As we mentioned in our earlier post, we were intrigued by the 2013 survey on document capture trends conducted by Brousseau & Associates in conjunction with document automation solutions provider ibml showing that organizations continue to expand their use of scanning and document capture technology. We were equally intrigued by the apparent gap in the understanding of the benefits of scan and document capture technology and how it can help in financial operations, such as with accounts payable (AP) invoices and other payment processes.
According to the study, only two in three organizations that use document capture technology are using it for invoices, and even fewer are using it for other payment processes such as payment receipt, order processing, and remittances. Of course, that means that one in three organizations aren’t using document scan processes for invoices at all – a development that is hard to understand given the financial savings and improved workflow efficiency that this technology provides.
We believe organizations that are still processing invoices manually are going through unnecessary pain and suffering. Manual invoice processing is expensive (according to a 2011 Aberdeen study, it could be as high as $38.77 to process a single invoice), error prone because there is so much paper to wade through, difficult to audit, and frequently puts a company’s ability to grab discounts and early payment terms at risk. DataServ can provide your organization with AP automation through a software as a service (SaaS) solution that bypasses glossy AP software and increases your workflow efficiency while cutting your costs.
Now that we’ve made the case that document scan technology is the way to go for purchase to pay processes, we need to point out that a majority of the organizations taking advantage of this technology aren’t doing so in the best possible fashion. In Part 2 of our three-part series on the findings in this survey, we’ll look at how scan and capture technology is frequently being deployed at the wrong end of the business process.