According to the Institute of Finance and Management (IOFM), manual data entry accounts for at least 70% of invoice processing time. Most companies that still utilize manual entry find it takes an average of 25-30 days to process an invoice.
But that invoice processing cycle is burdened with multiple stops and starts, often hidden from view:
- an invoice sitting on a desk for who knows how long,
- a lost invoice that was mixed up in the mail or under a stack of paperwork,
- or the one unknowingly left in the inbox of a vacationing team member—discovered on their return a week later. Which probably makes their vendors less than happy.
If the last 20 years have proven anything, it’s that achieving the highest rate of straight-thru processing is key to capturing discounts, better managing cash flow, and ultimately having a better financial picture of your company at any given time.
Your data collection needs smart(er) technology.
Smart Document Recognition (SDR), one of the key features of DocuPeak, Webiplex’s AP automated processing solution, is our take on unstructured content recognition for automated data generation and entry.
SDR goes leagues beyond OCR in supporting AP processing by leveraging artificial intelligence and contextual awareness.
But why is SDR so important to AP efficiency? Two critical aspects make the difference between positive growth and money lost on insufficient tech.
1.Not all invoice recognition platforms are the same
The evolution of business automation technology has produced various kinds of invoice recognition software and some even integrate with your Netsuite ERP.
But be warned. Some companies purport to use “intelligence” in their software. However that “intelligence” relies on templates to complete the task. If you’re looking to invest in an AP processing solution for the long run, then investing in technology that still relies on templates is, unfortunately, a waste of money.
If your hope is to reduce the cost, time, and potential interruptions that occur with low-tech invoice processing, then templates are not a sustainable solution.
Templates train a system to extract data from pre-identified fields, boxes, and locations on an invoice. If nothing else changes, then your business is set to go on its merry processing way. However, if a vendor decided to make one small change to an invoice—altering from the pre-loaded template—that could seriously upend your whole system.
Alternatively, SDR automatically recognizes crucial data without using templates. That means your AP team retains precious work time instead of analyzing templates, errors in data, or issues that come up in the system.
SDR’s ability to seamlessly and intelligently pull data at accuracy rates beyond any legacy-OCR technologies means an optimized workflow, limited interruptions to straight-thru processing and peace of mind for your AP team.
2.Capture validation is a must for smooth workflows
Speaking of workflows, if you’re considering an OCR-legacy technology (and we haven’t thrown you off of the idea yet), you’re forgoing the necessary importance of an uninterrupted business process.
Capture software that doesn’t incorporate critical validation of data against your NetSuite ERP creates costly mistakes down the road. So wouldn’t it be better to handle those exceptions before they become a problem?
SDR is a critical function of the Docupeak solution. That means exception handling, in addition to data entry, is built into the capture workflow itself. You can have both a single solution for document recognition and business process automation tightly integrated with your NetSuite ERP, therefore incorporating valuable accounting process controls by utilizing the most real-time, accurate business rules and data.
In addition, DocuPeak offers a single touchpoint for AP, so you can manage all exceptions in a single screen. Forget all those unnecessary logins and integrations just to support a simple step in the process.
Technology goes far, but if it doesn’t succinctly complement a fluid business process, then your investment into an efficient system could be for naught.
Don’t be fooled.
Smart Document Recognition helps your business reach efficiency. Past technologies that still position themselves as modern “intelligent” services, but still rely on OCR and templates won’t sustain a smooth closed-loop process, especially as your business scales.
Before you spend more time, resources, and money exploring old, cost-ineffective features disguised as the “#1 solution”, utilize an integration that actually has state-of-the-art technology for your automate invoice process.
Streamline your business processes by connecting with us today.