understanding and addressing the challenges faced by customers in invoice processing. By developing automated systems that offer precision, transparency, and automatic data population, Semine has enabled businesses to save significant time and resources.
One of the key strengths of Semine's AI system is its ability to learn rapidly and adapt to individual customer datasets. Some customers even share their datasets to expedite the learning process. By seamlessly integrating with ERP systems, Semine's AI models become self-taught within weeks, achieving an impressive automation rate of 97%. What used to take 25 minutes for manual invoice processing can now be accomplished automatically.
Transparency is a fundamental principle for Semine, and they strive to develop explainable AI systems. By providing insights into the decision-making process of their AI algorithms, Semine ensures that customers have confidence in the accuracy and reliability of the solution. This transparency builds trust and encourages the widespread adoption of AI technology in invoice automation.
Semine's AI team consists of six employees with expertise in mathematics, statistical modeling, and AI. They collaborate on developing and refining the AI components, including data capture, image vision, autofill, and exploring integration with language models.
Robert Kristiansen, CIO at Semine, emphasizes the transformative impact of AI integration in driving business value.
"We believe that AI is a powerful tool that can revolutionize how companies operate. By automating invoice processing, Semine not only saves time but also enhances data quality and unlocks valuable insights for our customers."
Semine's commitment to leveraging AI and machine learning has resulted in remarkable advancements in invoice automation. Partner sales have been increasing, with Semine establishing an ecosystem of partners who serve as sellers and distributors. Partner sales have grown from 10% to 40% within a year, reflecting the growing demand and interest in AI and automation.
As AI technology continues to advance, Semine remains committed to staying at the forefront of innovation. They consistently work towards improving various aspects of business operations through their innovative solutions, contributing to overall growth and success for their clients.
Learn more at semine.ai