This article was originally posted on Saleonl
OB10 hosted the February 26 the Webinar titled E-Invoicing vs. OCR, Getting the Most from Invoice Automation. The Webinar attracted over 130 participants eager to learn the benefits of e-Invoicing and why 5a8 it is a viable alternative to OCR.
The Webinar outlined the challenges companies face when managing an end-to-end paper invoice process and how OB10 helps to streamline that process. Financially, implementing an e-Invoicing solution requires no upfront capital expense, no licensing or maintenance fees, eliminates tasks and labor, and offers a much stronger and faster return on investment than OCR.
“There remains over 80 percent paper entrenched in today’s Accounts Payable departments and many organizations unfortunately choose OCR because they believe it will provide a significant level of automation and efficiency,” says Thayer Stewart, vice president, marketing and business development - OB10. “Many of those same companies are finding that once they’ve spent hundreds of thousands of dollars and significant resources implementing an OCR solution, it’s not all it’s promised to be because you’re still dealing with paper. With e-Invoicing, the implementation is faster, the investment is only a fraction of the cost of implementing OCR and it’s a much more reliable solution.”
OCR also requires a significant investment in the installation of specific software and hardware in an Accounts Payable department that extracts invoice data from an actual paper invoice. On the other hand, e-Invoicing offers a hosted electronic network of receiving and delivering invoices (no hardware or software to install), suppliers submit invoices via a file upload or by keying into an online portal, and the cost is minimal - usually a low per-invoice transaction fee that is often less than sending invoices through the mail. With OCR, there isn’t much automation. With e-Invoicing, automation is guaranteed.
In addition, a supplier like OB10 specializes in supplier on-boarding; ensuring that a buyer’s suppliers are enrolled in the network and ready to transact. Typically many suppliers are already members of the OB10 network, making it easier for new buyer customers who choose OB10.
“At the end of the day, e-Invoicing offers much better business performance, greater compliance and substantial cost savings over OCR,” added Stewart. “The more organizations look at e-Invoicing as a viable alternative to OCR, the more we believe they’ll make the decision to choose solutions like OB10.”
Source: Saleonl
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