What are OCR and e-Invoicing?
OCR, or optical character recognition, is a technology that’s been around for decades. The basic premise of OCR is that information on paper documents can be extracted and automatically entered into an organization’s A/P workflow or ERP system, eliminating the need for data entry staff. OCR has been successfully applied to many functions that involve standard forms, such as medical claims and mortgage applications, however, it has had limited success with non-standard, variable documents such as invoices. Data errors are common and exception handling is a significant issue that requires ongoing manual intervention. E-Invoicing is the electronic transfer of invoice data from the supplier to the buyer usually through a third-party network that facilitates and streamlines the exchange process. Invoice information is taken directly from a supplier’s billing system, validated and enriched via the network platform and then imported directly into their customer’s ERP system. No paper is invol
