Intelligent automation – buzzword or asset?
Like most financial technologies, it’s a little bit of both. How the technology is used, and what makes up a specific automation solution, is just as important as the implication of digital transformation.
As a combination of different automation technologies, including artificial intelligence, robotic process automation (RPA), and optical character recognition (OCR), intelligent automation gives a bigger bang for your buck than any single automation software.
Artificial intelligence won’t be replacing human workers anytime soon. Instead, it’s an excellent support for overworked AP professionals dreaming of more meaningful work while manually entering invoice data into their ERP. At the same time, AI and intelligent automation reduce manual errors and invoice processing costs, thus freeing up capital for investing in growth.
We can’t speak for every intelligent automation solution. But here is how we create intelligent AP solutions at Itemize.
Invoice capture done right
Automation technologies shouldn’t be a hassle to plug and play. The Itemize API was built to sync with all major ERPs and send complex unstructured and structured data into the average AP workflow. So what tech makes Itemize so different?
We don’t rely on just one or two technologies. Because the truth is, an end-to-end approach to invoice capture requires a lot of moving parts. We use machine learning, computer vision, and deep learning to name a few. Through combining simple automation technologies that streamline repetitive tasks and self-learning artificial intelligence, Itemize provides a comprehensive workflow that truly supports human workers.
And it’s not hyperbole. Through intelligent automation, AP professionals can:
- Boost accuracy (up to 99%)
- Reconciliation in real-time
- Match invoices to purchase orders
- Verify customer data
- Generate SLAs
And did we mention it works for VAT capture and processing?
Painless VAT reclaims
VAT reclaim compliance is, quite frankly, a tedious process. After manually recording VAT receipt data, AP professionals spend even more time verifying documents, tracking the reclaims process, and following up with tax authorities in each respective country. Intelligent automation solutions accelerate this process.
With highly-accurate invoice capture automation, it’s possible to pull all relevant VAT information from a single receipt and validate it against different financial documents. Then, once the receipt has been processed, the VAT report is compiled in country-specific formatting, making reclaims a much simpler process.
AP Workflow Made Easy
So, how long does it take for intelligent automation to manage these complex tasks? Potentially less than 10 minutes. There are just four steps to leveraging this powerful AP automation tool:
- Invoice Capture – The automation solution will review email invoices, take snapshots of the data, and sync them to the cloud
- Verification – Through our AI capabilities, the invoice information is extracted, verified, assigned a vendor code, and reconciled
- Review Bills – At this point, it’s a cinch to review outstanding bills and payments
- Approve Uploads – Finally, all that’s left is to approve transactions and push them to the ERP
When invoice capture, verification, and reconciliation are completely automated, it’s possible for AP teams to significantly reduce both paper and time dedicated to repetitive, boring tasks. No longer tied down to data entry, AP professionals can finally spend more time on strategy.
This brings us to the last, but most important benefit of IA – advanced analytics. High-quality data that covers the entire AP process provides an automatic feedback loop for CFOs and AP teams to discover areas of optimization. Whether you want to capture more early-payment discounts or build stronger supplier relationships, enhanced analytics makes it easier than ever to make informed decisions on strategy.
The Power of Intelligent Automation
The fact is, intelligent automation is the automation solution that AP systems need. Manual tasks are prone to error and contribute to employee disengagement. With the time saved from workflow automation, it’s possible to reallocate resources to high-value and strategic tasks.
Getting started is easy, especially with Itemize. Just connect our API to your systems (we do this for you!) and you’re ready to transform your AP workflow.
Learn how intelligent automation can benefit your business and book a demo with our experts today.