With more and more businesses having taken the first key step towards automation (application generated PDF documents), it’s time to discuss the next time-consuming, labour-intensive and error-prone element to overcome’, writes Matthew Jones at Open ECX.
This process is now fairly commonplace but marks a major shift in approach from the old, manual processing to the new; automation. The next stumbling block standing between a business and fully-automated, e-invoicing is how to extract and integrate the data into their finance system.
Those businesses that carry out this task via Optical Character Recognition (OCR) may think that the technology is saving them time and increasing efficiencies, but in truth OCR can be just as labour intensive as manual processing. That’s because OCR engines convert the ‘photograph’ – which sometimes has to be printed and scanned first – into data and a human check is required to rectify any mistakes made.
The mistakes are fairly easy to spot, with the example in the photo above showing how the OCR misread “26.19” as “2b.iy”. However, correcting each and every one of these mistakes uses valuable resources and interrupts the automation process, thereby completely removing all the benefits.
The good news is this problem can be avoided through our unique PDF to e-Invoicing solution. Data can be taken straight from the PDF and automatically – with 100 per cent accuracy – mapped to an e-document structure, matched and validated against organisational documents of your choice, and delivered direct to your back-office systems (shown below) with minimal to no human intervention required; automation achieved.
As this approach is so simple and non-disruptive to any supply chain, supplier adoption rates are extremely high. In fact, 94% of your suppliers when asked will be able to send a machine generated PDF.
And this means benefits to businesses, including reduced costs, increased visibility, transparency and control and increased ability to pay on time.
For more information click here: https://openecx.co.uk/solutions/einvoicing/