According to research, last year, most of the AP Leaders suffered a miserable state, a majority of 60% still face lengthy invoice and payment approval times. Invoice processing is the most important part of the accounts payable process, which is mostly performed manually. This blog will discuss how to use automation in invoice processing and make the process easier.
Hyper-Automation is automation of activities that were done by humans and exactly the way we would expect humans to do it. When we look at automation of activities it is primarily driven by the 5 human senses and humans have tried to mimic those in the real world and to elevate human life. From driverless cars to smart virtual assistants, from biometric sensors to connected devices, from smart cities to connected homes; the use of technology has become widespread. Many activities that we used to do physically are already automated, it has become a new norm for all of us and the future would be even more interesting with some amazing technologies shaping our lives in the coming years.
According to Business Insider Report, 44% of businesses are looking to add automation to their payables processes as a way to capitalize on the efficiency and cost-cutting benefits it brings in, while also cutting fraud and increasing access to payment data.
Documents are part of every organization in one or the other form and handling/processing them become a cumbersome task when they are in bulk and when there is a huge number of documents to be processed manually.
Usually, an organization encounters the following major problems while dealing with its documents:
