In Part 2 of our three-part series on document scan technology, we looked at why front-end capture with optical character recognition (OCR) is the most effective way to achieve 100 percent electronic invoice data receipt for accounts payable automation and how it holds many advantages over the widely used scan-to-archive procedure. In this final installment, we’ll outline an investment model for evaluating whether you should build this capability in house or outsource it using a SaaS provider. As our 2013 white paper "The Right Scanning & OCR Strategy for Effective AP Automation" outlines, there are five standard criteria for evaluating the cost and returns of various scanning and OCR investments:
- Speed of deployment
- Quality of output
- Avoiding technical obsolescence
- Total cost of ownership
Many of our clients have found that purchasing scanning hardware and the associated on-premise software through the normal capital expenditure process simply does not make economic sense. In addition to the economics, many times an outsourced solution brings benefits beyond the initial purchase and installationoptimization challenges. Some of these advantages include:
- Access to high quality or faster scanning hardware,
- High quality data output with 99.9 percent accuracy,
- Lower ongoing costs for upgrades and new releases and relieving your organization of the burden of technical obsolescence,
- Significantly less licensing expense than is normally found with traditional software pricing models, and
- The ability to adjust monthly costs to reflect changes in volume.
Any organization seeking to increase productivity, enhance fraud protection, increase responsiveness, and streamline their purchase to pay process should seriously consider SaaS-based OCR over traditional software. DataServ’s advanced technology platform, along with our digital mailroom and multi-tiered quality assurance process, can make your goal of 100 percent electronic invoice data receipt a reality.
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