Why CFOs Need to Know About Automated Document Processing
CFOs need reliable and efficient document processing to keep their offices running smoothly. Fortunately, automated document processing (ADP) makes it faster and more accurate when handling paperwork than ever before. It also helps organizations streamline their financial processes, reducing the reliance on manual work and improving overall efficiency.
Since CFOs oversee all financial aspects of a business, understanding the advantages of ADP is essential. Get a better understanding of this AI-powered technology and how your finance and accounting teams could benefit from document automation.
FAQs about automated document processing
Like any major decision, CFOs must perform due diligence before implementing new technology. Here are some of the most frequently asked questions about ADP to support your decision-making:
What is automated document processing?
Also called intelligent document processing, ADP is a technology that automates the capture, indexing, storage, and retrieval of documents. It eliminates the manual steps associated with traditional paper-based processes, improving accuracy and efficiency.
With ADP, organizations can quickly analyze data, easily find relevant information, streamline workflows, and securely share documents. It also provides advanced analytics to help companies gain deeper insights from their documents — such as customer trends, sales opportunities, and risk management.
How does automated document processing work?
Rossum’s automation platform leverages cutting-edge artificial intelligence and machine learning algorithms to handle every stage of the document lifecycle: pre-processing, data capture, validation, post-processing, and reporting.
Plus, integrations allow CFOs to connect their entire technology portfolio with ADP for a complete document processing solution.
What types of documents can ADP support?
Innovative AI capabilities enable our platform to process all documents with speed and precision, such as invoices, contracts, purchase orders, statements, and more.
Unlike traditional template-based OCR (optical character recognition) software, ADP systems can extract and synthesize structured, semi-structured, and unstructured data, as well as various formats (e.g. PDF, XLSX, DOCX), without manual intervention.
What security measures does ADP take?
Strict security measures are in place to comply with industry standards, for example, GDPR or HIPAA, when handling sensitive information like financial statements or medical records. Our cloud platform also provides secure encryption of stored data, access controls, regular backups, and more to mitigate security risks.
How scalable is ADP technology?
Due to its speed, accuracy, and flexibility, ADP has the capacity to handle current document flows, as well as future growth requirements. Its ability to seamlessly scale up or down depending on document processing needs is ideal for finance operations that fluctuate based on seasonality, market demand, business changes, etc.
Automated document processing for finance departments
AI automation offers a wide range of benefits for managing finance operations in terms of efficiency, accuracy, cost savings, and insights. Take a look at the ways ADP positions finance teams for success in highly competitive business environments:
Speed and accuracy
ADP accelerates financial processes by collecting and processing documents more quickly and accurately than humans can. AI and machine learning capabilities also reduce expensive manual entry errors and allow for fast integration of data into existing systems, which increases data integrity and streamlines workflows.
Furthermore, the increased speed and precision delivered by automation result in greater operational efficiency for organizations as a whole.
CFOs can drastically cut costs associated with document management through AI automation. Document processes that used to require laborious effort by humans, such as manually entering invoices or sifting through multiple documents to verify information, are now automated tasks, significantly reducing overhead.
The Master Trust Bank of Japan demonstrates the power of automation by reducing manual workloads by 75% and whittling down manual validation to 50 seconds per document.
Cross department collaboration
Organizations are increasingly reliant on virtual collaboration across departments to complete tasks efficiently, especially when exchanging financial documents. ADP enhances collaboration across departments because documents are available in minutes rather than hours, days, or even weeks.
This facilitates smoother transitions between teams during project handover or preparing for audits where quick access to reliable information is necessary for compliant operations and best practices.
Organizations must adhere to industry regulations when handling sensitive customer information. ADP simplifies compliance management by providing solutions designed specifically for finance departments, with security at the forefront of development and design.
Processing all data electronically via machine learning algorithms also guarantees better records retention, successfully addressing data protection and privacy standards. Additionally, our cloud platform increases secure accessibility through access controls, strong authentication, regular backups, and other protocols.
Analytics are crucial for understanding how customers interact with a business, so leaders can make better-informed decisions that improve outcomes. Our platform’s built-in reporting and dashboards provide transparency across financial documents, allowing CFOs and staff to gain actionable insights into operations, customers, trends, and more.
For example, the usage dashboard calculates average turnaround time, allowing you to dig deeper into specific users, queues, or document types to better understand and improve your process. Another valuable insight is the average time spent and correction activity on a field-level basis, which can help you assess and optimize the document processing workflow.
Since ADP makes processes faster, more accurate, and seamless, finance teams can focus more on providing a higher level of service through quicker turnarounds, fewer errors, and responsive communication.
AI automation is key to helping staff enhance interactions across all your stakeholders — customers, suppliers, employees, directors, investors, government, etc.
Transform your finance operations with powerful automation
As technology advances, CFOs must stay up-to-date on the latest automation tools to streamline processes while reducing errors and costs. Automated document processing is a cutting-edge solution revolutionizing how businesses handle their financial documents, from supercharging efficiency and accuracy to enhancing security and collaboration.
Dig deeper into AI automation with our intelligent document processing eBook to modernize your finance operations, giving your business a competitive edge.