Top 5 Advantages of Automated Invoice Processing with OCR
[vc_row pix_particles_check=””][vc_column][vc_column_text] Every growing business has an accounts payable team; a team that knows all too well, how time-consuming and tedious invoice processing can get when done manually. According to Sterling Commerce, it costs about $30 per invoice to process manually, with the added risk of multiple errors. Not to mention the need for extra storage […]
Invoice Automation OCR Software: Here’s Everything You Need to Know
[vc_row pix_particles_check=””][vc_column][vc_column_text] When you think about automation for your accounts payable functions, you Intuitively might think of cognitive technology in AP software systems that can eliminate manual work altogether. And paving the way for Intelligent Document Processing (IDP) to become a reality, is a supporting technology called OCR. OCR or Optical Character Recognition, is a software that […]
Moving beyond template-based OCR Technology: Why Do Away With Rigid Templates?
[vc_row pix_particles_check=””][vc_column][vc_column_text] Any business relies heavily on its Accounts Payable (AP) and Accounts Receivable (AR) departments to keep meticulous records of every transaction, invoice, and PO with details ready to be retrieved at any given time. Growing companies have hundreds of suppliers & customers, and with that comes a load of processing thousands of supplier invoices, customer PO and […]
What to look for in an OCR Solution?
[vc_row pix_particles_check=””][vc_column][vc_column_text] Optical Character Recognition (OCR) has been in use since a long time for simplifying the task of scanning and editing the documents. The purpose of having an OCR solution in place is to get a string of characters from the scanned documents which can be used for multiple purposes. Even though OCR solutions can easily pick […]
Accounts Payables Process Needs to Evolve
[vc_row pix_particles_check=””][vc_column][vc_column_text] Accounts payables process and supplier invoice processing is an integral integral part of each and every business regardless of what sector or vertical your business is in. Supplier Invoice processing is an extremely time-consuming activity. Even though there are many automation tools available, companies still prefer the traditional approach of paper invoicing. Hard […]
How Can Purchase Order Automation be Easy, Effective & Error Free?
[vc_row pix_particles_check=””][vc_column][vc_column_text] Businesses often face a roadblock when it comes to organizing their accounts receivable departments owing to the extra load of scanning every document like purchase contracts and purchase orders. It’s hard enough that the team needs to keep meticulous records of every transaction; now they have to sort out and manually match presented […]
How to Use AI for Invoice Data Extraction and Processing?
[vc_row pix_particles_check=””][vc_column][vc_column_text] In the world of business, invoices are an essential part of daily operations. They represent a request for payment and provide a detailed breakdown of goods or services provided. Manual invoice data extraction is a redundant and slow process that involves collecting the invoices from the suppliers and feeding the details in the ERP […]
Intelligent Data Extraction: Unlocking Insights From Unstructured Data
[vc_row pix_particles_check=””][vc_column][vc_column_text] There are industries that generate thousands of documents every day which have important information to be captured and can be used for analysis and other purposes. With the advent of Optical Character Recognition(OCR) software in the 1990s, it became quite easy to extract and store information from multiple files and sources that reduced the […]
Using Hyper-automation to mitigate Business risks post COVID
[vc_row pix_particles_check=””][vc_column][vc_column_text] As the global economy faces unprecedented challenges with the Coronavirus pandemic, most businesses are seen struggling to sustain on multiple frontiers. The common reasons are either demand is slumped or, if they have the demand, they do not have the people ready to meet it. What this crisis has highlighted is that the weakest […]
How can BPOs scale-up operations with Hyper-automation?
[vc_row pix_particles_check=””][vc_column][vc_column_text] Many organizations are increasingly outsourcing processes, functions, and operations so they can focus on their core goals. Document scanning, processing, and management is thus increasingly outsourced as well. In these extremely rapidly changing markets, BPOs that don’t evolve with respect to the high-volume document capture and data processing needs, will be sidelined in the coming […]
