The digital age is easing up the way for those who are quickly adapting to the change. On the contrary, the very digital era is throwing up challenges to those stuck with the traditional and outdated methods of conducting business.
The business world, even if we trace it down to ancient times, has remained fascinating and dynamic. Various technologies have added up to its transformation over the years, and this is the decade of AP automation.
In all our blogs, we narrate to you the usefulness of AP Automation and how this technology is evolving the business workflow and the entire procure-to-pay segment. Certainly, we stand on our grounds in this blog as well and speak to you today about the four technologies that are powering up the present and the future of AP automation.
Business growth & technology
The human civilization took a new shape when the knowledge of trading was bestowed upon them. Trading and business led the human civilization to discover and develop new and valuable materials wealth and even led to the discovery of countries for that matter.
The advent of technology with time globalized the trade on a massive scale and brought us where we are today, controlling and managing enterprises with the click and tap of some buttons here and there. Thus, business growth and technology have been interconnected from the very inception and are co-related for growth and expansion.
As we trail ahead for a more advanced civilization to exist, the business landscape is also diversifying, and technologies are taking over the operations to produce the more efficient results. The appearance of AP automation in the current times is a testimonial to the same.
But just automated invoice processing with standard computer software was not the end goal. The advancements furthermore lead to exploration of how the processes can be perfected and how greater effectiveness can be achieved. Thus, technologies such as the Blockchain, cloud, AI, RPA, OCR, and more have aided the invoice automation software leveraging AP automation.
Technologies powering up AP automation
When you move up in the sky, the cloud is your best solicitor. Moving ahead from the pun, cloud-based AP automation is the solution enabling your AP team to work remotely. Cloud technology is not a new concept, and businesses have already learned how to harness the advantages of the cloud.
Cloud-based AP automation allows your team to access the invoice data remotely and manage the related task from any given location. Cloud technology integrated with the invoice automation software aids your AP team to keep the process on track with the timelines, efficient and organized.
Things are changing for the better, and the AP process is also on the same route.
AI-enabled e-invoice automation is transforming the process more efficiently. For example, Skyscend uses state-of-the-art AI to extract data, allowing the AP automation process to be accurate.
The use of AI in AP automation also supports businesses with data-driven decision-making, which in turn can benefit with significant cost reduction. Not to forget, AI doesn’t allow any inaccuracy; this shortens the process timeline considerably.
Also, read How AI and Blockchain are Revolutionizing e-invoicing?
Blockchain has been making a lot of buzz since when, none of us actually remember.
But the word Blockchain has been popping up in the business world frequently, but the question is how to leverage the potential of this said technology in automation. Blockchain solves the problem of security and data tampering.
Blockchain technology makes it easy to trace the authenticity of the data passed through with the record of every change made during the processing. Embedding blockchain into the automation process will support you in controlling fraud and allow secure and seamless payment.
Also, do you know how Blockchain technology can transform supply chain management? Read here.
Optical Character Recognition (OCR)
Decoding the efficient data capture strategies with OCR.
Optical Character Recognition (OCR) had a crucial role in the evolution of the accounts payable process. In fact, OCR can be termed as the first companion in the digitalization of the AP process. OCR technology helps by converting different digital documents such as PDFs, images, etc., into searchable and editable texts, which in turn helps in efficient data extraction.
It reduces the manual data entry and thereby reduces the possibilities of errors by a considerable degree, thus saving time in re-evaluations and corrections. Further, OCR technology also helps businesses keep a good amount of financial resources by cutting down the cost associated with sourcing data entry, paper costs, printing, storage, stationery, etc.
Robotic process automation (RPA)
Fast forwarding the AP process in today's rapidly progressing world.
RPA is a technology helping streamline the workflow, making it more profitable, flexible, and responsive for organizations. As the name suggests, automation is at its core, and by that, RPA enhances employee satisfaction and productivity by eliminating mundane tasks from their workdays. The usual AP process is defined by several repetitive tasks, which consume a lot of time and even make the process run at a snail's pace.
In today's fast-moving world, where the loss of time can translate into the loss of opportunities and profitable deals, the integration of RPA serves as a boon. RPA can easily interact with the ERP or other applications and feed the extracted data to the system. Consequently, it helps in digitalizing the data entry process and expediates the AP process at a fast pace, and minimizes the risk of errors.
Really, are we not going to talk about something grand, or are we going to ponder upon the mobile application? What is so great about them?
What is not great about having your AP process under the tap of your finger. There is no denial that mobile phones simplified our lives, and the same formula can also streamline the AP process.
Imagine accessing all the invoice data through your phone instead of being lost amidst the files and paper works. Imagine the notifications being sent to the client automatically and no chasing around of approvals and payments. Especially beneficial for a small organization with tight staffing.
AP automation is changing the procure-to-pay process in particular and the business workflow in general. The technologies mentioned above are only propelling the possibilities that AP automation has to offer. We hope with this blog, Skyscend has been able to shed some knowledge about what is next in AP automation, and if it intrigues you further, you can connect with us to know more.