ASHBURN, Va., Nov. 14, 2011 /PRNewswire/ -- Brainware, Inc. and the Institute of Financial Operations announce the publication of "Global Trends in Automated Data Capture in Accounts Payable," a report that culminates the comprehensive survey of accounts payable professionals across numerous industries globally. This report, which was conducted by the Institute, was unveiled at the recent IAPP AP Evolution 2011 conference, and builds upon last year's ground-breaking study that looked at automated data capture as a unique enabler of efficiency and control for accounts payable.
Among the report's findings:
- An average of 61 percent of invoices are still paper-based.
- Respondents who use automated data capture technology in their AP departments reported significantly lower costs to process their invoices than those who don't.
- Increased reporting, compliance and audit requirements were cited as the most common driver for implementing automated data capture. Accordingly, "better reporting and visibility" was cited as the greatest benefit for respondents already leveraging such applications.
- Among respondents currently using intelligent data capture technology for invoice processing, Brainware Distiller was cited as the most commonly-used solution.
"These findings demonstrate that accounts payable departments using data capture technology—especially higher volume, complex operations—hold the advantage in reducing costs, improving turnaround times and optimizing accountability over their process," said Thomas M. Bohn, President and CEO of the Institute of Financial Operations. "Furthermore, these insights are consistent with the numerous customer case studies I've witnessed while hosting events with Brainware this past year."
"This year, I'm proud to note that Brainware has emerged as the market share leader in automated/intelligent data capture," said Charles Kaplan, VP of Marketing at Brainware. "In the course of more than 400 implementations of Brainware software for customers who are processing nearly 2 billion pages of invoices, remittances, orders, contracts and other documents each year, we've gained significant insight into the needs of the largest and most complex organizations in the world. Through that experience, our interactions with prospective customers and partners, and the feedback we get through survey instruments such as this year's 'Global Trends in Automated Data Capture in AP,' we will continue to drive product innovation that raises the bar for what's possible in AP efficiency."
About The Institute, IAPP, IARP, NAPP and TAWPI
The Institute of Financial Operations is the umbrella association comprising four membership affiliates for finance professionals: International Accounts Payable Professionals (IAPP), International Accounts Receivable Professionals (IARP), the National Association of Purchasing & Payables (NAPP) and The Association for Work Process Improvement (TAWPI). Based in Orlando, Florida, with offices in Boston and London, The Institute serves as a global voice, chief advocate, recognized authority, acknowledged leader and principal educator for people in financial operations, with a particular focus on accounts payable, accounts receivable, automation, data capture and procure-to-pay. Combined, the affiliates have more than 6,000 members.
About Brainware, Inc.
Brainware, Inc. is an innovative provider of intelligent data capture and enterprise search solutions that help Global 2000 companies eliminate costly manual data entry, rapidly process large volumes of documents and retrieve data from across the enterprise. Its solutions were built from the ground up to manage unstructured data without templates, exact definitions, taxonomies or indexing. Headquartered in Ashburn, Virginia, Brainware maintains global sales and support operations through its North American, U.K. and European offices. Brainware customers include Airbus, Alcon, Anadarko, BB&T, Baylor Health Care System, British American Tobacco, BSkyB, Clear Channel Communications, Cleveland Clinic, Continental Airlines, CORT, Frontier Communications, Gardner Denver, Halliburton, Her Majesty's Prison Service, Johns Manville, KPMG, NEC, NHS/Steria, Newell Rubbermaid, Old Dominion Freight Line, Philip Morris International, Rabobank, Resurrection Health Care, Reynolds & Reynolds, Shell, Southern Company, Sun Chemical, The Bank of New York Mellon/SourceNet, TriZetto, and many others. For more information, please visit www.brainware.com.
Contact: Robert Zoch
Public Relations Specialist
SOURCE Brainware, Inc.