Invoice Automation: Banishing Paper-based Invoice Processing
Despite technology advancements, Invoice processing is still heaving under the strain of vast volumes of data and documents. Only 10% of the 550 billion+ invoices being processed globally every year are currently paperless. And 70% of all invoices are still being manually processed.
Manual invoice processing is laden with issues: lost documents, forgotten approval requests, duplicate payments, or non-payments. With the current single invoice cost at about USD $10 to process and taking over 8 days to complete, multiply that by 550 billion invoices a year and that’s a significant amount organisation are investing into both resources and time spent on invoice processing. As an alternative to OCR which ingests all unstructured data, Cognitive Machine Reading Plus enables automation to reduce accounts payable costs by optimising the invoice process holistically.
Accounts Payables (AP) departments can now transform their Invoice processing with Cognitive Machine Reading Plus in order to:
- Approve payments faster. Your AP team will only need to address exceptions
- Prevent duplicate invoice payments
- Ensure compliance
- Reduce labour costs
- Eliminate late payment penalties and secure early payment discounts
- Deliver effective Reporting
By automating AP, enterprises can now provide improved efficiency, cost reduction, greater process visibility and better user experience with invoice automation.
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