If you've taken a look at OCR in the past, you know that it has very real limits in terms of accuracy and reliability. If the documents are consistent format, computer readable, and predictable in content length, standard software only OCR can help reduce data entry by upwards of 80%.
Now in the real world documents (specifically vendor invoices) vary wildly in format, content and quality of the scans. A traditional software only data capture system will fail miserably at reading any document that faces these real world issues. Fidesic OCR is better than software only and here's why:
1. We know your ERP data.
Most OCR will try to blindly read vendor names, terms, and coding without any reference. Fidesic OCR will compare these items against you accounting database. A missed letter no longer means a failed transaction.
2. Advanced Learning:
Most OCR does not improve at all. The longer you use our system, the more intelligent our OCR becomes and becomes more and more accurate.
3. Software + Data Entry
With nearly all OCR systems missed software inputs will be pushed to your staff to correct. With Fidesic OCR we'll manually correct any missed fields from our software based OCR system. This means our software will learn faster and by the time an invoice gets to you, you'll be able to count on the data captured.
If you're in the market for reducing your data entry, Fidesic AP can help in a way that no other OCR system can: Accurate, reliable, data capture on real world AP invoices. Fidesic OCR can capture 96% of invoices submitted to it accurately.