Optical Character Recognition (OCR) coupled with Intelligent Data Recognition (IDR) solutions has come a long way since their inception. New and improved tool sets and functionalities focused on process optimization eliminate human touch points, which in turn eliminate errors and saves valuable time and money.
The bottleneck in the AP process has always been the manual entry of invoices. Manual data entry leads to human error, which results in more work and more time. OCR and IDR technology allows users to post paper invoices immediately after scan without human intervention, providing the intelligence to accurately extract relevant information from vendor invoices.
Recent PayStream research indicates that one of the top automation goals for the Accounts Payable department for 2012 is to eliminate manual data entry. AP Managers are looking to move their staff out of the invoice keying business which means OCR/IDR technology.
PayStream is ramping up for a Q3 Technology Insight report on Data Capture for Accounts Payable (OCR). The report will highlight the use of OCR/IDR technology used to automatically extract data from both paper and electronic documents, validate the data and pass the data into a user’s ERP. The report is aimed at the growing number of companies that are looking for appropriate solutions that can automate and optimize their AP processing cycles by lowing cost, increasing efficiency and reducing errors and exceptions.
If you are interested in learning more about the upcoming PayStream report, contact Mark Colwell, PayStream Market Advisor. Report sponsorship opportunities are limited.