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Why Your Enterprise Needs a Data Capture Service
Data capture service providers offer an array of tools and technology to transform Accounts Payable (AP) processes in Global 3000 organizations and large enterprises with sophisticated AP requirements.
Data Capture Service Fundamentals
Data capture service is the first step in AP automation. By collecting and processing invoicing data electronically as soon as it arrives, companies can eliminate the need for costly and bulky paper processes, and avoid many of the pitfalls associated with manual routines.
Data capture service technology enables AP departments to scan, index, review and export invoices and other financial documents, streamlining financial supply chains, supplier communication and AP workflow efficiencies through the reduction of manual processes. It is one of the most critical steps in AP process automation and department transformation.
Why Organizations Should Use a Data Capture Service
Working with a data capture service provider can deliver several important business benefits, including:
- Reduced Personnel Costs. By greatly reducing or eliminating manual keying and data entry with data capture service, organizations can mitigate the need for time-consuming manual labor processes, freeing up time for AP departments to focus on driving organizational change and spending optimization.
- Quality and Accuracy. There is less room for human input errors with data capture service. With greater accuracy, companies can yield more meaningful business insights and prevent downstream issues from occurring.
- Data Extraction. Data capture service collects more business data than manual processes. By mitigating time spent on manual key entry, companies can also extract data at a much faster rate.
- Data Security and Archiving. With Direct Insite’s cloud-based AP and data capture service solutions, sensitive corporate invoicing data is safeguarded with encryption and added security measures. There are much fewer lost or missing invoices, allowing for fewer supplier inquiries and improved discount capture.
- Supplier Relationships. By reducing invoice data entry errors, a data capture service solution prevents downstream issues with suppliers, such as disputes, discounts and inquiries, facilitating improved supplier relationships.
- Compliance Adherence. Advanced data capture service technologies allow businesses to more effectively follow and enforce customized business rules and compliance regulations.
- Increased Workflow Efficiency. A data capture service can process an unlimited amount of domestic and foreign invoices with proper configuration. Invoices without optical character recognition (OCR) errors are automatically forwarded for touch-less invoice processing and the need for manual data entry is eliminated, freeing up time to focus on core competencies.
- Visibility and Valuable Insights. Data capture service gives executives and management more visibility into organizational spend and AP department progress. With an electronic database of archived invoicing history, organizations can analyze trends and gain insight into efficiency improvements, vendor information and spend optimization data.
- Improved Cost Optimization. Industry research suggests that by combining OCR and human data verification with a data capture service, companies can achieve the lowest data error rates at optimal AP processing costs.
Finding a Data Capture Service Provider
Strong data capture service technology is compatible with any document, OCR engine or invoice capture system, and comes equipped with a range of robust features and functionality.
If you’re ready to implement a data capture service in your organization, it is important to work with a partner who has deep industry expertise and cutting-edge AP, AR and Payment processing technologies. Direct Insite has been providing best-in-class, cloud-based ERP-agnostic e-invoicing solutions to Fortune 1000 companies and their suppliers for nearly three decades. To learn more about Direct Insight’s full range of capabilities that enable AP and AR transformation, give us a call at 954-510-3750.