Data Capture Strategy Matters
In an Accounts Payable Automation system (ICG’s specialty) there are generally four different document & data capture methodologies that companies use in their data capture process:
But that’s only part of the data capture equation. Most organizations receive invoices from a variety of different channels and in all kinds of media/formats. ICG evaluates your mix of invoice sources, formats, media, quality, and the data required for extraction and configure the solution that will maximize your return-on-investment. ICG’s suite of AP Automation solutions that are used in these data capture configurations include:
- Scan and Head-Up-Data-Entry
- Document Assembly Tool (email and PDF files)
- AI Assisted OCR
- EDI Input
- Vendor Portals, eInvoice & PO Flip
Capturing Data Accurately:
- Capturing data accurately involves ensuring that the data collected is free from errors, omissions, or inconsistencies. Accurate data capture aims to minimize mistakes during the data collection process, such as typos, misinterpretations, or technical issues.
- Accurate data capture often focuses on precision, consistency, and reliability in the data collection methods and tools used. This may involve using well-defined data entry procedures, validation checks, and data cleaning processes to eliminate inaccuracies.
- The goal is to ensure that the data reflects the true state of the information being collected. Inaccurate data can lead to incorrect analyses, flawed decision-making, and unreliable results. It can also have more direct economic consequences such as paying the wrong vendor or paying the wrong amount which could result in an over-payment, or an underpayment resulting in a credit hold.
Capturing the Right Data:
- Capturing the right data goes beyond accuracy and focuses on collecting the most relevant and valuable information for a specific purpose or problem. It’s about selecting the appropriate data points, variables, and metrics that will address the specific objectives.
- It requires a clear understanding of the goals and objectives of the data collection effort. Collecting unnecessary or irrelevant data can be a waste of resources and may complicate data analysis without providing meaningful insights.
- Capturing the right data often involves careful planning, defining data requirements, and considering the context and scope of the project. It may also involve prioritizing certain data elements over others. ICG helps our clients through this process so they are collecting the right data.
In practice, both accuracy and relevance are crucial in data collection and management. Capturing data accurately ensures that the information you have is trustworthy, while capturing the right data ensures that you are collecting data that is meaningful and aligned with your goals. Ideally, data collection processes should be accurate and targeted to provide high-quality, meaningful data for analysis and decision-making.
ICG WEBINAR SERIESs
Data Capture – So Many Options
Data is the lifeblood of any company. In this webinar we will address the options for efficiently capturing that valuable data from your vendors, customers and internal sources. Please take a few minutes to view this informative webinar.Watch Video
OCR – AI Assisted Enhanced Invoice Import
With our advanced AI technology, Enhanced Invoice Import and Email Invoice Import the import process becomes effortless and efficient. Gone are the days of painstakingly inputting data manually. Now, you can simply upload your invoice document, and our system will automatically extract the relevant data, presenting it to you for review and submission. This intelligent extraction process saves you valuable time and reduces the risk of human error.
But the benefits don’t stop there. For PO invoices, our system goes above and beyond by validating the purchase order and comparing it to the invoice lines. This ensures accuracy and helps identify any inconsistencies between the two, giving you greater confidence in your data.
And if you’re looking for even greater convenience, we offer the optional Quick Drop feature. Simply drag and drop your invoices directly into the dashboard, and watch as our system automatically extracts the data and submits the invoice for processing. In case of any unreadable invoices, you’ll be promptly notified, and the system will flag them for manual review. This saves you time and effort while ensuring thorough invoice processing.
Unlock the power of AI and take your invoice processing to new heights with our Enhanced Invoice Import feature. Say goodbye to manual data entry and embrace a streamlined, error-free workflow.
Understand The Content
Understanding the documents is extremely valuable when setting up a successful AI OCR (Optical Character Recognition) solution. OCR technology is used to extract text and information from images or scanned documents, and its effectiveness depends on understanding the quality and relevance of the documents being processed. Canned software may seem attractive at first glance, but does it fit your content and provide an adequate return for your investment?
For a successful AI assisted OCR program to deliver an acceptable ROI, it is critical that the first step be a thorough examination of the target documents, process, and expected results. Utilizing “real-world” documents (not random test documents), a series of tests can provide data on expected results giving decision makers the information needed to determine if the investment will provide the ROI needed. As seen in the graphic above, as the documents are evaluated and the process refined, the results improve.
ICG has over 30 years experience working with OCR in varying capacities integrating with a variety of solutions with applications ranging from claims processing to accounts payable invoice data extraction. By far the most experience with this technology is with our clients who are automating their AP invoice processing operations.
Document Assembly Workflow
The key to streamlining the data capture process in your AI enabled AP automation system is to quickly and efficiently identify incoming documents, separate them into their logical groups and route them to the the appropriate process. For example, a multi-page PO based invoice file in PDF format comes into a designated email box. ICG’s AI assisted Enhanced Invoice Import technology would engage our Document Assembly Tool (DAT – see illustration below) which identifies that file, automatically routes it to the DAT tool where it will separate single from multi-page invoices. From that point the system would automatically route the invoices for AI assisted processing, matching and upload into the financial system for payment utilizing our workflow management system.
Our AI assisted Enhanced Invoice Import technology turns incoming documents and data into actionable data for your back office operation with a minimal touches. Our AI assisted data & document capture tools are designed to accommodate large and medium sized AP operations who receive a wide variety of invoices/payment demands from multiple sources and in many formats.