EGS has taken traditional OCR technology, added its own magic dust … and created a scalable, affordable way for organisations to accelerate their electronic invoicing capabilities and enjoy an immediate payback.
Re-engineered as eOCR (enhanced optical character recognition), the process now forms a key component of EGS’s award-winning eInvoicing solution. And it’s being used already by large EGS customers to target thousands of suppliers who still use paper-based invoices.
With eOCR, supplier invoices are scanned and data is extracted with 99% accuracy levels. But then EGS’s innovation takes over. A validation engine enforces business rules, checking values and PO/VAT numbers automatically so that invoices are 'clean' and ready for electronic processing.
The newly-created electronic invoices are then transmitted to EGS's workflow or any customer’s own finance/ERP system for automatic matching and payment. Meanwhile, an image of the original invoice is archived for ten years.
"EGS has re-engineered traditional, tried-and-tested OCR technology - with remarkable results," says David Cocks, Chief Technology Officer at EGS. "We haven't simply reinvented the wheel. We've created a powerful vehicle around it - to streamline business efficiency."
EGS sees eOCR as a powerful stop-gap solution for the next 3-5 years, enabling buying organisations to race ahead with their eInvoicing ambitions - rather than being held back by suppliers who are slow to switch from paper to electronic methods.
And the savings are immediate. EGS uses as pay-as-you-go model, with every invoice handled by eOCR priced at a fraction of the cost of the manual re-keying and approval process.
"The service and its savings are scalable,"” adds David Cocks. "eOCR is an end-to-end service with low barriers to entry and invoices made ready for electronic processing within 24 hours of receipt."
About EGS
EGS provides solutions to manage and control corporate spending by automating and streamlining the entire purchase-to-pay lifecycle. Our Spend Management solutions give you control, save you money and equip your executive team with the best information to make the right decisions. More than 40,000 users across 150 organisations in the public and commercial sectors employ EGS solutions and save millions of pounds. This year over one million transactions, worth £1 billion of corporate purchasing, will be completed using EGS.
For media enquiries please contact media@egsgroup.com
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