Kofax

Intelligent Data Capture Solutions Drive Value Beyond the Traditional Optical Character Recognition Approach

Authors: Kurt Albertson and Pierre Mitchell, The Hackett Group

Optical character recognition technology has experienced significant advances in the past five years and works well for many applications. However, OCR technology has primarily been replaced by “intelligent data capture” technology, or IDC, for invoice processing. IDC solutions take advantage of integration with source systems and complex intelligence to increase recognition rates and automate more activity within the accounts payable process. IDC has the further benefit of not being dependent on supplier adoption rates and works equally well with large, medium and low-volume suppliers. A key value driver of IDC is the potential improvement it brings to process efficiency. Staff levels are not expected to return to previous levels once the recession fades, so as revenue and associated process volumes pick up, IDC solutions will enable organizations to continue to do more with less.