What are the data capture solutions currently changing the back-office?
Data capture solutions have been around for a long time and continue to be used extensively in many different industries. Let’s explore some new data capture solutions currently taking back-office operations undoubtedly by storm.
OCR
Optical Character Recognition (OCR) is widely used in many industries and growing significantly. OCR technology provides positive results in these industries because it extracts data from standardized documents where important information is located in fixed positions. Additionally, companies often have the ability to control the quality of these documents, making their readability by OCR and data capture engines relatively easy and accurate.
Vendor Self-Service Options
The good news for accounts payable (AP) departments is there are other more efficient and accurate solutions for the data capture dilemma. The first and perhaps most effective method is the use of web-based invoice submission via a vendor portal:
- Web Form – vendor fills out standardized invoice web forms and submits;
- PO Flip – vendor enters PO number and vendor portal solution retrieves line items and populated invoice form;
- File Submit – vendor uploads standardized billing files.
These vendor self-service options make data capture easy, accurate and touch free. Captured data is fed to the appropriate ERP or information system.
DAT Tool
Another technology specifically helpful in data capture processes where PDF and other file types are being submitted via email or other electronic document transfer methods, is the Document Assembly Tool (DAT). This tool takes files that contain multiple unique documents and and separates them for data capture and processing.
The key to choosing the right technology mix for your organization is understanding your vendor mix and the types of documents they submit. Join the data capture solution revolution by reaching out to ICG today to learn more.
ICG Consulting can help with the vendor stratification process and implementing the right mix of technologies for your business. Contact ICG today for more information or to arrange a demo of ICG vendor portal and data capture solutions.