FAQs
What does Corcentric do?
What sets Corcentric apart?
Where is Corcentric located?
When was Corcentric founded?
How many Customers use Corcentric's solutions?
What is COR360?
What is the Corcentric Supplier Network?
How secure is the Corcentric Supplier Network?
What is ZeroTouch processing?
What is Straight Through Processing?
Is digital imaging really that complicated?
We face so many other critical business issues, why should we look at COR360?
If document processing is so important, shouldn't our IT organization automate it?
Aren't there many competitors to Corcentric? We may need to look at many of these alternatives before we are ready to make a decision.
Is there a reason why we shouldn't first buy a simple imaging solution and then look to Corcentric later if and when we need more?
We already have imaging and workflow in other operations of our business, so shouldn't we just use these in Accounts Payable?
What does Corcentric do?
Corcentric is a leading provider of collaborative, flexible software as a service (SaaS) financial process solutions -- all delivered via an industry leading cloud based architecture. The Corcentric Cloud delivers enterprise based solutions for accounts payable, PO requisitioning, accounts receivable for suppliers and GPO for associations. Corcentric creates a paperless conduit between Procurement, Accounts Payable, Accounts Receivable and suppliers via our Corcentric Supplier Network (CSN) and allows companies to immediately manage 100% of their PO's and invoices electronically. Our cloud architecture being multi tenant allows for solutions to be configured in days rather than months to years for rapid return on investment.
What sets Corcentric apart?
What sets Corcentric apart in addition to our industry recognized software is our employees. Corcentric realizes that to build industry leading solutions and provide best in class customer support, it is critical to have employees with domain expertise in the areas and industries Corcentric provides solutions. Our clients are not just using our solutions but also getting best practice recommendations and consulting from our extremely knowledgeable staff. The Corcentric solutions incorporate:
- Deep knowledge of how the accounts payable process actually works
- Supplier portal and e-invoicing through the Corcentric Supplier Network
- Best-in-class invoice imaging and OCR data capture
- Workflow technology configured using your business rules
- Automated invoice matching using Straight Though Processing technology
- Ability to connect with 100% of a customer's supply base
- ERP/Financial system integration
- Streamlined user experience with intuitive navigation
Where is Corcentric located?
Corcentric is headquartered in McLean, Virginia with offices in Cherry Hill, NJ, Oakbrook, IL and Saddle Brook, NJ.
When was Corcentric founded?
Corcentric was founded in 1998
How many Customers use Corcentric's solutions?
More than 3,000 customers are using Corcentric solutions to automate their business commerce needs.
What is COR360?
COR360 is a comprehensive Software-as-a-Service accounts payable solution delivered via the Cloud. It enables companies to automate invoice approval, invoice matching, and PO requisitioning integrated with your AP or ERP system. COR360 converts paper-intensive processes into a ZeroTouch, paperless electronic process. Invoices are scanned, indexed and stored in a centralized online repository, then routed using designated business rules. This enables you to perform vital tasks by automating processes, allowing you to streamline your AP department.
What is the Corcentric Supplier Network?
The Corcentric Supplier Network (CSN) connects many of the world's leading organizations with their suppliers for electronic business collaboration. The Supplier Network avoids the challenges of point-to-point connections and manual processes by providing a centralized solution to deliver electronic invoices to the COR360 solution as well as provide information like payment status via a supplier portal.
How secure is the Corcentric Supplier Network?
The Corcentric Supplier Network was designed with security in mind. All communications on the Corcentric Supplier Network use HTTPS (Secure Hypertext Transfer Protocol), which is the standard for secure Internet communication. HTTPS uses SSL (Secure Socket Layer), which incorporates RSA's highly regarded encryption system.
What is ZeroTouch processing?
ZeroTouch processing allows companies to be paperless on day one through the use of an Invoice Virtualization Center and Corcentric Supplier Network. Paper invoices are converted to electronic through scanning and OCR capture in the Invoice Virtualization Center by allowing your suppliers to send invoices to a PO Box managed by Corcentric. Electronic invoices are transmitted through the Corcentric Supplier Network. Through both processes, companies never have to touch a paper invoice again.
What is Straight Through Processing?
Straight Through Processing (STP) is the ability to match invoices to PO's and receipt of goods without AP processor involvement. Invoices after being converted to electronic are matched to electronic PO and receipt data using business rule algorithms configured to your company's processes. The straight through processing rules are configured using the same logic your AP processors are using in your invoice matching process. When the STP rules are met, the invoices are automatically matched in COR360 before being interfaced to your ERP or AP system for final matching all without any AP processors needing to do any work.
Is digital imaging really that complicated?
The physical conversion of a paper document to a digital image is trivial with today's technology. Simple digital imaging technology is also inexpensive and widely available. Many companies have been initially lured into paperless processing only to be overwhelmed by the mounting complexities and costs of a full business solution.
However, driving a business with digital images requires proven, reliable management and controls like are provided in an Invoice Virtualization Center. The right imaging solution should incorporate a comprehensive workflow, nonstop availability and policy-based, ensured, best-practices in processing. All of these administrative and technical processes quickly escalate into a complex system that is costly and time consuming to build out, maintain and change.
We face so many other critical business issues, why should we look at COR360?
Focusing on core competencies while reducing non-core business functions is a critical step that today's companies are taking to streamline processes, drive out costs, increase efficiencies, and reduce risk. COR360's on-demand model enables you to transform your business by eliminating invoice processing friction points while enhancing business information management. It can be used as the platform for managing the AP process that drives a broad array of business processes and workflow
automation. This helps streamline the paper processes and reduce costs.
If document processing is so important, shouldn't our IT organization automate it?
IT might have the resources to get you started but as your needs and uses grow, they will increasingly struggle to keep up with your rapidly escalating requirements. On average, 83% of IT resources are consumed by existing systems – maintenance, upgrades, integration, enhancements and more. Forward thinking IT organizations increasingly preserve their limited remaining technical resources for use in "big win" competitive edge systems, which are mostly customer facing applications, cross-enterprise systems, or infrastructure upgrades. Most IT organizations find it an ideal alternative to use a complete service such as COR360 because it allows them to start with results, not infrastructure.
When IT organizations have thoroughly investigated COR360, they realize it's a solution they would build if they had unlimited resources and budgets. This, of course, is clear to us since AP automation is our business. As a cloud based automation provider, we have the economies of scale to undertake strategic solutions that are simply not cost effective for most in house IT projects.
Aren't there many competitors to Corcentric? We may need to look at many of these alternatives before we are ready to make a decision.
There are a number of competitive alternatives for nearly every aspect of our business, from imaging, to workflow to AP system integration. What sets Corcentric apart is that we have integrated all the key components into a proven, cloud based solution that is immediately available as a service – you plug in the components you want to start with and are immediately decreasing costs and streamlining your business.
When you choose COR360, you're taking advantage of the extensive capabilities of Corcentric. We work with our clients to gain a better understanding of the business processes and procedures. Our comprehensive service offering meets the needs of businesses of all sizes, from the world's largest enterprises to small and mid-sized companies everywhere.
Other alternative AP automation solutions require what has been called the three most feared words in every parent's life, "some assembly required." The buyer must acquire, integrate and operate an assortment of technologies and custom build a solution tailored for your business.
Is there a reason why we shouldn't first buy a simple imaging solution and then look to Corcentric later if and when we need more?
As we all learned in the desktop computing era, buying the desktop computer is the smallest part of the cost. The significant costs come in building out the hardware, networking and support infrastructures to enable the PC computing environment, which most experts now say is an order of magnitude more expensive then the desktop PC itself. Companies find that imaging emulates this escalating cost model, but with a vengeance. The hardware and imaging software is the least costly aspect of a paperless solution. That is why COR360 is such an attractive alternative.
We already have imaging and workflow in other operations of our business, so shouldn't we just use these in Accounts Payable?
If your company already has imaging and workflow, then you already know firsthand why custom solutions are extremely expensive and inflexible. Extending an existing system to support new applications in new parts of the business like Accounts Payable can cost as much, or sometimes even more, than building another custom solution from scratch. That is because software license fees are the least costly of the overall solution. It's the building out and maintaining custom solutions that consumes the huge time and costs. With COR360, you save all of these significant expenses and start getting positive ROI immediately.