What is Data Capture?
Data capture is the process of “capturing” and converting information from documents (paper or electronic) into a form that can be handled electronically, and preferably with little or no human intervention. It is present in some form or another in every organization’s financial back-office. An Accounts Payable (AP) environment extracts information from invoices of varying formats and file types and processes them for payment. These tools can vary from simple data entry tools to much more complex tools such as Optical Character Recognition (OCR) applications, vendor portal or supplier portals, or document assembly solutions.
Why is it Important?
Data capture is crucial because it forms the foundation for many key functions in today’s information-driven world. It provides the essential building blocks for organizations to make informed decisions, improve efficiency, and better understand their customers. By capturing data from various sources, businesses can gain insights into customer preferences, track inventory, analyze trends, and ultimately optimize their operations.
By transforming unstructured information into structured data, organizations can eliminate manual errors, accelerate processes, and unlock valuable insights. Accurate and timely data capture improves operational efficiency, enhances customer experiences, and supports data-driven strategies. Additionally, it ensures compliance with regulations by maintaining comprehensive and auditable records.
Let the experts at ICG help you to design the capture strategy that fits your organization and take your accounts payable operations to a new level of efficiency and automation.
Learn more about ICG’s Data Capture solutions here. Or request a personalized demo of our solutions. Free Demo request.
