New Trends in Document Capture and Their Relevance for Invoice Processing
by Ken Neal
September 29, 2016
I read a recent press release issued by Grand View Research (Document Capture Software Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2016 To 2024, grandviewresearch.com), which states that the global document capture software market is expected to witness significant growth over the next eight years. The announcement pointed out that such tasks as data entry and invoice processing, which have been performed manually and on paper, are not time and cost efficient. Document capture technology can help overpower these limitations by automating an entire process.
These trends are particularly relevant for invoice processing. One of the most widely adopted services in AP processing is outsourcing front-end invoice imaging and data conversion. With this approach, the service provider receives the invoices (e.g. via a managed mailbox or email account) and then scans and uploads the invoices into the appropriate document capture system. The current best practice is for the service provider to also capture data from the scanned invoice using Optical Character Recognition (OCR) software as well as validate and deposit the data into the client’s ERP system without manual data entry.
Feel free to visit the Accounts Payable Services page of our website where you can access more in-depth information on these developments and download relevant content such as our industry report, “High Performance Accounts Payable: Three Key Drivers to Success.”