AP processes have lived in the past for too long. Divvy is upgrading our Bill Pay service to include OCR technology.
What is OCR?
OCR stands for Optical Character Recognition. It converts scanned documents or images of text into a digital, machine-readable format.
The idea for OCR was conceived in the 1870s, and the first tools were developed in the 1930s. Banks use OCR to process handwritten checks, which can then be verified electronically in real time. Many other industries, including legal and healthcare, rely on OCR to make scanned documents searchable, editable, accessible, and easier to store.
Why did you build OCR into Bill Pay?
OCR technology gives you a faster, easier way to input invoices into Bill Pay by reducing manual work required to prepare invoices for payment.
How do I use OCR in Bill Pay?
You don’t have to turn anything on or do anything to start using OCR in Bill Pay. Just continue with your normal process of uploading invoices. OCR works automatically in the background to “read” your invoices after you upload them, providing auto-completions and suggestions.
Here’s how Divvy makes OCR even easier to use:
Auto-completions
Text from invoices that are confidently recognized will be used to automatically populate fields in Bill Pay.
Suggestions
Bill Pay will suggest critical fields like invoice number, amount due, due date, and invoice date. You simply click on correct suggestions to fill in invoice details, saving you time on data entry. So far, Bill Pay Suggestions are tracking toward 95% accuracy.
What else do I need to know about OCR in Divvy?
How accurate is it? Most OCR software averages around 80% accuracy. . The quality of the original document (e.g., if it’s wrinkled, damaged, or smudged) and the quality of the scan both affect OCR accuracy.
How will it improve over time? As you upload invoices and select Suggestions, Divvy will get smarter about auto-filling fields on invoices.
Does it work with my phone? We don’t currently have a mobile version of OCR.
What if I have questions? Contact your account manager for more information about OCR technology and to learn how it can help save you time in your payment fulfillment process.
For more information on how to streamline invoice fulfillment, contact us today.
