Data Capture & Doc Assembly

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 strategy 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 accommodate AP operations who receive invoices/payment demands from multiple sources and in multiple formats:

Document Assembly

 

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 efficiency and automation.

Contact ICG more information about our Data Capture tools and AP Automation services or to schedule a demo for your team.