It is a well-known fact that businesses need data to plan for the future, and accounts payable attracts renewed attention from leaders because of its outsized impact on planning growth.
FREMONT, CA: Data provides insights as forecasting budgets, controlling corporate spending, reducing fraud, and analyzing cash flow to allow businesses to manage their working capital more efficiently. Cash flow is a huge issue when scaling companies and accounting firms. Given the importance of accounts payable data, many accounts payable departments, essential information isn't captured, systems aren't well integrated, and invoice processing is a difficult, manual, and repetitive. Consequently, decision-makers are not able to easily access the information they require. It is no brainer that forecasting cash flow is difficult for big businesses and puts supply chains at real risk. Additionally, without modern approaches to compliance, businesses will lose money to fraud year after year. This lack of visibility can be laid upon the legacy systems most accounts payable departments use for capturing, managing, and reporting information.
[vendor_logo_first]The traditional accounts payable systems handled only structured data, which is extracted from paper or databases, electronic spreadsheets, or standardized forms. Many departments ignore this data because of the complexity in processing or analyzing it. This data is referred to as "dark data," as organizations don't know what it contains.
Robotic Process Automation (RPA), coupled with artificial intelligence (AI), makes it seamless for accounts payable to capture, manage, and report the data that the executives require. RPA automates simple, repetitive tasks that can easily be replicated by instructing a software bot to follow a set of rules.
Bots communicate with systems and applications, like humans. Intelligent automation develops on RPA by applying AI technologies that replicate the way the human brain works — technologies like image processing, pattern recognition, contextual analysis, and natural language processing enables bots to make decisions or complete tasks.
Utilizing RPA to digitize invoices and accounts payable provides higher visibility into accounts payable data and greater control for compliance and security.
Automation provides companies of all sizes the chance to transform accounts payable and invoice management from a tactical operation to a strategic, savings-generating initiative. With these insights, executives can better manage operations, cash, spending, and risks in real-time. And that's appealing to any cost-conscientious executive.
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