Press Releases

Facilities are shortening the time required to record supplier invoices.  The accuracy of the OCR process varies widely.  Each supplier has its own terminology and document layout making the process especially challenging.  Slingshot’s Intelligent OCR process “learns” the supplier’s layout improving accuracy as invoices are processed.  If the layout changes, “Intelligent OCR” automatically detects the change and adjusts its rules for the supplier.

Slingshot has added “Intelligent OCR” to its invoice capture and matching facilities.  These facilities are available in release G2-12 of Slingshot’s purchasing and accounts payable applications scheduled for release this summer.  For more information contact Slingshot sales representative at sales@slingshotsoftware.com.

Touchless matching substantially reduces the invoice processing labor while improving accuracy.  In many environments 70% of PO invoices can be processed automatically.
Invoices are scanned in or emailed to an “Unprocessed” folders.  A background process selects the images for a document, interprets them (OCR) and performs a two-way (Invoice to PO) or three-way (Invoice to PO to Receipt) match.  Discrepancies (price or terms) are automatically identified and forwarded to a responsible user for resolution.  The images are attached to the electronic record in Slingshot and can be viewed wherever this record appears. 
“Touchless Matching” is available in release G2-11.2 of Slingshot’s purchasing and accounts payable applications.  For more information contact Slingshot sales representative at sales@slingshotsoftware.com.

Slingshot’s supplier portal now permits multiple signed in users for the same supplier.  One user, deemed the administrator, is allowed to establish or deactivate other users.  This feature puts the supplier in control of who can access the portal and what functions can be performed.  Slingshot’s supplier portal allows the supplier to:

Slingshot has added “intelligent OCR” receipt recognition to its Mobile Expenses^tm application.  Mobile Expenses is available on IOS or Android powered phones.  The application allows a user to capture expenses by entering the app and taking a picture of each receipt.  An OCR process converts the receipt to text and automatically fills in the expense category, receipt date, description, merchant’s name, credit card # (last 4 digits) currency, and amount.

What sets Mobile Expenses apart is its ability to improve OCR accuracy as each additional expense is captured from the same merchant.  The learning process notes the expense category assignment and the location of the key fields on the receipt and uses this information the next time a receipt is processed from the same merchant.  Intelligent OCR distinguishes between cash and credit card receipts where the location of the data is often different.

Slingshot’s Strategic Sourcing application (eSource) automates the process of identifying, qualifying and onboarding suppliers.  RFx documents can be produced for a set of suppliers.  These documents are extremely flexible and can include items to be priced, business terms, documents required and a survey.    Supplier responses are recorded in Slingshot’s supplier portal.  Responses are scored automatically based on price and survey responses.  The RFx can be awarded as a purchase order or a contract.

Slingshot’s Supplier Portal allows registered suppliers to collaborate and add value to the customer relationship.  The goal is to promote improved efficiencies for both the supplier and its customer.

Suppliers can participate in RFx initiatives (RFQ, RFP or RFI), acknowledge and accept purchase orders, confirm shipping schedules, accept priced invoices, review performance statistics, update catalogue data (products offered and current pricing), update profile and supplier qualification data and review invoice history including a payment schedule for open invoices.

The supplier portal has been enhanced with a supplier dashboard providing “one click” access to all of the above functions.  The supplier will receive Email notifications informing them of an RFx opportunity, the need to confirm a document or the need to update profile or qualification data.  A link in the Email takes the supplier to the form below.