#USA #Dallas #Automation #Craftable #Invoice AI

Craftable Unveils its Revolutionary "Invoice AI"

Craftable, the frontrunner in back-office solutions tailored for the hospitality industry, has officially launched its cutting-edge technology known as Craftable AI. This system is designed to automate invoice processing entirely, marking a significant milestone in the evolution of hospitality technology.

The introduction of Craftable AI is celebrated as the first comprehensive, human-free invoice automation solution tailored specifically for operators in the hospitality sector. This innovation aims to eliminate the inefficiencies associated with traditional invoice processing methods by using artificial intelligence (AI) to convert raw data into insightful, proactive decisions that benefit business operations.

The Evolution of Automation in Hospitality

In a landscape cluttered with various AI solutions, Craftable's approach stands out due to its extensive experience. Over the past seven years, Craftable has advanced in OCR-based invoice automation, particularly focusing on the unique complexities of hospitality invoicing, which includes nuances like mixed case sizes, different pack formats, varied vendor names, and intricate line item details.

Craftable AI’s suite of automated agents is designed to enhance workflow efficiency profoundly. The three primary components of this innovative solution are:

• - Invoice AI: This feature processes invoices in nearly real time, swiftly reading and coding each line item for quick review.
• - Mapping AI: This component evaluates items and general ledger (GL) accounts to propose accurate classifications or create new mappings automatically.
• - Item AI: This agent enriches item information with comprehensive details such as descriptions, images, nutritional information, and supplier data.

Redefining True Automation

Craftable's unique value proposition lies in its capability to deliver genuine automation. Unlike other tools that incorporate human oversight often concealed within their processes, Craftable AI operates with remarkable accuracy—achieving over 99% for recognized vendors and around 95% for new ones—all without requiring manual involvement. This shift provides operators with real-time insights into costs, inventory levels, and vendor trends, enhancing their decision-making processes.

Insights from Leadership

Samuel Zats, Executive Chairman and Co-Founder of Craftable, articulated the transformative nature of this AI. He emphasized that, unlike typical data-entry tools, Craftable AI possesses real understanding, enabling it not just to read, but interpret invoices, learn from vendor interactions, and evolve over time. This substantial leap lays the groundwork for a broader AI framework within Craftable that will eventually include capabilities such as demand forecasting and profitability prediction.

Max Zats, the Chief Technology Officer, also pointed out that Craftable was cautious about ensuring the practicality of their AI tools before launch. They aimed to develop software that goes beyond simple extraction of line items, focusing on the sophisticated needs of the hospitality industry where information varies significantly from one vendor to another.

Leveraging Proven Data Infrastructure

Craftable AI’s robustness is reinforced through an established data infrastructure, enhanced by various partnerships with top hospitality brands like FB Society and TAO Group. Processing upwards of 6,000 invoices every day, its machine learning model ensures ongoing improvement and rigorous quality assurance, which safeguards high accuracy in large-scale operations.

Jeff Cacara, CEO of Sixty Vines, highlighted the substantial impact of Craftable AI on the back-of-house operations, revealing that it allows teams to focus more on customer experiences rather than backend processes.

The Road Ahead for Craftable AI

The launch of Invoice AI marks only the beginning of what Craftable envisions for its AI roadmap. Future innovations include:

• - Forecast AI: This tool will provide adaptive forecasting to predict business needs effectively.
• - Suggestive Ordering AI: This will simplify procurement by offering automated ordering suggestions.
• - Profit AI: A continuous insights mechanism designed to highlight savings and sustain healthy profit margins.

Craftable AI not only positions itself as a leader in hospitality management but also champions the notion that combining technology with strategic foresight can revolutionize operational efficiency and profitability.

About Craftable

Craftable is recognized as a leading back-office platform dedicated to the hospitality industry. Supporting thousands of operators, it integrates purchasing, inventory management, accounting, and analytics into a cohesive system that streamlines decision-making and enhances overall margins. With solutions tailored for restaurants, hotels, and multi-unit operations, Craftable empowers hospitality teams to transform their operations into seamless experiences, thereby allowing them to concentrate on creating unforgettable moments for their patrons. For more information, visit Craftable's website.