The IOFM provided us a great opportunity to share, in-depth, how we utilize Perceptive Software’s technology to help enterprises transform the AP department
Atlanta, GA (PRWEB) November 12, 2014
The DDC Group, leading global provider of business process outsourcing (BPO) solutions for accounts payable, and intelligent capture giant Perceptive Software teamed up to present insights for AP Pros, in which DDC North America’s Project Manager Teresa Peyton discussed the company’s iCapture for AP solution as implemented for a global manufacturing client (the client), at the IOFM AP Conference and Expo West (AP West) in Las Vegas, Nev., on Oct. 26-29, 2014.
Peyton presented the client case study, in which the client had a paper-intensive process across three different global sites that needed a total of 500,000 (approx.) invoices processed annually. DDC was chosen by the client’s invoicing vendor as a strategic scanning partner for its iCapture for AP solution, as well as: its global reach, multi-language capabilities, data enrichment and competitive pricing. Charles Kaplan added valued insight into how the intelligent capture technology itself works, and trends and challenges currently facing AP professionals.
The case study covered the scope of iCapture for AP’s international rollout for the client. DDC streamlined global operations, established a business continuity plan, and attained truly touchless processing for the client that exceeded clients’ goals with key highlights including:
- Established set of global operational rules, streamlining processes for all sites:
Wellington, FL – 15 sites
Kilkeel, Northern Ireland – 4 sites
Batangas, Philippines – 4 sites
- Formed a strategic business continuity plan for shifting workload between sites in the case of catastrophe
- Volume backlog eliminated within one week of the project going live due to the instant increase in hands-free processing
- 24 hour turn-around time met within 3 weeks, in part, with the use of Perceptive Software’s intelligent OCR (tailored to meet client goals)
- The projects present state and future plans:
UK operations recently added to production in Summer 2014
North America operations alone process an average of 2,000 invoices or more with zero volume backlog and steady increase to up to 3,500 daily invoices
- Migration to a new ERP system for client in the next 6 months
Charles Kaplan provided knowledge about how to leverage the right tools to gain long-term profitability, including in-depth insight into the intricacies of the intelligent capture technology itself, how and what it learns, how it classifies and extracts information, and how it is used within AP.
- The estimated invoice volume in the 2014 global market stands at 500 billion, with only 40 billion being paperless, according to findings collected by Kaplan.
- The goals of advanced OCR; to increase auto-posting rates, improve PO line pairing and data extraction rates, harmonize processes and IT infrastructure, increase analytics capabilities and achieve end-to-end visibility.
- Intelligent capture technology is built from the ground up to process semi-structured and unstructured information based on context, the system can read line and field items using learned sets of text patterns.
- The technology’s human-like learning approach comes from its built-in classification “learnset” that is created by “showing” a handful of documents with similar content to the engine. The engine then creates a vector representation of each document and is then able to sort based on the sample set that it learned from, ergo its “intelligence.”
- The software has a built-in fault tolerance and context-based interpretation that can words even if the letters are in the wrong order. Much like the human-mind, as long as the first and last letters are in place, the technology reads the word as a whole.
- Perceptive Intelligent Capture for AP yields shortest time to value by extracting more than 80% of data per invoice, and through immediate processing of invoices.
“The IOFM provided us a great opportunity to share, in-depth, how we utilize Perceptive Software’s technology to help enterprises transform the AP department," said John Eisele, vice president of business development, North America for The DDC Group. "We were excited to have Charles Kaplan of Perceptive Software come on board and give great insight into the intelligent OCR for IOFM’s member leadership.”
The DDC Group team consistently presents live demonstrations of its intelligent solution for invoice processing, iCapture for AP, year-round at conferences like AP West, for leaders in finance management. The company also offers a web-based version of the demo, which can be scheduled an AP expert here.
About The DDC Group
The DDC Group has been custom designing and implementing business and knowledge process outsourcing (B&KPO) solutions since 1989. With operations across North America, Europe, and Asia-Pacific, the company’s 3,500 strong staff delivers services in over 20 languages with ahead-of-the-curve industry standards. DDC’s hybrid shared service delivery model equips its clientele with strategic B&KPO solutions fundamental for each organization's future profitability.
For more information, please visit (http://www.theddcgroup.com/), follow us on Twitter (https://twitter.com/TheDDCGroup), find us on Facebook (https://www.facebook.com/pages/The-DDC-Group/608667002491682) and connect with us on LinkedIn (http://www.linkedin.com/company/ddc-usa).