As your business grows and as technology advances, the processing and storage of paper documents becomes more and more obsolete. For something like invoice processing, which is a necessary function for any sized business, manually going through the steps of number entry, matching, approval, and storage may involve an unnecessary amount of time and money. Even with a process like HR onboarding or record retrieval, digging through piles of paper for that one file or record is impractical and a waste of everyone’s time. When you scan your files and automate your processes with InStream, you are utilizing the most current technology to boost your company straight into best-in-class categories.
It all begins with data capture. Using the program that best fits your company’s needs, we use OCR and ICR technology to take information from paper documents and make it both editable and searchable. OCR, which stands for Optical Character Recognition, recognizes typed characters while ICR can recognize handwritten characters. The range of capture provided by these two technologies allows nearly any kind of document to become digitized. From this stage on, it’s all about what your business needs, from automated invoice processing to a system that allows files and records to be shared with just a few clicks.
Invoice processing is the perfect example of a process that is cut nearly in half by data capture and automated workflows. Each invoice is automatically coded, sent by email to the necessary approvers, and matched to the necessary documents. When this process is done manually, each invoice has to be hand coded, sent by mail often to more than one person, and hand matched to documents that normally have to be found first. Best-in-class business, who almost always automate their processes, spend 4.1 days and $3.34 to process one invoice. Businesses who do not automate and who lie towards the bottom of the heap spend 16.3 days and $16.61 to process one invoice, nearly 4 times as long and nearly 5 times as much money as best-in-class businesses do. It just makes sense to automate.
Invoice processing is not the only process that can be streamlined by InStream. In general, data capture and storage allows anyone to access, send, and receive documents within a few seconds, which is vital for industries like healthcare and government whose services depend on speed and efficiency. With InStream, there is a solution for every business and every industry to make your company the best it can be.
Contact InStream and streamline your processes today.