We've written posts on how electronic content management systems, featuring scanning and capture technologies can improve productivity, cut costs, reduce complexity and improve financial visibility. In other posts we’ve shown where companies are getting the greatest impact and ROI. The first place to consider is Accounts Payable.
We wanted to show you what it looks like to electronically process paper invoices using a Kofax scanning and capture system. Yakidoo designs, implements and supports these types of systems.
The image below shows you the process that converts a paper invoice to useable information and an electronic record.
You can watch the demonstration by clicking here and you can use the timeline below to timeshift through it. Note: Will play in a windows media player in separate window.
00:08 Outlines how the demonstration covers scanning or ingestion, capture or data extraction, validation or exception handling, training the system to automatically handle future exceptions and finally release of data and document.
02:15 Scanning: A batch of invoices are scanned
03:17 Capture: Invoices are automatically separated and information is extracted from them. Invoices are processed at a rate of 1 to 4 seconds per page. An accounts payable professional in comparison processes 20 to 25 invoices per hour.
04:35 Validation: How “exceptions” are processed. A “confidence weighting” is used to identify invoices where data has not been fully extracted. It shows what “anchor points and words” are and how the capture system flags an invoice for exception handling purposes.
07:27 During the validation process the operator can train the capture system to recognize and automatically correct exceptions previously handled manually.
08:45 Alternatives to handling exceptions during the validation process including ODBC and fuzzy search using vendor tables, selecting data from within an invoice and auto-completion.
13:00 Learning: Demonstration shows how the capture system can be been trained and builds a knowledge base of “known exceptions” that can be handled automatically.
13:21 Release: The process and server used to import metadata into target workflow systems and image repositories.
13:46 The demonstration concludes showing how the previous invoices that had exceptions can now by-pass the manual validation process because the system has been trained to find and input the missing or incorrect data automatically.
Victor Bensusan is CEO of Yakidoo. He has 20 years experience in Finance and Information Technology primarily in the area of process automation, information management and business performance improvement.