advertising section Software
Everyone is going green. We’ve all received emails with footnotes asking us
to avoid printing unnecessarily. We no
longer print and mail our taxes; we file
them electronically. We receive and
pay our bills without ever touching
the bill itself.
Still, we have not truly eliminated
paper, or our dependency on it, just yet.
Lenders today, particularly factors, still
find themselves swimming in a sea of
documents. Invoices and checks are the
driving force in the factor’s world, and
are the records of day-to-day business
transactions. Turning all that paper into
actionable information is a time-consuming, error-prone process.
Ride the tide of paper to
While the most efficient and least
error prone solution is the pure electronic exchange of data, there is still
a significant volume of paper in the
factor’s world. As the transformation
to pure electronic exchange is occurring, many factoring operations, as a
matter of due diligence prefer paper
invoices from some of their clients,
and some clients find the electronic
exchange of data to be daunting.
Document scanners are now ubiq-
uitous in most operations and play
their part in terms of archiving client
documents, but it allows little more than
simply creating a digital filing cabinet. A
better solution would provide the lender
with the ability to take those scanned
documents and link them directly to
the appropriate client, easily accessible
when needed for review or distribution.
At the next level, it would automate the
data entry process, increasing purchas-
ing and payment efficiency and reducing
errors associated with manual efforts.
A more complete solution would take
advantage of character recognition soft-
ware, and streamline forms processing
for the lender.
A better way
Character recognition software reads
the text on the digital image created
from scanned documents and converts
that text into usable data. Optical character recognition (OCR) and intelligent
character recognition (ICR) have been
around for some time and have become
much more reliable. The ability to read
the characters in a given field with a
great degree of accuracy and populate
that data into your core system is a
tremendous advantage. Form recognition companies have proven that with
expensive, customized solutions for a
number of years.
Bayside Business Solutions, a
proven industry leader of commercial
lending system, has developed tools
for the intelligent use of the factor’s electronic paperwork, with its
CADENCE|Intelligent Data Capture (IDC)
solution. The goal of CADENCE|IDC is
to use recognition technologies to dramatically reduce the amount of human
effort required to input document data
associated with factoring.
CADENCE|IDC takes full advantage
of the latest developments in character
recognition technologies, recognizing both machine and hand-printed
text, and allows the factor to dispatch
invoices and checks more efficiently.
Administrators “train” the system and
build a library of templates. Armed with
this library, CADENCE|IDC ably identifies
the document, reads the image’s zones,
and collects the desired information.
Bayside Business Solutions, Inc.