More Than 1 Million Invoices Processed: Encoda’s Spotdata EI Service Continues to Gain Industry Acceptance
Las Vegas, NV -- Encoda Systems, Inc. today announced that the company’s leading electronic invoicing (EI) system, Spotdata, has reached new milestones in industry acceptance, including now having processed 1.2 million invoices representing a total dollar value of more than US$7.7 billion.
Spotdata Electronic Invoicing (EI) is one of the leading EI systems in the world for the delivery of invoices from television stations, radio stations, and cable networks to advertising agencies, and has already been implemented by many of the leading stations and agencies in North America. The system allows advertising agencies, media buyers, and in-house agencies to download invoices electronically from radio and television broadcasters as well as cable operators, eliminating the need for paper invoices and dramatically speeding the reconciliation and payment processes.
The number of licensed users on Spotdata in North America now exceeds 950 stations and networks, as well as 220 advertising agencies and media buying companies.
“We are delighted with the growing use of Spotdata and believe that these latest indicators are strong proof of the acceptance of electronic tools by the industry,” said Greg Jacobsen, CEO of Encoda Systems. “We intend to move forward in our e-business initiatives and will continue to refine and expand our EDI capabilities in the areas such as electronic contracting with change capabilities.”
Encoda is also participating in the current development of industry standards through the Television Bureau of Advertising (TVB) and the American Association of Advertising Agencies (AAAA), which are working to define further standards for electronic transactions — standards that will open the way for two-way negotiating tools and other advanced applications.
Spotdata uses a secure industry clearinghouse where broadcasting and cable companies send their invoices and agencies retrieve them using an easy-to¬follow Web interface. Once the invoice files are received at the clearinghouse, they are consolidated, and an e-mail is sent to each agency notifying them that their invoices are ready for download. Spotdata EI provides secure data protection and encryption to protect invoice data as it is delivered to the agency or media buyer. An invoice archiving feature is also available and allows broadcasters to store and reprint invoices for up to seven years electronically. Encoda recently enhanced Spotdata by adding a batch-printing option for agency users.
To register for Spotdata EI services, participants use an online form at the Spotdata Web site (www.spotdata.com), which also provides a demonstration of the system and detailed information on hardware and software requirements.
About Encoda Systems
Encoda Systems, Inc. provides comprehensive technology solutions for electronic media markets (broadcast television, cable, DBS, radio, streaming media, advertising agencies, media buyers, and national sales reps). Encoda Systems offers one of the most complete arrays of business systems and automated delivery systems and services in the world. The Company has offices in Colorado, New York, New Jersey, Tennessee, Michigan, Canada, the United Kingdom, France, Hong Kong, and Australia. Encoda Systems is privately held with funding from a group including LiveWire Media, Thomas H. Lee Company, the Blackstone Group, Evercore Partners, and Spire Capital Partners. Additional information is available at www.encodasystems.com