Is Optical Character Recognition (OCR) technology all it's cracked up to be?
OCR technology is a hardware/software tool that takes a paper document, usually an invoice, scans and “reads” it and turns it into metadata that can be used to populate fields in a database. From there the invoice can be brought into an electronic workflow for processing. Sounds great, right
It's only a plaster...
Companies spend millions of dollars on off-the-shelf OCR tools every year in the hope of managing piles of paper invoices better. But mid-market companies that are using OCR as an electronic invoice processing strategy are discovering that it’s not really strategic. It’s only a plaster on a much more painful problem.
To be strategic, you need to think beyond just processing paper invoices better. You need to think about a holistic strategy for processing everything associated with the invoice better.