Sept 30 2012 – MDSL, the leading provider of international Telecom Expense Management (TEM) and Market Data Management (MDM) solutions today announced that it has acquired the business of Innodoc LLC, the leading Automated Data Capture technology company, and has formed a new document management company offering its services as MDSL Innodoc Inc.
MDSL Innodoc specializes in the rapid and automatic processing of all forms of business documentation, bringing together specialized document management and global expense management technologies to create a fully scalable and automated “production line” for receiving, validating, reconciling and internally allocating complex business documentation, including technology invoices.
Steve Naghshineh, Innodoc President and CEO, joins as Chief Operating Officer and Vice-President of the new company.
Ben Mendoza, MDSL founder and CEO, said: “We are delighted to announce the new organization within the MDSL Group of technology expense management companies. It adds further world-leading, imaging, document management, forms recognition and data transformation services to MDSL’s range of capabilities and will play an integral part in the new Automated Invoice Processing services that MDSL is now providing to several Fortune-500 clients”.
He continued: “The new service is a “game-changer” for our customers. By incorporating the new technologies into our existing workflow tools, we can provide automation to the very complex area of telecom and market data invoices. Business process evolution has clearly demonstrated how the introduction of the “automated production line” to areas traditionally requiring a high degree of human skill, concentration and manual processing has brought enormous productivity and scalability boosts to organizations, regardless of the product or service being created. We look forward to bringing those benefits to our customers world-wide”.
Despite recent technological advances, most large companies still only perform rudimentary checks on complex invoices, despite receiving thousands every month. At the same time, many invoices are still delivered on paper while those that are “electronic” are often simply delivered in the form of an image (such as a PDF document) attached to an email, which still requires manual processing and validation.
The new MDSL Innodoc solution automates this process, bringing significantly improved levels of accuracy, consistency and control at greatly reduced cost for almost every large organization, while at the same time dramatically raising levels of error detection, productivity and profitability.
Ben Mendoza explained: “In the case of telecom invoices in particular, it is impossible manually to check the rates applied to every one of what can be millions of calls each month. No-one these days retains those kinds of staffing levels. MDSL’s seventeen years’ experience has shown that – once you include processing the paperwork, checking the vendor and account details and accurately entering the data to verify the costs against the inventory – a trained employee can typically be expected to check an average of no more than four invoices an hour. It is no wonder that companies only check the bottom line numbers, and then only to see if they are within a tolerable percentage margin of their last payment”.
He continued: “The MDSL Innodoc solution typically processes 60 invoices an hour – a fifteen-fold improvement. It also makes fewer mistakes, dives deeper into the details and analyzes them more comprehensively to identify over-payments and other billing inconsistencies, saving you even more money. And if it finds a discrepancy (based on your business rules) it automatically provides the details to help you dispute and resolve the issue with your vendor.
“Finally, where an invoice is processed that fully matches your criteria, it is automatically allocated and a file sent to your payment system to achieve genuine Straight-Through Processing (STP).”
Innodoc’s technology utilizes a multi-pass Optical Character Recognition (OCR) and a Voter process. In the first pass, Innodoc’s Adaptive Learn Technology “learns” the documents. In the second pass, it uses ruled-based OCR to extract the appropriate data. The Voter system then determines the confidence level of the data extracted from each pass. The third pass is a full-page OCR process, at which point the documents are sent to an operator for validation and verification. He or she then uses Innodoc’s “Click On Image” technology to populate any data that has not been captured, thereby minimizing any manual keying by the operator.
Steve Naghshineh, Chief Operating Officer and Vice-President, said: “Joining forces was the next step in the evolution of our process. MDSL has hugely powerful tools for analyzing and evaluating expense data to a granular level, while we have the sophisticated capability required for capturing data accurately from non-electronic formats and enabling MDSL to scrutinize it, regardless of the medium. It is a great fit from a technology perspective and will enable even more organizations to benefit from the results and improve their efficiency. We are delighted to be on board”.
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MDSL is the market leader in international Telecom Expense Management (TEM) and Market Data Expense Management solutions with offices in London, New York, Paris, Gothenburg, Tokyo and Hong Kong. The company features in the 2010 Gartner TEM Magic Quadrant, and is one of very few providers to carry ISO 27001, ISO 9001 and Safe Harbor certification.
Established in 1995, MDSL’s award-winning software and services assist enterprises around the world to manage their communications and market data costs more efficiently, and achieve significant cost savings on a global scale. With a range of solutions covering the full life cycle, from procurement to invoice reconciliation, more than 150 customers in over 34 countries trust MDSL products and services to deliver tangible and measurable benefits to their bottom line.
MDSL is a member of the TEM Industry Association (TEMIA). The company was recently rated top international TEM provider in the AOTMP 2011 survey of customer satisfaction and is ranked in the Top-25 UK businesses in the Sunday Times 2011 International Track 100 list, as well as featuring in the Sunday Times 2011 Tech Track 100 list. MDSL was recently voted “Best Supporting Services Provider” in the 2011 Inside Market Data Awards and was short-listed for 2011 National Business Awards “Business Enabler of the Year”.
Innodoc offers its clients a reliable, high-quality imaging, document management and data collection option. We provide our clients with state-of-the-art imaging techniques and industry knowledge, enabling our customers to streamline their processes and increase their bottom line.
Clients working with Innodoc, discover a more professional, low risk alternative to their in-house data capture processes. Innodoc delivers years of practical imaging and document management experience allowing our clients to benefit from best of breed solutions. Innodoc recognizes the importance of business ethics in the workplace. Innodoc's emphasis on business ethics is the foundation in maintaining financial balance. Innodoc delivers high value, quality services because the professional environment is challenging, creative, respectful, and rewarding. Innodoc thrives to encourage value to its customers and fair reward to its owners and employees.