Streamlined Accounts Payable process - optimize efficiency and reduce costs
Intelligent Document Processing (IDP) uses advanced AI technologies to automate the extraction of data from invoices, regardless of layouts and language, to streamline the accounts payable workflow. We help you find the right vendor.
Boost efficiency
Streamline the manual effort for processing invoices and the downstream processing of data to increase straight through processing.
Increase throughput
Design a process that is inherently scalable, allowing you to significantly increase throughput while maintaining the same AP team size.
Improve agility
Create new capacities and opportunities so that your AP team can focus more on other tasks such as vendor relations.
Join thousands of brands and automate your AP workflow
With our new IDP solution, we now save 90% in turnaround time and give the finance department more control over the expense management process.
I’m happy that our junior staff is not getting melted down under the manual data entry friction anymore and has now more space for professional growth.
We have increased the automation and seen a decrease in processing errors thanks to the automatic matching of invoices using automated rules.
With IDP, we have been able to reduce the time between invoice receipt and payment by at least 50%, which has resulted in more satisfied suppliers. A great win!
Why use Intelligent Document Processing for AP automation
While manual capture is certainly not the answer, also legacy OCR solutions struggle because creating templates to extract data does not scale. In a dynamic world with many trading partners, it is essential to have a working solution for all supplier invoices in a matter of days, not months.
No templates
Leave behind the creation of OCR templates to obtain relevant data. Modern Intelligent Document Processing solutions also work without. You define which data is relevant for your process and the machine writes its own rules to read data independently of the invoice layouts.
Layout invariant
Unlike traditional OCR, IDP solutions maintain high automation rates across the different layouts, terminologies and languages. As they use diverse AI technologies to understand invoices, they can provide you with data although they may have never seen a particular supplier invoice.
Validation UI
The vast majority of IDP solutions provide you with a bespoke user interface to interact with the solution. It shows you where the machine was not so sure and where human verification is required. By making the appropriate corrections, you also contribute to continuous improvement.
Self-learning capabilities
IDP solutions are not only handy because they can handle unfamiliar invoice layouts, but they also learn from your operators’ corrections. This has the advantage that even documents that are currently not processed straight through due to poor quality can be automated step by step.
Cloud service
While most legacy solutions still place a heavy burden on your IT teams, modern IDP solutions are often born in the cloud or cloud-enabled. This simplifies and accelerates the first steps and provides the necessary abstractions to spend more time on things that really makes a difference.
Integrate everywhere
Virtually all IDP solutions can be integrated with various software solutions via an API. This means that if there are no standard connectors to solutions such as SAP, Coupa, Workday, Microsoft Dynamics, Sage or others, you can quickly build the interface you need for your AP workflow.
Get a shortlist of suitable vendors
FAQ
P2P Automation streamlines Accounts Payable (AP) processes, improves accuracy, increases speed and efficiency, and reduces operational costs. As a result, P2P Automation is an important part of a company’s finance and accounting department.
When the P2P process is automated, the usual bottlenecks associated with paper-based processing and approvals are eliminated. The entire process, from purchase order to invoice receipt and invoice processing to 2/3-way matching, is automated. As a result, payment is released to the supplier’s vendor within a set time, e.g. 3 days, which has a positive impact on supplier relationships.
A manufacturing company relies entirely on its suppliers and vendors to deliver its product orders on time. P2P automation enables them to quickly pay for the supplies received, forms the backbone of supply chain management, and enables them to gain a competitive edge in the product market.
Yes, many AP invoice automation solutions are designed to seamlessly integrate with popular accounting software and ERP (Enterprise Resource Planning) systems, ensuring a smooth workflow and consistent data synchronization.
The implementation time frame can vary depending on the complexity of the business processes and the chosen solution. However, many implementations can be completed within a few weeks, providing a relatively quick return on investment.
Key performance indicators (KPIs) such as reduced processing time, cost savings, error rates, and increased workflow efficiency can be used to measure the success of AP invoice automation with intelligent document processing. Regular assessments and feedback from stakeholders also contribute to ongoing improvements.