What Kind of Invoice Volume Do You Need to Justify Going Digital?
In previous articles, I've outlined the benefits and challenges with going digital and moving your paper to the network. When you transform your paper invoices into digital format, you gain easier and faster access to data with lower processing costs. In this column, I go a step further and examine the dynamics around data extraction, with its ability to reduce or eliminate manual data entry and support key accounting processes, like prioritizing payment and check processing schedules.
What is data extraction, how is it done and who is using it?
Simply put, (Articlesbase.com August, 2008) "Data extraction can be defined as the process of retrieving data from an unstructured source in order to further process it or store it. Data Extraction is extremely useful for large organizations who deal with huge amounts of data on a daily basis..." Data integration occurs after paper is scanned, as the indexed files are matched against the Microsoft Dynamics ERP transaction. Data can be stored in a static or regularly updated database or document repository.