The accounts payable department of the Mayo Clinic, the nation's largest not-for-profit healthcare provider, was drowning in paper and experiencing a backlog of up to 5,000 invoices daily.
The organization's 400,000 vendors all have unique invoice layouts, making optical character recognition applications based on pre-established invoice templates useless. In addition, the Mayo Clinic had added another facility, which was expected to result in a 12% workload increase, and it had targeted a 6% cost reduction.
Brainware offered a solution that could capture data from vendor invoices without requiring templates. Instead, the technology scans e-mailed or scanned hardcopy invoices for vendor-identifying information, such as the purchase order or invoice number. It then extracts 90% to 95% of the information necessary to record the invoices and send out payments. And, says Robin Balliet, Mayo's business coordinator, "It doesn't require our suppliers to change how they invoice us."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
