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OCR, or optical character recognition, is a technology that allows the software to recognize and extract text from images and scanned documents. In e-procurement, this technology can streamline the process of converting paper-based invoices and other documents into digital format.
In today’s uncertain times, companies look for technologies that can automate their processes and make their systems more efficient and transparent. Invoicing in businesses is an important aspect of business operations and OCR technology can play a significant role in improving the invoicing process.
Let’s have a look at some of the advantages of OCR technology in eProcurement.
Increased Efficiency
By converting invoices and other documents into digital format, OCR can help to speed up the approval and payment process in your organization.
Improved Accuracy
With OCR technology, your organization reduces the risk of manual errors and improves the accuracy of data extraction. OCR technology reduces the risk of data entry errors, ensuring that invoicing data is accurate and reliable.
Reduced Costs
By reducing the need for manual data entry, OCR technology can help to lower the cost of e-procurement processes. OCR technology can also help your company reduce costs by improving the accuracy and speed of data processing.
Enhanced Data Visibility
It will be easier for your company to track and manage procurement data with digital invoices and documents with the help of OCR.
Choose the Right OCR Software
Selecting the right OCR software that is specifically designed for eProcurement is crucial for your organization. It should have features such as automatic document classification and data extraction, that can benefit your invoicing processes and eventually, can boost your profits.
Train the OCR System
Training the OCR system that your company has chosen to implement is essential. Good training will ensure that the system accurately recognizes and extracts data from the specific types of documents used in your procurement processes.
Integrate with Procurement Systems
Integrating the OCR software with your organization’s procurement systems to ensure that the extracted data is automatically populated in the relevant fields is crucial.
Quality Check
Regularly performing quality checks to ensure that your OCR system is accurately recognizing and extracting data will be beneficial for your company’s procurement health.
In conclusion, OCR technology can bring many benefits to the e-procurement process, including increased efficiency, improved accuracy, reduced costs, and enhanced data visibility. To maximize these benefits, it is important to choose the right OCR software, train the system, integrate it with procurement systems, and perform regular quality checks.
Eyvo’s invoicing module can help your organization to log invoices and payments into the system using the OCR technology. This helps complete the Purchase-to-Pay (P2P) cycle of a robust eProcurement system and is especially useful to Purchase Managers and Accounts Managers involved in the process.
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