21 Jul 2021 11:35 AM

The cost of doing business

Processing invoices is a time-consuming and repetitive task. It’s also prone to mistakes and human error that require manual review and reprocessing for reasons; mismatches between invoices and purchase orders, or errors in invoice coding. Accounts Payable teams spend a lot of their time chasing and correcting errors. Even the most thorough data entry clerk will tell you there are more valuable things they could be doing with their time.

The bottlenecks created by these manually intensive processes can also lead to problems further down the line. It can become a major source of problems with suppliers when processing delays translate into late payments.

Many businesses are now looking into automating this process as much as possible. But they also need to find the perfect balance between human and machine, ensuring that each complements the other so automation doesn’t come at the expense of accuracy.

The benefits of automation

Automation can lower the average cost to processing an invoice and in some cases we’ve seen AI reduce manual interventions by as much as 99%. But the benefits don’t stop there. Automation enables businesses to review inefficient business processes. In fact, using context and clues gathered from historical data, it’s quite possible we could soon scrap the approvals process entirely on certain recurring or low-value transactions from a trusted supplier. It’s also a powerful tool against fraud, able to analyse vast quantities of data and identify instances that would normally not be found by the human eye, to prevent them in the future.

These are just some of the benefits that properly harnessed AI can deliver. Its greatest value, though, is freeing up workers to focus on more valuable, skillful, and enjoyable work.

If you would like help reviewing your processes and introducing efficiencies, please contact us for advice.