By JOLT Experts on Oct 18, 2020 9:02:58 PM
It's no secret that every organization's back office has an Accounts Payables (AP) team that spends significant amounts of time on manual, labor-intensive tasks to make sure vendors are paid on time.
Studies have shown that it takes anywhere from 4-16 days to process an invoice from receipt to payment, and roughly 76% of this effort requires manual input from the accounts payable team.
Although organizations have invested time and money in re-engineering processes and deploying technologies like ERP (Enterprise Resource Planning), OCR (Object Character Recognition), and EDI document management, AP teams continue to struggle with various issues that result in high costs and low productivity.
How can organizations tackle these issues and reduce the AP team's time on manual tasks to boost their productivity and capacity? The answer is Robotic Process Automation (RPA).
Organizations are quickly realizing that manually driven, people-based processes lead to high accounts payable (AP) transaction costs and higher error rates. With RPA, organizations can empower their Accounts Payable teams, reduce transaction costs, and minimize errors.
Robotic Process Automation (RPA) is critical in reallocating workers to higher cognition workloads and moving robotic processes to machine labor, instead of having humans do low-value tasks. This shift in workloads adds additional capability to the AP team and returns staffing to organizations, increasing employee and customer satisfaction simultaneously.
Take a look at how software robots can perform any AP-related process quickly and without errors.
Once organizations map out the AP processes that require the most amount of manual and repetitive tasks, they can start automating these workflows with the help of software robots. RPA-embedded features such as OCR and Computer Vision can help with the influx of unstructured data that the AP team receives and quickly transform them into structured data for automated processing. This way, all data is digitized, and the F&A team can streamline the workflow of structured data between the employees, the suppliers, and the third parties and automate the reporting and analytics to enable better and faster decision making for the business.
Per the diagram below, many of the previously manual steps of taking data from one system and putting it into another will be automated. RPA also puts additional safeguards around the process to ensure that mistakes such as double payment to vendors do not occur.
With RPA, organizations can transform AP work scope, setting a solid automation foundation for organizations that rely on highly manual processes. Enabling them to reduce costs, improve the AP team's performance, maximize compliance, and gain real-time visibility into AP workload status.
Want to see how RPA can impact Invoice Processing? Download our in-depth white paper and learn how organizations can invest in RPA capabilities and start with a high ROI workflow, such as AP Invoice Processing. Organizations will experience new heights of productivity and capacity, delighting both internal and external stakeholders.
JOLT has extensive experience helping organizations deploy a 360° RPA solution that automates data capture and data entry, leveraging OCR to scan, digitize, and log documents, creating an audit trail for compliance purposes. We understand that transaction volume changes can happen; our highly configurable workflow automation rules can implement these changes without impacting the bots' performance or their accuracy, enabling intuitive, effective, and efficient end-to-end automation for complex AP processes.
With JOLT's expertise and the power of UiPath's leading RPA platform, our AP automation solution is flexible and adaptive.
Book a free meeting with our experts and learn how you can bring new productivity levels to your AP team. Investing in RPA will allow your organization to streamline its processes while offering meaningful cost savings, eliminating human error, and giving employees their time back to focus on more thoughtful tasks.