CloudTrade adds OCR ability with Mitie plug-in to its e-invoicing and e-document services
LONDON, January 2018 –CloudTrade, the leading provider of cloud based e-invoicing and e-document processing services, today announced the launch of its Cloud Capture service that will enable customers and their suppliers to process 100% of all their invoices through CloudTrade’s platform.
CloudTrade’s partnership with Mitie’s Document Management business will add Optical Character Recognition (OCR) and data extraction capabilities to CloudTrade’s patent protected e-invoicing and e-document solution, enabling users to process all human-readable documents and to extract data from structured and semi-structured documents.
The partnership is borne out of aligned values and a close working relationship which benefits both organisations and their customers by providing an agile solution, catering for all inbound invoices.
David Cocks, CloudTrade’s CEO, says: “There is no doubt that the business and environmental impact of practices, such as paper invoicing and paper purchase orders, have rendered them unsustainable and hugely unproductive; and that e-invoicing and e-documents are a modern, innovative solution to the paper problem.
“Optical Character Recognition (OCR) offers us another way of interpreting human-readable documents and to extract data from them. Our Cloud Capture service allows us to extract data from scanned images of structured and semi-structured documents, meaning our users can now process 100% of their invoices through our platform.”
Richard Manson, CloudTrade’s Commercial Director, adds: “To date, our patented technology has enabled documents, supplier invoices and customer orders, to be received as text PDFs and automatically converted into an e-document structure. We map the data embedded within the PDF as created by the originating system and convert this into a format accepted by the recipient.
“As this approach is so simple and non-disruptive to any supply chain, adoption rates are extremely high when an organisation promotes this method of e-invoicing. However, it was important to integrate OCR capabilities, as it would be fool hardy to predict that there will ever be a truly paperless office. Some paper will likely remain – at least in the short term.”
James Gilding, Managing Director of Mitie Document Management, said: “We already have an industry leading platform for processing paper invoices and have been exploring opportunities to leverage this service and integrate it with an e-invoicing platform. This partnership with CloudTrade provides a great opportunity enabling us to offer a complete solution to our clients to cover all their invoicing requirements.”
Electronic and automated invoice processes can result in savings of 60-80% compared to traditional paper-based processing. CloudTrade’s software is protected by lasting patents in Europe, the U.S. and Australia.
How CloudTrade’s solution works
CloudTrade’s patent-protected software uses unique rules based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type. So, whether its invoices, sales and purchase orders and advanced shipping notices, CloudTrade processes them automatically and cost effectively, with unprecedented accuracy.
Although CloudTrade offers suppliers a number of ways to send their electronic invoice (including direct XML / EDI), by far the most popular approach is for a supplier to simply send an application generated PDF via email. When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF without the use of OCR – which guarantees 100% quality. PDF invoicing is easy to use and out-of-the-box with most accounting packages. As a result, typically >90% of suppliers (irrespective of shape or size!) when asked will send PDF invoices.
Cloud Capture compliments our core e-invoicing and e-document services, by managing the long tail of low volume sending parties that are unable to send a text based document and instead send an image or original paper document.
Mitie is a FTSE 250 business providing a wide range of facilities management and professional services, from real estate consultancy, project management, energy consultancy, compliance, risk assessment and security systems to cleaning, catering, engineering, technical and environmental services and a range of specialist services.
We work in partnership with organisations to deliver long-term savings, managing and maintaining some of the nation's most recognised landmarks for a range of blue-chip public and private sector customers.
We are the UK's largest Facilities Management Company, employing some 53,000 people across the country. Find out more at www.mitie.com
Read the Mitie press release here.