However, with IA, AP teams spend less time on low-value tasks and more time focusing on strategy. Data entry is painfully manual, and the volume and complexity of invoices makes it difficult for organizations to keep pace at their current staffing levels. This includes email, scan and fax, as well as formats such as TIF, PDF, XML, CSV. Cognitive document automation, a component of IA, simplifies this process by extracting, validating and classifying paper invoices as well as invoices from any source or format. Invoices arriving from multiple sources and in multiple languages and formats create numerous complex downstream processes, which take longer and cost more. Be more agile. Intelligent automation removes processing complexity.That’s a significant increase in productivity. What’s more, survey respondents said a full-time employee was capable of processing 6,000 paper invoices a year but could check 90,000 electronic invoices.
EY found that e-invoices were handled in three days compared to 15 for paper.
Eliminating manual entry also results in more rapid processing cycles. But greater visibility into payment terms also allows companies to capture discounts from paying on-time or early.