Invoice Data Capture for AP

Advanced Data Capture is a complementary technology to Document Imaging that provides a method for eliminating the manual entry of invoice data. No technology to date has presented AP departments the transformational opportunity afforded by Advanced Data Capture, a solution that virtually eliminates data entry.

As reported in a recent study from the Aberdeen Group, paper invoices can cost as much as $64.97 each to process. Furthermore, with the total cost of a full-time AP processor approaching 45k per year, it is simply not cost effective to pay resources just to enter data. RPI has recently worked with AP departments and shared service centers using Lawson to implement Advanced Data Capture. Early returns in each have seen a fourfold increase in invoice throughput per AP processor over manual data entry.

With Advanced Data Capture, the physical act of an AP processor transferring data from paper into software is essentially eliminated, significantly lowering the costs associated with invoice processing. Advanced Data Capture utilizes the newest generation of extraction technology, designed to capture data from unstructured forms such as invoices, regardless of the format. The software reads scanned invoices much like the human eye would; intelligently breaking down various components of the invoice and recognizing key fields based on the flow of the document and various triggers (e.g. phrases like “Invoice #” or “Remit Payment To”). Templates used in early versions have been replaced with a Knowledgebase that is able to absorb new information automatically.

The information is then presented alongside the image for human validation, after which it enters the payment processing workflow.  An AP Processor can manually enter 100 to 150 invoices a day, but might validate over 500 Data Captured invoices over the same time period.  Plus, as the validation process fills in the gaps, the software ‘learns’ where to look for the information next time, automatically increasing its rate of accuracy. 

With Advanced Data Capture, accuracy is significantly increased as the software extracts the exact information listed on the scanned invoice, eliminating human error. Programmed business rules achieve a level of standardization that no amount of written guidelines and compliance monitoring ever could.