Palette Software has published a guide to OCR, invoice scanning and invoice data capture comparing the latest technologies for capturing data from either paper, emailed, or electronic format invoices.

"The 2019 Guide to OCR, Invoice Scanning, and Data Capture" features comparisons between capture methods from the most to least optimal in terms of speed to setup, infrastructure changes, cost to buyers, cost to suppliers, data accuracy, on-boarding rates, and integration with popular ERPs.

Organizations face many challenges capturing invoice data for input to their ERP. 80% to 90% of invoices received by both medium and large size companies is either paper or email. Technologies such as EDI and network portals do serve a small portion of the market, but both have limitations for suppliers such as cost and resource efficiency.

Approximately 75% of organizations of all sizes enter their invoice data manually. Emailed invoices from suppliers are printed out and keyed into the ERP, and paper invoices are scanned and read by legacy OCR technology that has limited functionality, depth, and integration capabilities.

For growing companies larger invoice volumes often means adding to headcount because many supplier invoice and purchase order processes are manual. Compounding the problem is the fact that many ERP solutions do not have the functionality to automate invoice capture and approval workflow.

"We are providing innovative solutions that automate business processes to meet challenges US-based and global businesses face every day. One addresses the electronic capture of critical business data which many organizations struggle with," said Michael Cichy, Palette Software. "Our best practice approach employs multiple technologies that allow organizations to transition from paper to electronic data at a pace that fits their particular situation and the data provider's abilities."

The 2019 Guide to OCR, Invoice Scanning, and Data Capture" is free to download