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The data entry revolution | Improvements in OCR for Dynamics NAV 2017

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The data entry revolution | Improvements in OCR for Dynamics NAV 2017

In previous “what’s new” in Dynamics NAV 2017 blogs we have looked at a mixture of additional benefits that the current release brings, including what it means for finance teams and for project management.  In this Microsoft Dynamics NAV 2017 article, we will focus on the improvements within OCR for Dynamics NAV 2017 since the functionality first became available in 2016 release.

What is OCR for Dynamics NAV 2017?

OCR is an abbreviation for Optical Character Recognition, and this text recognition technology helps save a lot of time spent on manual entry of data and reduces keystroke errors into your ERP system, e.g. the processing of vendor invoices.

This out-of-the-box application automates the processes of scanning, interpreting, and registration of invoice data, regardless of invoice source or format. Data can be extracted automatically from supplier invoices (both PO and non-PO invoices) to verify it against information in Microsoft Dynamics. Matched invoices are sent directly to AP for immediate processing in Dynamics.

With the Lexmark Invoice Capture Service (ICS) for Microsoft Dynamics NAV, incoming receipts in PDF format (scanned or received electronically) can be converted into a structure which is easily processed by your ERP. The more the OCR service is used and therefore “learns”, the more accurate results can also be obtained from this automated data capture process.

What are the benefits of automated data capture?

Organisations who have adopted electronic document management within their financial and sales processes have gained in productivity, efficiency, control and compliance:

  • A single point of entry for decentralised invoice processing
  • Reduction in manual data entry by 75%–90%
  • Reduce AP (accounts payable) costs by up to 80%
  • Fast and simple access to invoices—available anywhere, anytime
  • Quicker invoice processing to take advantage of early payment discounts
  • Greater visibility and control of AP processes and statuses
  • Eliminate duplicate invoices
  • Assess cash flow more accurately
  • Reduce costs and space required for paper storage
  • Easier user adoption with integration into existing Dynamics NAV system

What improvements can be seen in OCR?

Previously in the NAV 2016 version, the OCR capabilities were limited to transmitting header data and invoice amounts; however with Dynamics NAV 2017, the article and general ledger account lines are also extracted with added item line capture functionality.

If your business processes a lot of repeat invoices (think recurring orders in manufacturing and distribution firms), invoice capture with OCR is of great benefit due to the use of cross-referencing.

Along with the introduction of the PayPal invoice link, the OCR functionalities will vastly improve the productivity of your finance and sales teams.

How does OCR in Dynamics NAV 2017 work?

In a back-end process, the OCR Service feature enables the user to scan a vendor invoice paper document, sends it to Lexmark ICS and then imports the invoice back into NAV with the captured details, with relevant detail indexed as searchable fields. Missing or inaccurate data is flagged for review so the only manual intervention is on an exception basis. All data, including the scanned document is now within your AP workflow in Dynamics NAV.

OCR in Dynamics NAV

How do you start using Lexmark automated data capture functionality in NAV?

This OCR for NAV video provides a good overview of the solution and takes you through how simple it is to start using invoice data capture functionality embedded in Microsoft Dynamics NAV.

  • Register with Lexmark
  • Perform the Setup in Microsoft Dynamics NAV for the OCR service

Then follow these easy steps to start using the OCR tools:

  • Create your document
  • Send document to OCR service
  • Receive document from Lexmark OCR service
  • Correct the document as required
  • Create invoice from document
  • If relevant, review and correct errors in processing and recreate invoice

If you would like to find out more about how upgrading to Microsoft Dynamics NAV 2017 will further impact your bottom line with overheads savings and increased transparency on financial status, speak to Prodware about arranging a demo which includes improved OCR functionality.

FIND OUT MORE ABOUT MICROSOFT DYNAMICS NAV 2017

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