Every year, about 550 billion invoices are generated and exchanged between supplier and buyer organizations. Traditionally, processing these invoices has been a manual, labor-intensive task. But thanks to intelligent automation, that situation is changing. Organizations can now take processes such as accounts payable (AP) and turn them into efficient business functions by automating them end-to-end.
Now data from invoices can be accurately processed automatically, freeing up knowledge workers from manually keying in the data as well as other related routine tasks to focus on higher-value projects.
Intelligent document processing enables the end-to-end automation of invoices processing through the combination of RPA and AI. Together, they integrate into existing applications and replicate user actions to transform AP for better, faster processing of invoices.
Leaders are moving to Intelligent Document Processing and Automating Invoice Processing End-to-End with RPA and AI
Finance departments in many of the leading organizations are driving digital transformation to revamp their accounts payable process. Digitization of the accounts payable process can streamline the supply chain, improve relationships with suppliers and reduce operational costs.
RPA and AI enable the end-to-end automation of invoices processing. Together, they integrate into existing applications and replicate user actions to transform AP for better, faster processing of invoices.
Robotic Process Automation RPA in Accounts Payable AP
Automating invoices processes end to end can have multiple benefits in terms of cost, time to process invoices and reducing the errors often introduced by manual processing.
transformAI and Automation Anywhere provide a single platform to enable this automation. Enterprise RPA Combined with IQ Bot can fully automate the accounts payable process with automatic data extraction, information entry into systems of record, data reconciliation and automated approval routing.
- End-to-end automation of the invoice process increases efficiency and reduces errors
- Avoids double payments and overpayments through streamlining of the process
- Keeps approval process under control to pay on time
- Provides full visibility of outstanding payments for forecasting
Indicators That Considering Intelligent Automation May Benefit Your Organization
- Too Many Manual processes
- Current methods are resulting in late payments or worse over-payments
- Poor supplier engagement due to inefficient and unpredictable turnover times
- Lack of visibility into outstanding payments
Keys to Getting Started
Select a partner with:
- Expertise to help you identify the opportunity for savings and gains
- Experience to help guide you through each stage of the process
- Skills to rapidly provide the full solution including training, implementation, process flows, best practices, systems management tools.
- Solutions for Monitoring – including alerts, escalations, Query
- Diagnostic and Analytics tools
- Reporting and Customer Information