The Next Generation of Invoice Capture

Digital transformation may be well under way –  but most companies admit to still using paper-based document capture solutions, including fax. These processes not only waste time, but leave businesses open to manual error and loss, theft or damage of physical documents.

Additionally, the vast array of digital communication channels is making it vital for companies to revise their approach to accommodate the capture of multiple formats, including email and instant messaging files.

So, what can businesses do?

As with many other business process areas, the answer lies in the Cloud. Specifically, in this instance, with Capture as a Service, which offers an alternative to manual document entry that is not only more secure and more productive, but also opens up the possibility to combine document capture with cognitive functions and increasingly powerful artificial intelligence – the next generation of invoice capture.

One of the main benefits of CaaS is the ability to maximise capture rates by benefiting from a mutualised shared supplier master data. With CaaS, there’s no need for the laborious processes normally associated achieving a satisfactory automated capture rate – because each service user benefits from the efficiencies achieved by others, allowing them to achieve a faster service than they would normally. As a result, new CaaS users gain instant access to real-time document conversion, instantly streamlining the classification and extraction of documents. The possibilities this opens up for areas of businesses such as BPM, case management and fraud detection are obvious – unsurprisingly leading analyst house Forrester has identified CaaS as one of the six trends shaping the future of capture*.

*Forrester Report Capture as a Service Cognitive and Six Other Trends

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Post by Francesca Timpson