Are you finding SAP Concur too complicated for your invoice management needs? If you’re looking for a simpler, more efficient way to handle your invoices, it’s time to explore Dynamics 365’s Native OCR Invoice Extractor. This powerful tool can automate the extraction of data from your invoices, saving you time, reducing errors, and streamlining your entire process.
In this blog, we’ll guide you through how to replace SAP Concur with Dynamics 365’s OCR solution, so you can take control of your invoicing and improve your finance operations with ease. Let’s get started!
What is SAP ConCUR?
SAP Concur is a powerful cloud-based software that transforms the tedious and time-consuming task of travel and expense management into a streamlined, efficient process. Whether you are a small business owner or managing expenses for a large corporation, SAP Concur provides a comprehensive suite of tools that can help you manage your finances more effectively.
One of the key features of SAP Concur solutions is its ability to seamlessly integrate with various travel booking systems and credit card providers, automating the capture of travel and expense data. This means that employees can easily submit their expenses from anywhere, at any time, using their mobile devices or desktop computers.
What are OCR capabilities in Dynamics 365?
Dynamics 365 has robust capabilities for invoice capture for vendor invoices, which can greatly streamline the accounts payable process.
Invoice Capture for Vendor invoice
The system can extract relevant data from vendor invoices using OCR technology and automatically populate the relevant fields in the system. Some of the key capabilities of Dynamics 365 for invoice capture include the following:
- Automate Invoice Processing: Dynamics 365 can automatically capture and process vendor invoices, reducing the need for manual data entry and improving efficiency.
- OCR Technology: The system uses optical character recognition service technology to extract data from scanned or electronic invoices, improving accuracy and reducing errors.
- Data Validation: The system can validate extracted data against existing vendor information, ensuring accuracy and reducing the risk of fraudulent invoices.
- Integration with Financial Systems: The system can integrate with financial systems, such as Dynamics 365 Finance and Supply Chain Management, to streamline the invoice approval and payment process.
- Machine Learning: The system uses machine learning to learn from previous recognition results, improving accuracy over time.
- Support Different Invoice Formats: Dynamics 365 Native OCR Invoice Extractor supports a wide range of invoice formats, making it versatile and efficient.
Function Readiness
Regarding function readiness, Dynamics 365 is a fully integrated ERP and CRM system that can be customized to meet the specific needs of different businesses. The system is highly scalable and can be adapted to support businesses of all sizes, from small startups to large enterprises. Additionally, Dynamics 365 is a cloud-based system, which means it can be accessed from anywhere with an internet connection, providing users with flexibility and mobility.
Does Microsoft have an OCR tool?
Yes, Microsoft provides an OCR (Optical Character Recognition) tool as part of its Cognitive Services suite. This OCR tool, called “Computer Vision OCR,” can extract text from images and PDF documents. It supports multiple languages and can detect printed or handwritten text. The extracted text can then be used in other applications or workflows.
In addition to OCR, Microsoft Cognitive Services provides a range of AI-powered tools and APIs for image and speech recognition, natural language processing, sentiment analysis, and more. These tools can be integrated into various applications and services, including Dynamics 365, to enhance their capabilities and provide more intelligent automation.
Invoice Capture solution within Dynamics 365 Finance
The invoice capture process in Dynamics 365 is a great example of how artificial intelligence (AI) and robotic process automation (RPA) can be used to automate manual tasks and improve business processes.
AI plays a critical role in the invoice capture process by utilizing Optical Character Recognition OCR technology to extract relevant data from invoices. This data can include vendor names, invoice numbers, and amounts. The system then validates the extracted data against existing vendor information to ensure accuracy.
RPA is also utilized to automate the routing and approval process. Once the invoice data is extracted and validated, the system automatically routes the invoice for approval. This eliminates the need for manual approval and reduces the risk of errors and delays.
- Scanning or uploading invoices into the system: Invoices are scanned or uploaded for processing.
- OCR technology extracts relevant data from the invoice: AI is used to extract relevant data from the invoice, such as the vendor name, invoice number, and amount.
- The system validates extracted data against existing vendor information: The system validates the extracted data against existing vendor information to ensure accuracy.
- The system populates relevant fields in the system: The system populates relevant fields in the system, such as vendor name, invoice number, and amount.
- Invoice is automatically routed for approval: Once the invoice data is extracted and validated, the system automatically routes the invoice for approval.
- Once approved, the invoice is scheduled for payment: After the invoice is approved, it is scheduled for payment.
How to replace SAP CONCUR with Dynamics 365 Finance OCR solution?
Replacing SAP Concur with Dynamics 365 Finance OCR solution can bring several benefits to the organization. Firstly, the Dynamics 365 Finance OCR solution provides a streamlined and simplified user interface, which can reduce the complexity of the components shown on the UI. This can improve the overall user experience and make it easier for users to manage their expenses.
In addition, the Dynamics 365 Finance OCR solution allows for more user interaction, which can be beneficial when clarification is needed on an expense report that has been claimed. This can help prevent errors or misunderstandings and improve expense reporting accuracy.
Furthermore, by partnering with more companies, such as American Express, the Dynamics 365 Finance OCR solution can reduce cash claims and make online payments more efficient. This can save time and money for the organization and reduce the need for manual processing of cash transactions.
Get in Touch
Don’t let invoicing be a headache any longer; get in touch with us at DHRP today to revolutionize your invoice management!
DHRP has consultants and experts to help you in replacing SAP CONCUR with Dynamics 365 Native OCR Extractor. Let us lead you to the way of invoice management like a pro. Make your industry go smoothly with Dynamics 365 and focus on other significant business operations.
