Prerequisite for smart incoming invoice processing: digital input management. Learn what this entails and which partners we collaborate with.
In recent weeks, we have already highlighted the advantages of digital invoice receipt in our blog posts. With ISR's proprietary solution for invoice verification, ISR Accounts Payable Flow, you not only reduce your processing and turnaround times but also implement a tool that fosters collaboration throughout the process.
A smart incoming invoice solution, however, necessitates digital input management. Learn here where this applies and which solutions we have already implemented in this context.
Digital Input Management: What are its Functions?
The term Input Management refers to the approach for the digital capture and consolidation of business-relevant data. Consequently, Input Management is not exclusively applied to invoices but is utilized for various document types (e.g., contracts and delivery notes). In this blog post, we focus on the area of incoming invoices. Should you have questions regarding other areas, please feel free to contact Bernward Ketteler (Bernward.Ketteler@isr.de).
To illustrate the functions performed by digital Input Management, examining the underlying process is beneficial: Invoices are received daily by companies, either in paper or digital format. The initial step involves simply scanning documents that are, for instance, in paper form.
However, to extract information, such as the invoice number, an additional step is necessary. Data cannot be read from raster graphics, such as those in PNG or JPG files. This is where intelligent text recognition, also known as OCR, becomes crucial. With an OCR solution, letters and numbers are extracted and made available for processing. All mandatory details, such as the invoice issuer's name, the tax amount, etc., can thus be read. In the final step, the software transfers the data to the corresponding invoicing system (e.g., ISR Accounts Payable Flow), thereby eliminating the laborious manual entry of data. Furthermore, the error rate is reduced to a minimum.
Which Providers Does ISR Collaborate With?
Through our projects, we have accumulated years of expertise with providers such as IBM Datacap, Smart Fix, and our proprietary software, Buildsimple. Below, we provide a brief overview:
Buildsimple
Buildsimple is ISR's in-house solution, operating on a cloud infrastructure. This enables Buildsimple to be operational within minutes, eliminating the need for a dedicated infrastructure. While all providers presented here utilize learning systems, Buildsimple distinguishes itself through its highly advanced Machine Learning capabilities. The system continuously optimizes itself through sophisticated algorithms. Payment is based on a pay-as-you-go principle, allowing you to evaluate the new system without significant upfront investment. You only pay for the actual usage of the service, with billing per document. This ensures complete cost transparency.
IBM Datacap & insiders smart FIX
Beyond our proprietary software, we leverage years of expertise gained from collaborations with our partners, IBM Datacap and smart FIX from the software product house Insiders Technologies. Our teams of project managers, consultants, and developers are thus equipped not only to support the implementation of this software within your organization but also to customize it according to your specific requirements and integrate individual functionalities.
Would you like to learn more about ISR Services?
Cihan Klingsporn
Senior Account & Marketing Manager
Business Process Automation
cihan.klingsporn@isr.de
+49(0)151 422 05 471
