Data capture is the process of collecting and storing data from various sources in a structured format that can be easily analyzed for decision-making. These solutions capture data efficiently and effectively, allowing for easy analysis. Data capture can be customized to any organization based on what is best for their specific processes and data. This blog post will explore popular data capture solutions and how they help your organization.
Vendor Portals
Vendor portals are a great option for organizations that do a lot of work with vendors and need a centralized location to receive vendor information, such as vendor onboarding packets or invoices. There are several ways vendor portals support document and data capture:
- Web Form: A vendor fills out standardized invoice web forms
- PO Flip: A vendor enters the PO number, and the vendor portal solution retrieves line items and populates the invoice form
- File Submit: A vendor uploads standardized billing files
A vendor portal is specifically helpful because it supports vendor self-service. Having options like the above makes data capture easy, accurate, and touch-free. Additionally, vendor portals ensure that all vendor documents exist in one place. Once captured, data is fed to the appropriate ERP or information system.
OCR
Optical Character Recognition, also called OCR, is a somewhat new and growing technology that many companies implement. OCR technology extracts important data from standardized documents in fixed positions. This technology continues to grow with the help of AI and ML, allowing it to recognize new types of documents, create rules, and more. OCR saves companies time and money they would have spent on manual data entry and ensures there are fewer mistakes in the data. Automated data capture methods that utilize AI/ML are particularly helpful as they work well despite having multiple vendors with different invoice styles.
DAT Tool
Another technology specifically helpful in data capture processes where PDF and other file types are submitted via email or other electronic document transfer methods is the Document Assembly Tool, also known as DAT. This tool takes files that contain multiple unique documents and separates them for data capture and processing. DAT offers many options for the separation of pages, and can even create rules for different vendors or invoice types.
Customize Your Data Capture Solutions
Ready to implement new solutions in your financial back office? ICG can help. ICG offers customizable solutions that work with your current technology, people, and processes. We know the vendor stratification process and can determine and implement the right mix of technologies for your business. Contact ICG today for more information or to arrange a demo of ICG’s solutions.