Manual invoice processing is expensive. Time spent keying in data could be put to more strategic use. Unstructured data in invoices could be turned into business-critical information.
Automated Data Capture
An automated data capture solution will unlock your data, without manual keying or data entry. Using machine learning, it can learn how best to capture, classify, extract, validate and export the important invoice data you need.
Centralised invoice data eliminates duplication. Accounts departments can set up automated approval processes and alerts for exceptions based on their specific business rules.
An automated process may be more than 20X faster than humans, on-premise, and up to 40X faster when deployed in the cloud or using a hybrid cloud solution.
And, automated invoice processing costs will typically fall to around a quarter of the cost of manual processing.
Better Cashflow Management
Faster data capture translates to better cashflow management. When the data challenges are removed, the result is a lower cost per invoice, on-time and accurate payments and more productive employees who can spend their time on higher value work.
The digital transformation of invoices, unlocking unstructured data, is an easy win and often used as a proof of concept to implement automated data acquisition processes throughout an enterprise. Structured data can then support process automation right across the business.
If data acquisition is slowing down digital transformation in your business, we can help with a vendor-agnostic approach to enterprise innovation. Book a 1:1 today.
Take a few of minutes to read more on our AP Automation services and solutions.