As companies of all sizes look to lower labor costs within their operations, the accounts payable department hits the top of the list due to its high volume of transactions. Couple this with a large number of transactions and it makes sense to look into automating as much as possible within this vital department.
During this journey, some have turned to outsourcing a bulk of their invoice data entry processes in order to cut down on costs and turnaround time. Although some companies turn to local data entry services, others have been swayed by the low costs dangled in front of them by offshore data entry operations.
No matter which of these paths you lean toward, both of them have some challenges if the real goal is data entry automation. Outsourcing can bring a whole host of other costs and time to ramp up your vendor, test connectivity and configure a secure data transmission connection to ensure you receive your data in a secure manner.
You see, many of these services rely on a room full of manual data entry operators. And while their managers may train them, they’re still comprised of humans using eyes and keyboard strokes to enter your accounting data as fast as possible.
With the added pressure of performance goals and handling a whole spectrum of other clients, it’s a combination that leans more toward the number of transaction over the quality of data.
And just about everyone has realized that getting quality results you need while using reliable offshore data entry teams is not as easy as it sounds.
What organizations really want is to automate and lower the time spent around invoice processing as a whole. This can be automated using the right technology. Technology that is already in place and delivering results as we speak.
This isn’t the legacy OCR technology that needs zones or boxes to lasso data from a page. Technology, such as DocuPeak, put’s the power of Smart Document Recognition (SDR) to work for your AP transactions by leveraging cutting edge artificial intelligence.
And, because this technology can actually tap into your existing ERP system for verification, you see automation rates outsourcing and other technologies just can’t touch.
This delivers the results companies have been striving for when it comes reviewing their internal AP transaction workloads, such as decreasing transaction times, lowering manual entry mistakes while completing more transactions with the same staff in place.
When it comes to reaching these operational goals, take a look at proven technology that’s already working for organizations leading the path toward operational efficiency.