Creates new company and services
MDSL has acquired the business of Innodoc, an automated data capture company.
The international Telecom Expense Management (TEM) has also now formed a new document management company offering its services as MDSL Innodoc Inc.
It has appointed Steve Naghshineh, Innodoc President and CEO, as Chief Operating Officer and Vice-President of the new company.
MDSL Innodoc specialises in the rapid and automatic processing of all forms of business documentation.
It claims this brings together 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.
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.
“The new service is a “game-changer” for our customers,” he added.
He said that by incorporating the new technologies into the company’s existing workflow tools, it could 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,” he said.
The company claims that 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 service is said to automate this process, bringing “improved levels” of accuracy, consistency and control at greatly reduced cost for almost every large organisation, while at the same time “dramatically raising levels” of error detection, productivity and profitability.
Ben Mendoza said: “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 said the MDSL Innodoc service would typically process 60 invoices an hour – a fifteen-fold improvement. It is also claimed to make fewer mistakes and analyse details more comprehensively to identify over-payments and other billing inconsistencies, which are said to save more money.
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 analysing 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 scrutinise it, regardless of the medium.
“It is a great fit from a technology perspective and will enable even more organisations to benefit from the results and improve their efficiency. We are delighted to be on board”.