Traditional OCR requires an AP clerk to scan a paper-based or PDF invoice to capture the data electronically—often at the header level—leaving out essential data for critical business decisions. It also requires the set-up and maintenance of templates for each supplier. Once the invoice data is captured, the AP clerk needs to review the digitized information to check for missing data or inconsistencies.
In many cases, traditional OCR technology simply cannot keep up with the countless, ever-changing invoice formats AP departments receive from their suppliers—not to mention the various fonts and handwriting styles on paper invoices.
Inaccurate data also causes an increase in exception handling and generates more manual tasks for the AP department. Ultimately, traditional OCR can cause the very problem it was supposed to solve in the first place.
Managed OCR requires your supplier to send a paper or PDF document to a third-party provider such as Pagero, which is then scanned, and data is captured down to the line level. The extracted data is then sent for two rounds of human review before it is sent to the AP workflow without needing manual intervention by your AP staff.
Managed OCR capturing enables your AP team to be automated from day one regardless of the systems you use, your business size, or your suppliers’ digital capabilities. Additionally, it eliminates the need to purchase and maintain OCR scanning equipment and on-prem software. The fully managed service allows you to receive invoices electronically while seamlessly communicating all invoice data in a complete, verified, and accurate way every time.