Embrace AP Automation & Intelligent Data Capture For Efficient Sales Order Processing
Businesses the world over agree that adaptability is the only way to survive and thrive in today's rapidly shifting landscape. Customer expectations are growing by the day. The market favours speed, agility, and innovation, and the winner takes it all! In such a scenario, companies are coming forward to do away with the old and usher in the new through increased digitization and automation.
Goodbye paper, say hello to AP automation
While embarking on their digital transformation journey, organizations often start with front-of-the-house departments. However, automation for teams such as Accounts Payable may prove far more advantageous for the business.
Why? Because AP teams have reams of data and a high volume of financial documents to process. It includes paperwork as varied as waybills, sales orders, and, obviously, invoices. When their numbers run in the hundreds, the workload for AP teams builds up to the point where automation must take over.
Manual systems are tremendously challenging, time-consuming, and error-prone. The AP team spends a lot of time and effort classifying and scrutinizing paperwork. But with the help of automation, organizations reap rich benefits. They achieve much better accuracy and turnaround time, enhance data security, and achieve regulatory compliance, thus streamlining their operations. No wonder then that a recent report projects that the global Accounts Payable automation market size will reach USD 3.1 billion by 2024!
From receipt to payment: Automate invoice capture
Invoices arrive at the AP department from different sources and in various formats. They may be available over email, fax, as a scanned image, or as part of a shared folder. Scanning and extracting the data into specified file formats is the first step in digitization. Advanced OCR (Optical Character Recognition) and intelligent data capture technology recognize key information in documents or images and automatically sort the content into appropriate categories. Invoice automation can match the pace of the organization as it scales, processing an increasing number of invoices efficiently.
Intelligent data capture, in essence, empowers AP teams to expedite the data identification, classification, and extraction cycle with minimal manual intervention. It works equally well with traditional and newer methods for document identification and can fetch data as efficiently from page separators, barcodes, and patch codes, as it can from advanced recognition technology and OCR.
OpenText Intelligent Capture is a sophisticated data capture platform that harnesses the power of artificial intelligence and machine learning (AI/ML). It identifies essential information hidden in scanned records, emails, or attachments and automatically classifies documents. For example, it can identify and capture details like vendor names, invoice numbers, and key codes contained in documents or scanned images and verify the data against trusted data sources. Since it adds this information into the document's metadata, it enhances the degree of structured, properly organized content in the system.
Its machine learning model gets smarter with progressive content inputs. With increased usage, there is a further reduction in errors and greater accuracy. The time users need to spend on data validation decreases rapidly, leaving them with precious extra hours to dedicate to higher-value tasks. OpenText Intelligent Capture makes invoice processing a matter of quiet, routine efficiency rather than the tedious, time-consuming task it has traditionally been!
Revolution Data Systems assists clients with turnkey implementation and support for the OpenText Intelligent Capture platform. We have witnessed first-hand its remarkable contribution to AP teams and its many positive business outcomes in different industry sectors.
From order to cash: Automate sales order processing
And let's not forget that automation in sales order processing is yet another method to reduce the AP team's burden.
Typically, the sales order cycle constitutes a set sequence. It begins with customer orders received via phone, fax, or email, followed by a purchase order generation. The sales order generation is the final step. The PO includes the product name, quantity, price, customer information, and payment information. A purchase order falls under the purview of the Accounts Receivable team, which raises an invoice according to the specified quantity and price.
This process becomes much faster and error-free when electronic order acceptance and delivery date acknowledgment are enabled.
docAlphaOrderAction is a proven solution for real-time sales order processing automation. Natural Language Processing (NLP) technology enables it to capture both structured and unstructured data. It then routes the sales order information into any existing ERP system, while rule-based algorithms verify the order and flag inconsistencies. This intelligent process automation solution keeps learning and enhancing its efficiency with each incremental exposure. It optimizes the sales order pipeline from purchase to delivery, provides tighter control, speeds up order processing—the result—a bunch of happy customers! Need we mention a boost in revenue!
Revolution Data Systems is a leader in the field of intelligent data capture and intelligent process automation implementation and support. We provide AP teams with an end-to-end invoice automation solution, starting with capturing data from multiple sources. It improves compliance, streamlines your cash flow, and reduces invoice processing costs significantly.
docAlphaOrderAction reduces time-consuming manual efforts, eliminates errors, and improves sales order processing time.
Whether you want to raise your invoice processing efficiency or sharpen your sales order processing, talk to RDS today and ask for a demo of our AP automation solutions.