KUALA LUMPUR, 19 OCTOBER 2010 -- Companies could realise returns on investment from between 50 to 90 per cent by adopting end-to-end document automation solutions, according to Swedish firm Readsoft.
"Document automation is driving significant business benefits to many companies around the world," said document automation provider Readsoft's president and chief executive officer, Jan Andersson, speaking in Kuala Lumpur during a recent tour of Southeast Asian markets. "While actual returns on investment [ROI] vary, companies should expect to cut costs by at least half with correctly-installed systems."
"Document automation solutions provided by Readsoft are end to end," said Andersson. "This involves systems that capture data from different media intelligently to allow correct management of information. Our application is self-learning, e.g. it will recognise invoice information from many different templates in use in the industry.
The data is then put into an SAP ERP (enterprise resource planning) solution."
He said document automation allowed companies to outsource many business processes such as invoice handling. "Another important aspect is that automation enhances both data quality and working processes, as well as provides greater security and traceability to businesses of all sizes."
"Business areas that Readsoft focuses on currently involve purchasing, orders, applications, insurance claims and questionnaires," Andersson said. "Industry sectors served include manufacturing, retailing, banking & finance, gov
Growth of service centres in Asia
"Business drivers behind the decision to install document automation and handling include the need to drive efficiency in organisations, contain costs as well as to meet compliance requirements," said Andersson.
"In addition, the growth of service centres especially in Asia, is opening up market potential," he said. "This was part of the reason behind our setting up our regional office in Malaysia three years ago."
He added that Readsoft saw significant potential for its solutions. "For example, the analyst firm Hackett Consulting Group said only 17 per cent of today's Fortune 1000 corporations use invoice automation and extraction as their primary solution for handling paper invoices."
"The software is more accurate than a human being, who is prone to errors in repetitive tasks," said Andersson. "Readsoft's business has doubled every year since our incorporation in Malaysia in 2007."
The company has just announced a recent win in Asia with a large conglomerate in the Philippines, which invested US$370,000 in ReadSoft's solution for accounts payable automation in SAP for its SSC [shared service centre].
Readsoft Asia managing director Tung KK (Kam Kai) added that more large SSCs were being set up in Asia. "Escalating costs and war for talent has urged organisations to relook their SSC geographical options. Organisations are shifting their focus to developing countries like Malaysia and Philippines, which offers multilingual talent pool, competitive compensation structure, government incentives and availability of world class infrastructure at a lower cost."
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