Why Does a Data Capture Strategy Matter?
There are generally four different document and data capture options as the chart below depicts:
But that is just part of the data capture equation. Most organizations receive invoices from a variety of different channels and in different media/formats. The key to automating the data capture process in your Accounts Payable operation is to develop a capture stategy that takes into account all of these sources and formats and feeds your AP processing system data in a consistent and efficient manner. ICG's data capture tool is designed to accomodate AP operations who receive invoices/payment demands from multiple sources and in multiple formats:
Take a look at the Pros and Cons for each data capture option:
|Type of Document Capture:||Pros:||Cons:|
|Scan/Data Entry||Least costly to implement; ideal for low transaction volume||Labor Intensive|
|Scan/OCR (Optical Character Recognition)||Reduces time costs and effort over manual data entry processes||Inaccurate data reads can lead to costly QA costs and processing errors|
|EDI||Ideal for larger vendors with standard electronic file format||Limited to larger and/or more IT sophisticated organizations|
|Electronic Invoice Submission/ Alternate Electronic Capture||Includes web invoicing and file uploading; ideal for all size AP operations; best cost-benefit ratio||May have limited use for invoices with many line items|
Let the experts at ICG help you to design the data capture strategy that fits for your organization and take your AP operations to a new level of efficincy and automation.
Contact ICG more information about our Data Capture tools and AP Automation services or to schedule a demo for your team.