CHICAGO, July 24, 2019 /PRNewswire/ -- Palette Software has published a guide to OCR, invoice scanning and invoice data capture comparing the latest technologies for capturing data from either paper, emailed, or electronic format invoices.
"The 2019 Guide to OCR, Invoice Scanning, and Data Capture" features comparisons between capture methods from the most to least optimal in terms of speed to setup, infrastructure changes, cost to buyers, cost to suppliers, data accuracy, on-boarding rates, and integration with popular ERPs.
Organizations face many challenges capturing invoice data for input to their ERP. 80% to 90% of invoices received by both medium and large size companies is either paper or email. Technologies such as EDI and network portals do serve a small portion of the market, but both have limitations for suppliers such as cost and resource efficiency.
Approximately 75% of organizations of all sizes enter their invoice data manually. Emailed invoices from suppliers are printed out and keyed into the ERP, and paper invoices are scanned and read by legacy OCR technology that has limited functionality, depth, and integration capabilities.
For growing companies larger invoice volumes often means adding to headcount because many supplier invoice and purchase order processes are manual. Compounding the problem is the fact that many ERP solutions do not have the functionality to automate invoice capture and approval workflow.
"We are providing innovative solutions that automate business processes to meet challenges US-based and global businesses face every day. One addresses the electronic capture of critical business data which many organizations struggle with," said Michael Cichy, Palette Software. "Our best practice approach employs multiple technologies that allow organizations to transition from paper to electronic data at a pace that fits their particular situation and the data provider's abilities."
The 2019 Guide to OCR, Invoice Scanning, and Data Capture" is free to download - https://www.palettesoftware.com/2018-guide-to-ocr-invoice-scanning-data-capture/
About Palette Software
Palette Software is a market-leading vendor of financial process automation for domestic and global corporations. Palette solutions automate invoice processing, approval workflow, and the matching of purchase orders, invoices and contracts, on-premise or in the cloud. Customers experience significant and measurable cost savings, productivity gains and operational excellence. Palette solutions are compliant with HIPPA, HITRUST, SOC1, SOC2, ISO 27001, PEPPOL and GDPR and optimize financial management for more than 3,500 customers in 50+ countries. With 25 years of experience, Palette and its partners offer automation solutions for organizations of all sizes worldwide.
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SOURCE Palette Software