Invoice Intelligent Recognition: What and Why

I consider myself lucky to be on the front lines of Orienge talking with organizations struggling with information management challenges, while I simultaneously interface with our consultants, developers and architects. In evaluating corporate initiatives, organizations are not looking for solutions with incredible feature sets, they are looking for immediate benefits to increase overall efficiency … without increasing complexity.

Over the last year, there has been a huge interest in automating the accounts payable and invoice management (AP/IM) process. An important and often discussed component of AP/IM process is invoice capture, with specific attention to automated tools for invoice recognition & data extraction.

In demonstrating the front end of our Conterra FIM business solution that helps manage the AP/IM process, we show an optional front-end that intelligently recognizes and extracts data from invoice forms (pdf’s) that were organized by interception of incoming invoice emails at the Exchange level. The extracted data is populated into structured attributes and connected to AP/IM business processes (ICR).

I love this brilliant feature! But, what benefits? Organizations know this routine operation takes AP clerks hundreds of hours requiring paper document handling, manual data entry into the ERP system, manual data and expenditure matching, and lengthy dispute resolutions. Chances to make a mistake are great and costly. Yet they say that due to a wide variety of invoice formats, poor quality of some received invoices, and the fact that they have been doing it manually for some time, they simply do not see the benefits.

I acknowledge that many organizations may not achieve payback from recognition modules. However, the recognition module can be really helpful if you work with lots of paper invoices of different formats, a few suppliers, and the majority of invoices have a standard form. And, all this without organizational culture shock.

When improving, customizing, or developing your invoice processing system, it is better to use experienced vendors and tools that will bring clear benefit to your organization, the AP/IM process, and other information challenges. Our team and I are always ready to help you with this process! Please feel free to contact us by the phone +1 (917) 727-3278 or at the e-mail office@orienge.com. You can also contact me personally using dshields@orienge.com.

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