Possessing structured data on the vendors your firm regularly engages with holds significant potential in comprehending financial flows and optimizing vendor relationships. With the Veryfi APIs at your disposal, gaining these insights becomes a matter of seconds. By simply uploading your documents to the Veryfi portal, you gain immediate access to a wealth of data points that empower you to take actionable steps. This streamlined process allows for swift decision-making and facilitates the efficient management of vendor-related activities.
What is Possible?
Here are a few possible applications for vendor data fields.
- Financial Analysis: Utilize the insights and intelligence to conduct in-depth financial analysis, such as assessing profitability, identifying cost-saving opportunities, or detecting financial anomalies.
- Predictive Modeling: Leverage the insights to build predictive models that forecast future outcomes or trends, enabling you to make informed business decisions.
- Risk Management: Analyze the intelligence to evaluate the risk associated with vendors or organizations, enabling you to mitigate potential risks or identify potential fraud.
- Performance Tracking: Track key performance indicators (KPIs) derived from the insights to monitor the performance of vendors or organizations over time and identify areas for improvement.
- Decision Support: Use the intelligence to provide decision support tools or dashboards that help stakeholders make data-driven decisions.
Supported Vendor Fields
As of writing (Jun 2023) the following vendor fields can be obtained from a Veryfi OCR API data extraction.
- Name and Raw Name
- Address and Raw Address
- Website Url
- Vendor Category
- Vendor Account currency
- VAT Number (Value-Added Tax)
- ABN Number (Australian Business Number)
- Vendor Registration Number
- Store Number Name (enriched)
You can see ALL the supported data fields from the Veryfi OCR API by visiting the Worldwide Coverage page.
Use Cases for Date Fields
Here’s a brief run down of how you can use these vendor fields either in your app to take advantage of the wealth of data Veryfi OCR API provides.
|Field Name||Description||Insights & Intelligence||Possible Applications|
|Name||The name of the vendor or organization||Analyzing consumer purchase behavior, understanding vendor or merchant frequency and spend||Identifying vendors, creating reports, data analysis, expense management|
|Raw Name||Unprocessed name field, if available||N/A||Data validation, normalization|
|Address||The physical address of the vendor or organization||Analyzing consumer purchase behavior||Geolocation, mapping, address verification|
|Raw Address||Unprocessed address field, if available||N/A||Data validation, normalization|
|Logo||The logo of the vendor or organization||N/A||Branding, visual representation|
|Phone||Contact phone number for the vendor or organization||N/A||Communication, customer support|
|Fax||Fax number associated with the vendor or organization||N/A||Communication, document transmission|
|Email address of the vendor or organization||N/A||Communication, contact information|
|Latitude||Geographic latitude coordinate of the vendor’s location||Precise location of vendor / merchant||Geolocation-based applications, mapping|
|Longitude||Geographic longitude coordinate of the vendor’s location||Precise location of vendor / merchant||Geolocation-based applications, mapping|
|Website Url||The web address (URL) of the vendor’s website||N/A||Linking to vendor websites, information retrieval|
|Vendor Category||Categorization or classification of the vendor’s products or services||Analyzing market trends, identifying popular categories||Filtering, categorization, data analysis|
|Vendor Account currency||The currency used by the vendor for financial transactions||Analyzing currency trends, assessing financial risks||Currency conversion, financial analysis|
|VAT Number||Value-Added Tax (VAT) identification number for the vendor||Compliance with tax regulations, validating legitimacy||Tax calculation, compliance|
|ABN Number||Australian Business Number (ABN) associated with the vendor||Verification of Australian businesses, identification||Australian business registration, identification|
|Vendor Registration Number||Registration number specific to the vendor or organization||Compliance with regulatory requirements, verification||Regulatory compliance, identification|
|Store Number Name (enriched)||Enhanced store name or identifier||Analyzing store performance, identifying patterns||Store management, identification, data analysis|
|Insights & Intelligence||N/A||Aggregated data analysis, metrics, trends, patterns||Financial analysis, predictive modeling, risk management, decision support, performance tracking, etc.|
Are You Ready?
With Veryfi, you have the catalyst to develop extraordinary apps and tools that will captivate customers and leave them utterly enthralled.
As Deloitte puts it, “Data is the new gold.” Embrace the future with Veryfi, positioning yourself for unparalleled success. Tap into the immense power of vendor fields and data, and embark on a remarkable journey of limitless possibilities. Let your imagination soar as you forge a path to greatness, with Veryfi by your side as your trusted companion. Prepare to conquer new horizons and make your mark in the world of innovation.