Recently, I attended a presentation on the digitisation of financial processes by a large consultancy company. The purpose of the presentation was, in addition to inspiration and of course indirectly the role of the consultancy player in question as a possible supporting partner, to give the participant an insight into what is happening in the market in terms of supporting technology and this for SMEs. This resulted in nice overviews per function group (financial process) of what technology is available. On a number of occasions, the online participants were also asked about their priorities and/or knowledge, and it appeared that more than half of them were interested in an OCR solution for their company.
To Cloud or not to Cloud, is that the question?
The vendor solution selection was repeatedly pushed in the direction of cloud-based (by which they meant SAAS) and this versus a traditional “on-premise” installation. Now, about the pros and cons that were listed, of these 2 options, I can easily enter into a discussion outside of this blog. What struck me was that there was no mention of possible alternatives that focus on the service part of a solution.
Choosing an OCR/IDP solutions in your SME?
Of course, I am not unbiased, but in the case of OCR/IDP the consideration should not be made (or at least not only) between “cloud” or “on-premise”, but between what do I still want to do as an SME and what not? . Why should an SME invest in technology and knowledge of an OCR/IDP solution, if they can buy this as a service? Do you still want to keep the software installation/configuration and so much more in-house? Do you want to validate the extracted data and train the AI/ML component yourself? After how much validation can you be confident that it is running correctly and no human supervision is needed anymore? How will you ensure that the output is available in the desired format for RPA automation, API, or other ways of integration with your core systems or for data use in web applications?
Not seeing the wood for the trees
At a networking event, I heard a CEO of a medium-sized company say. With all these new technological possibilities, who can still see the wood for the trees? Which software do we need, and within that category, which do I choose? Our answer, as SOLVERS.AI, is: start by determining what you still want to do yourself and what the software or service should take over.