Robotic Process Automation provides great potential to completely transform the accounts payable processing landscape.

FREMONT, CA: Technologies including Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) are all poised to revolutionize how businesses work. RPA can have a direct and meaningful impact on the life of financial professionals. RPA offers some attractive benefits and ROI for the financial services industry, especially in automating back-office operations, like accounts payable automation and invoice processing. Here is more to know.

Account payable departments are heavily reliant on manual tools like spreadsheets or legacy systems that need to be augmented with complex workarounds or manual processes. All of these are susceptible to mistake as information is carried from one format to another, and regardless of how focused the workers are on carrying out the task.  New technologies like Intelligent Capture Recognition (ICR) RPA, ML, and other areas of AI can replace these manual tools and processes, mitigating both the likelihood of human errors shrinking the likelihood of financial loss. 

RPA, AI, ML all have something in common. They don't require the same amount of downtime that a human does. Now, there will be outages, connection errors, poor internet connection, upgrades, and many more.  Even taking all of these into account, these pieces of tech can still clock more hours than a business person. Financial documents, like supplier invoices, now arrive in several arrays of different formats – and many accounts payable departments are battling with inefficient, error-prone manual processes. At the same time, they search for a way to catch up.

Automating the entire invoice approval and PO matching can help organizations avoid the need for any kind of human intervention. Using automated bots, the invoices can be routed to the appropriate person, along with the reminders on deadlines sent to them automatically. Similarly, automating the purchase order matching to quickly compare invoices to their corresponding POs and flag mismatches for further review is another priority for organizations.

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