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. Data capture solutions capture data efficiently and effectively, allowing for easy analysis. This blog post will explore popular data capture solutions and how they help your organization.
Vendor Portals
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 populated invoice form
- File Submit: A vendor uploads standardized billing files
These vendor self-service options make data capture easy, accurate, and touch-free. Captured data is fed to the appropriate ERP or information system.
OCR
Optical Character Recognition (OCR) is a somewhat new and growing technology 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.
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 (DAT). This tool takes files that contain multiple unique documents and separates them for data capture and processing.
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.