Using Image Recognition To Do Due Diligence On Documents

18 Sep

Table of Contents

Using Image Recognition To Do Due Diligence On Documents

Whenever we receive documents, we will always carry out due diligence to make sure that the document is authentic. We will check the logos and contents of the documents in order to verify it. However, this manual process may take up time and be prone to errors. Therefore, you may use optical character recognition or image recognition to help you.

What is Optical Character Recognition?

Optical character recognition is the electronic or mechanical conversion of images of typed, handwritten or printed text into machine-encoded text, whether from a scanned document, a photo of a document, a scene-photo or from subtitle text superimposed on an image.

What is Image Recognition?

However, as optical character recognition only focus on the text, it does not verify if the logos/images in the documents are authentic or not. This may cause an issue as even if the text may seem authentic, the logo may not be.

This is where image recognition comes in. It has the ability to identify objects, places, people, writing and actions in images. Computers can use machine vision technologies in combination with a camera and artificial intelligence software to achieve image recognition.

We can use the image recognition function in Gleematic to help us. It will look at the layout of the invoice to ensure that it is not too different from the previous copy. Gleematic will also be able to cross check signatures. If Gleematic finds out that the document is not authentic or if details are missing, it will reject it.

What are the Advantages?

Risk management: You can lower your risks of errors/mistakes when using Gleematic to do due diligence.
Build reputation with suppliers: Your relationship with your suppliers will be enhanced with the seamless process of payments without errors.
Save costs: Your future accounting audit costs will be lower when you use our software.
Save manpower: When you get Gleematic to do these tedious non-value added tasks, your employees can be freed to do more important tasks.
Reduce double checking: There is no need to do double checking as Gleematic is highly accurate.

Written by: Christopher Lim & Elicia Yeo