Improve The ERP Invoice Data Entry Process
Invoice capture and entry into the ERP system are the crucial first two steps in the Accounts Payable process and have a direct impact on downstream tasks-review, coding, approval, payment and audit. 170 MarkView® OCR Invoice improves efficiency and accuracy in these front-end tasks, reducing invoice-capture and entry costs, improving data integrity and reducing Accounts Payable cycle times.
170 MarkView OCR Invoice enables straight-through, "zero touch" processing for invoices, automatically matching the purchase order and other pertinent ERP data. For invoices that require review, OCR accelerates the process by significantly reducing manual data entry.
Reduce Invoice Entry Costs
170 MarkView OCR Invoice lowers invoice entry costs by reducing the manual keying of invoice content into the ERP system. Upon scanning, invoices enter the OCR engine where invoice data is extracted and placed directly into the ERP system. If the OCR engine detects any potential extraction errors, the user views and corrects the invoice data with the 170 MarkView OCR Invoice's Validation Tool (which does not require the user to have any specific Accounts Payable knowledge). Accounts Payable personnel are only involved when there are ERP related process exceptions.
A key factor in reducing invoice entry costs is the OCR recognition rate, which determines how often the user must interact with the extracted invoice data. 170 MarkView OCR Invoice's configurable locators associate key invoice data with the likely location on the invoice. For example the data for the invoice date is usually found to the right or below the words "date," "invoice date," or "date sent." 170 MarkView OCR Invoice combines content and layout information to achieve unmatched recognition rates.
Improve Data Integrity
Automating invoice entry reduces the possibility of human mistakes, the most frequent source of errors. Improving data integrity at invoice entry reduces labor costs for follow-on tasks such as invoice coding and approval. And, fewer invoice entry errors translate into better service to the business units that Accounts Payable supports.
An additional benefit of improved invoice entry is the decrease in the frequency of discrepancies that require supplier interaction. This improves relationships with suppliers and results in fewer disruptions in the delivery of goods and services from those suppliers.
Reduce Accounts Payable Cycle Times
With 170 MarkView OCR Invoice, the AP processors' queue of invoices waiting for entry is eliminated. Invoices that meet specific criteria can proceed through to payment without any human interaction. Non-PO invoices and PO invoices that require review, coding, exception resolution, or approval flow immediately to the appropriate person based on 170 MarkView's workflow and configurable business rules. Shortening Accounts Payable cycle time reduces late payment penalties and increases opportunities for capturing early payment discounts.
Continuous Improvement
170 MarkView OCR Invoice combines an invoice knowledgebase and unique "learn by example" capabilities to reduce initial implementation time and to continuously improve recognition rates. Unlike OCR products that require the creation of templates for specific supplier invoices before the system can be used, 170 MarkView OCR Invoice's knowledgebase includes rules from over 3,000 sample invoices. As the system is used, the knowledgebase improves in the areas of invoice data classification and extraction with each new invoice type processed. There are no OCR templates to maintain.
Another factor in the continuous improvement of recognition rates is 170 MarkView OCR Invoice's supervised learning process. As a user makes changes to invoice data in the validation stage, recommendations are routed to the administrator on rules that need to be modified or added to improve recognition rates. Once the rules are updated, recognition rates for invoices affected by the updated rules will increase.
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Using 170 MarkView OCR Invoice's Validation Tool, users evaluate possible extraction errors and make changes as needed.
170 MarkView OCR Invoice Key Features
100% Rules based - 170 MarkView OCR Invoice's knowledgebase enables out-of-the-box extraction functionality and its learn-by-example capability manages changes in supplier invoices. With 170 MarkView OCR Invoice, changes to suppliers' invoices result in modifications to the knowledgebase to reduce extraction errors. There are no OCR templates to create or maintain with this solution (unlike template-driven OCR products which require a costly and lengthy template development project prior to the initial use of the system.)
Automated line-item input - Rather than just entering PO-based invoice header data, 170 MarkView OCR Invoice extracts line items, a crucial step for invoice authentication.
Auto-correction of invoice content - 170 MarkView OCR Invoice automatically resolves discrepancies such as supplier name (ex. change "Acme" to "Acme Corporation" after checking the vendor master file).
Straight-through processing - With OCR, a greater proportion of invoices can be processed without any human interaction. PO-based invoices that match the purchase order and receipt of goods can proceed to the payment stage without any involvement by Accounts Payable.
Exception-handling workflows - 170 MarkView OCR Invoice's exception-handling workflows automatically route the invoice to the proper person for resolution. For example, a discrepancy in terms between the invoice and the ERP record will trigger workflow to route the invoice for terms review and resolution.
Intuitive interface - Users can rapidly check questionable items and make edits using an intuitive point-and-click interface. No specific finance knowledge or training is required to use the Validation Tool. For administrators, the system features a point-and-click interface for tasks such as changing validation rules or creating new locators, rather than scripting.
Language support - Select European and Asian languages are supported.
