Scanning and Optical Character Recognition (OCR) technologies are sometimes considered a first step in automating the processing of invoices. But these approaches continue to rely on the submission of a paper invoice.
There is much more to invoice processing than digitizing a paper invoice. The ability to ensure that the invoice is from a preferred supplier, and contains the right price, is critical. There's also the issue of supplier inquiries, which can overwhelm a lean AP staff and prevent them from engaging in higher-value activities such as managing supplier performance and pursuring early payment discount opportunities.
A recently published report from The Accounts Payable Network talks about a different approach to invoice processing: the smart invoice network. The report examines the current state of accounts payable, alternate invoice automation approaches such as EDI and OCR, and the value to buyers and supplier of collaborating over a smart invoice network.
To access a free copy of the report, click here