Report reveals current demand and trends in OCR/Data Capture
In a recent PayStream survey, more than half (52 percent) of AP professionals listed handling of paper invoices as their number one invoice management challenge, followed closely by manual data entry and inefficient processes.
No wonder, when you consider that the same survey found that they still receive almost two thirds of the invoices (64 percent) on paper. Almost half of the companies reported they scan invoices on the front-end as soon as they are received and data shows that almost half of those still extract data from scanned invoices manually.
With the benefits of front-end data capture clearly established, progressive companies are moving to convert static paper invoices into dynamic data to increase operational efficiency, add management control and visibility into spend and comply with Sarbanes-Oxley reporting rules.
In fact, short of increasing electronic invoicing, implementation of invoice imaging and automated workflow are the top two priorities in AP automation today, and 76 percent of practitioners say they plan to act on their top priority within the year.
Download a free copy of the Data Capture for Accounts Payable report today to learn valuable information on OCR/Data Capture solutions. The report also includes an overview of several popular OCR/Data Capture solutions and case studies, organized for easy comparison.