Overview of ABBYY Vantage Software
ABBYY Vantage is an Intelligent Document Processing Platform that can reduce your organization’s expenses while boosting efficiency.
Vantage uses artificial intelligence (AI)-based technologies to process documents of any type. It employs skills from the ABBYY Online Marketplace to capture, extract, and process data embedded in business documents to quickly bring value to your digital automation journey.
Vantage comes with a set of core AI skills that provides the cornerstone for processing all kinds of documents, from unstructured formats where data is in a different part of the page every time to structured formats and everything in between. And should you need to train skills of your own, the easy-to-use designer allows citizen developers within business units to create, train, and publish their own skills without requiring highly-trained technical resources.
With more than 30-years as a trailblazer in the capture industry, ABBYY has been recognized by many industry analysts for their completeness of vision and ability to execute through their technology.
“The focus on user experience and ease of use makes the platform one of the friendliest document process solutions…the platform makes the use cases easy to build and test directly by users themselves.” – ISG Provider Lens: Intelligent Automation – Platforms and Products Quadrant Report – December 2022
With this AI-based technology, you can transform your documents into business value. Vantage skills are continuously getting smarter and more accurate over time as new variations are collected during human in-the-loop review. In this process, documents are verified by humans who confirm or make corrections to the captured data as needed. Then, Vantage learns from this assessment so the next time a similar document is presented, it can accurately capture the content.
How ABBYY Vantage Works (Out of the Box) in 3 Steps
- Show Vantage any document
- Vantage will suggest a skill ready to process your document and data
- To automate, you can invoke the skill from OnBase or other ECM, RPA, and BPM solutions
Where to Use ABBYY Vantage
ABBYY Vantage can be used in many industries across multiple departments. One of the most popular use cases for Vantage is within the Accounts Payable department using the Vantage Skill for Invoices solution. Industries that adopt ABBYY technology include Government, Manufacturing, Transportation, Insurance, Banking, and Finance. Vantage feeds content-driven business applications such as RPA and BPM, helping organizations focus on customer service, cost reduction, compliance, and competitive advantage.
Naviant’s purpose-built connector for OnBase (and EPIC) extends the value of your investment.
ABBYY Vantage Core Capabilities
Designed for today's users
Vantage is a no-code platform designed with the citizen developer in mind. ABBYY Vantage makes it easy by providing a Digital Assistant that guides users through the system as they design, train, and publish skills.
Vantage uses ABBYY’s latest OCR, Machine Learning, and Natural Language Processing technology to train classification and document skills. The trained production ready skills are built by training the neural networks and Vantage offers an approach to training other document skills that require only ONE document to start. This means that there’s no need for templates, layouts, complex extraction rules, or thousands of images to get started.
Vantage is built is built for today’s IT architecture. As a cloud-native application, Vantage was built using micro-services. It was also packaged into containers based on Docker and orchestrated using the industry open-source standard Kubernetes.
There’s a skill for all document types. A small sample includes:
- Accounting: Accounts Payable Invoices, Purchase Orders, Packing Slips, Receipts
- Medical: Medical History & Physical, Discharge Summary, Progress Notes, Consent to Treat
- Insurance: Medical Claims (CMS 1500 & UB04), EOB, First Notice of Loss, Beneficiary Change
- Human Resources: Proof of Identity, W-9, Beneficiary Change, Sick Note
- Consumer Lending: Bank Statement, IRS 1040, Loan Application, Residential Appraisal Report
Why ABBYY Vantage
03.Improve Your Efficiency
Your solution can help accelerate your invoice cycle times to 5 days or even shorter. This result comes from ditching manual processing. Without the need to key, compare, approve, and check, you have time on your hands. And you can spend that time attending to more value-added tasks, like fostering relationships with your suppliers.
ABBYY Vantage can save you money by helping you make payments on time and better control your cash flow. You can also reduce your expenses by 5-10 times compared to what your old manual processes once cost you.
Improve Your Efficiency
In the process of saving you time and money, ABBYY Vantage also boosts your efficiency significantly. You can see more than a 400% increase in the number of invoices that a single employee can process compared to manual processing. They can also spend 30% less time responding to inquiries.
ABBYY Vantage makes it easier to comply with the legal requirements your AP department faces. It automatically operates in compliance with the latest accounting and archiving standards, so you don’t have to worry about it. It works on a “normalized copy” of the invoice while holding a preserved version of the original invoice in its native format. And when you implement ABBYY Vantage, you gain a trackable audit trail for full transparency into your processes. This way, you’ll be ready for any audit that comes your way.
Clay Lacy Aviation Increases AP Efficiency by 35%
More than 35,000 invoices were received each year from around the globe, and the staff of 20 dedicated to processing the high volume of invoices was burdened. Some invoices required up to a half hour to get into the system. With all that handling, errors were bound to seep into the process. Clay Lacy Aviation implemented a complete solution using ABBYY and OnBase. The goal was to eliminate the need for a human being to see an invoice, unless they could add some value to the process. ABBYY ended up being the perfect solution to integrate with CLA’s legacy enterprise resource planning system. Plus, it worked seamlessly with OnBase by passing just the information needed from invoices.