Product Intelligence
Veryfi's AI Product Intelligence harnesses Veryfi's OCR API to extract, decode, and link comprehensive product details to line-items (known as SKUs in retail) from receipts and invoices.
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① AI Extracts Product Line-Items
Product intelligence starts with line item receipt extraction, converting paper receipts into structured data that captures specific products, brands, and prices. This digital transformation lets businesses analyze real purchasing patterns and automate expense tracking, revealing what customers actually buy versus only where they shop.
| Expense AI Veryfi AI automates expense categorization and compliance, cutting 20-hour monthly processing by 80% – Goldman Sachs 2023 |
Behavior Analytics Veryfi AI analyzes brand preferences and buying patterns, predicting consumer trends before sales data – McKinsey shows 43% revenue lift for early trend adopters 2023 |
Supply Chain Veryfi AI optimizes inventory and forecasts demand via SKU-level analysis – Gartner reports 32% inventory cost reduction from AI-driven supply chain management 2023 |
{
"description": "STFRS SS/BF LAS 57oz",
"discount": 0,
"order": 0,
"price": 14.99,
"quantity": 3,
"total": 44.97,
"type": "food",
"upc": "013800232601",
}
{
"description": "YP OR STRB YGRT 32oz",
"discount": 0,
"order": 1,
"price": 3.79,
"quantity": 1,
"total": 3.79,
"type": "food",
"upc": "070470004303",
}
② AI Expands Product Line-Items
Next, Veryfi AI transforms basic line-item entries into rich product profiles by injecting crucial commercial data: Brand identity, Product specifications, and Category classification. This enrichment delivers multiple business advantages:
| Analytics The enriched product data empowers your organization to analyze granular spending patterns, track vendor performance across product lines, and uncover market basket insights through precise brand and category classification. |
Operations You can streamline inventory management through standardized categorization, accelerate reconciliation across varying product names, and eliminate manual data entry errors through automated classification. |
Strategic Decision-Making Detailed product intelligence will help you drive strategic procurement decisions by revealing vendor consolidation opportunities and enabling category-specific optimization of pricing and promotions. |
{
"description": "STFRS SS/BF LAS 57oz",
"discount": 0,
"order": 0,
"price": 14.99,
"quantity": 3,
"total": 44.97,
"type": "food",
"upc": "013800232601",
}
| { "full_description": "Stouffer's Sausage and Beef Lasagna", "brand": "Stouffer's", "category": [ "Food & Grocery", "Frozen Foods", "Frozen Meals" ], "img": ".../upc_013800232601.jpeg" } |  |
{
"description": "YP OR STRB YGRT 32oz",
"discount": 0,
"order": 1,
"price": 3.79,
"quantity": 1,
"total": 3.79,
"type": "food",
"upc": "070470004303",
}
| { "full_description": "Yoplait Original Strawberry Yogurt", "brand": "Yoplait", "category": [ "Food & Grocery", "Fresh Food", "Dairy" ], "img": ".../upc_070470004303.jpeg" } |  |
③ Deliver Customer Value
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Data is Gold
In today’s digital landscape, data isn’t just a collection of numbers and facts—it’s the new gold, powering insights that transform businesses and drive innovation.
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Product Matching
Veryfi’s advanced AI models sift through and recognize patterns, using machine learning to create educated recommendations. This means that every item in a shopping cart or receipt can be “matched,” revealing essential details like flavor, quantity, size, batch, and the store of purchase. If you have your own product database you’d like Veryfi to match against then let us know and we can do that as well.
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Cross-Basket Insights
Unlock valuable insights by understanding which products are popular together, detecting shifts in buying behavior, and uncovering hidden trends. These data points become cross-basket insights, enabling you to tailor marketing efforts like never before.
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Any-Barcode Scanner
Integrated in Veryfi OCR API, this barcode data extraction empowers CPGs and banks for retail, manufacturing, logistics, inventory, order management, and product authentication by leveraging barcode fields. When paired with receipts, it offers insights into products, buyer demographics, and purchase trends.
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