5 Threats to Cash Application: How OCR Can Jeopardize Your KPIs and Targets

Key Takeaways

Identify common situations where OCR automation shines and where it fails
Understand strengths and weaknesses of template technology, often paired with OCR and requiring 1000’s of templates
Measure actual automation rates to compare apples to apples
Enhance OCR-based automation with more recent technology and process electronic remittance (emails, PDFs, Excel files, web portals, etc.)
Auto-match and close invoices when incomplete information is present on remittance documents

Speakers

Jay Tchakarov, AVP of Product Management, HighRadius Corp.

About The Webinar

Optical Character Recognition (OCR) technology has long been the only option for A/R Departments looking to reduce manual cash application tasks of reading remittances and posting cash. OCR-based solutions claim efficiency increases and high automation rates. However, those who have experienced OCR first-hand know that such claims are far from reality. OCR is just ‘eyes without a brain’ and requires frequent manual intervention to handle exceptions and create new templates for each customer remittance variation.

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HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.