OCR (Optical Character Recognition) works by converting images of handwritten or printed text into machine-encoded text. This text is made readable by machines and aims to automate data extraction through data capture technology. While this technology is used widely today, it does require some manual effort in order to produce the highest amount of accuracy, especially with utility bill auditing. Depending on the quality of the handwritten or printed text, OCR technology may choose a specific character based on what it determines is the best match. So how well does OCR automate your invoice and utility bill processing?
Challenges of OCR Technology
One of the biggest and most common challenges with OCR technology revolves around the quality of the handwritten or printed text. Handwritten text is almost as unique as a person’s fingerprint and if it is too light or too difficult to read it may require a good amount of interpretation. Often this is where OCR technology requires a bit intervention: while a machine may read a specific character based on its most educated guess, when looking at the original image it may turn out to be incorrect.
While automation technologies such as OCR and Data Capture can certainly help automate invoice and utility bill processing, it still requires a well-defined process with highly qualified staff to increase the efficiencies of OCR technology.
ARDEM’s Complete and Efficient Automated Solution
ARDEM Capture utilizes the strengths of automation by melding together people, process, and technology to provide quality utility invoice management. ARDEM captures data with robust OCR engines that have the ability to not only extract accurate data but also has the intelligence to provide value to the unstructured data. With a multi-step validation routine that encompasses both programmatic and manual quality assurance, we flag any discrepancies or errors to ensure the highest amount of accuracy for any data related project.
Each vendor is mapped out to specify which data points come from the invoice bill layout – this allows for machine learning and artificial intelligence programs to collect and extract important fields of data in a fraction of the time it would take to be completed manually. With 3 to 4-way matching, each invoice or utility bill is verified for accuracy before being sent to be approved for payment for streamlined utility bill data management and invoice data management.
Contact ARDEM today to find out more about Automated solutions for Invoice Processing and Utility Bill Management!