Your AP Team Gives Thanks for
Intelligent Document Processing
From saving time to improving accuracy, your accounts payable is thankful for intelligent document processing. See why it’s a must-have automation solution.
Table of Contents
- Challenges of accounts payable
- 8 reasons AP teams give thanks for intelligent processing
- Empower your team with intelligent document processing
It’s that time again for many of us when we look back and give thanks for all of our wins in the past year. For your accounts payable department, intelligent document processing (IDP) is at the top of their gratitude list — and for good reason.
Before IDP, employees were spending hours manually processing invoices and other documents. This resulted in missing important information or getting inaccurate data entered into their systems. Not anymore.
By switching to an IDP platform, they were able to improve efficiency and accuracy, reduce costs, and save their company money. See why AP teams give thanks for IDP and how cloud-based document automation enables digital transformations.
Challenges of accounts payable
AP professionals face many challenges as they try to keep up with the ever-changing world of business. These include constantly changing document layouts, slow validation interfaces, and legacy on-premise architectures that hinder automation.
Additionally, they must figure out how to effectively track invoices and payments from vendors, while also ensuring that the company’s overall financial health remains strong. Between managing a growing number of vendors and the ever-increasing complexity of document processing, it’s difficult having enough time to do it all.
8 reasons AP teams give thanks for intelligent processing
Intelligent document processing solves many of your AP team’s challenges. Powered by artificial intelligence and machine learning technology, IDP automatically captures, extracts, and processes data embedded in structured, semi-structured, and unstructured documents.
This helps eliminate manual processes, saving time and reducing errors. But that’s not all. Here are eight reasons why your AP team is thankful for IDP:
1. Better control over documents
IDP gives professionals greater control over their documents than ever before. The cloud-based software automates processes, as well as provides visibility across the entire document lifecycle. Automation makes it easier to track documents, ensure compliance, and streamline workflows.
2. Improved accuracy
By leveraging AI and ML technology, IDP solutions are able to quickly identify and flag errors in documents. The increased automation and visibility provided by IDP translates to improved accuracy and reduced errors. AP teams spend less time reviewing documents and more time focusing on core business activities.
3. Increased efficiency
IDP makes it easier and faster to process documents and find important information, which allows your AP team to focus more on doing what they do best — managing cash flow. When less time is spent on repetitive time-consuming tasks, productivity skyrockets.
Plus, quick processing times allow AP professionals to take advantage of early payment discounts and form better supply chain relationships.
4. Lower cost
By eliminating manual data entry and document processing, your AP department’s overhead costs go down. IDP reduces labor costs while increasing productivity, resulting in higher profit margins for organizations. It also helps companies save money on paper, ink, toner, and printing supplies.
5. Mitigate risks
Avoid overpayments and penalties associated with errors stemming from manual document processing. IDP significantly reduces the opportunities for human error, allowing AP departments to focus on higher-value activities.
Since IDP eliminates the need for paper, employees don’t have to worry about losing documents or having them stolen. Not only does this prevent data loss, but also adds another layer of security to your business.
6. Streamlined workflows
By standardizing processes, IDP ensures that everyone uses the same methods and tools throughout the organization. That way, no matter where someone works, he or she always knows how to complete a task.
7. Enhanced collaboration
Since IDP integrates with existing systems, it enables employees to share data easily and collaborate effectively. Additionally, it gives them access to real-time information at any point in the workflow.
8. Less downtime
When people aren’t working efficiently, they often experience delays and disruptions. But thanks to IDP, your AP team never has to wait long for critical documents to arrive. Instead, employees get them right away, eliminating unnecessary downtime.
Empower your team with intelligent document processing
The right IDP platform helps your AP team automate routine tasks, quickly identify what’s important, and deliver actionable insights into your operations. In essence, IDP makes sense of the flood of information that arrives every day for your employees.
It’s important to note that IDP isn’t limited to accounts payable alone. In fact, it can be applied across multiple departments. For example, it can be used to improve customer service or streamline HR operations.
Watch a walkthrough of Rossum to see how our AI-powered system minimizes the time your organization spends processing documents.