helps bring efficiency and transparency in the P2P function
Overview
Digital technologies have been impacting procurement processes for some time. Organizations have started adopting cognitive procurement technologies like Big Data Analytics, Machine Learning, Artificial Intelligence, and Robotic Process Automation (RPA) to either streamline the procurement process, or to provide insights for decision making.
Quale Infotech has been automating procurement processes to help reduce costs and bring efficiency and transparency to the Procure to Pay (P2P) process. Our proprietary tool FinBot is an orchestration layer, working over existing ERP to provide capabilities of workflow and reporting to the legacy applications. Intelligent automation has further been able to enhance work that traditionally could not be automated in P2P process due to unstructured data or image processing requirements.
Success Story: Invoice Processing
Invoice processing has been in the front runner for candidates for automation. Achieving some amount of automation has been feasible with back end automation. The challenge has been digitizing the invoices for a higher degree of automation of the function. However, the variability of the formats makes this task tedious and repetitive. In addition, the frequency of changes to the invoices makes standard automation an expensive solution.
AI/ML models to extract the information from invoices addressed the digitization challenge. Historical and real-time data is used to train the AI model, and accuracy keeps improving over a period of time. Any exception in identification was flagged to humans and the corrected information is used to improve the AI model. The current case 78% of the invoices could be processes straight through with 99.5% accuracy.
Features and Benefits
Enhance Vendor Experience
Enhance vendor experience through self service, and help in making the procurement process smooth through Robotic Process Automation (RPA).
Reduce Incorrect Payments
Intelligent automation helps reduce manual efforts around P2P operations and hence reduces manual errors and costs.
Non Invasive Integration
Easily integrate with ERP with the help of Robotic Process Automation (RPA) as an ideal solution without any intrusive connectivity.
Stay Ahead of Regulatory Compliance
Changing regulatory landscape around financial reports requires continuous investments; automation helps keep costs low.
Analytics for Decision Making
Get deep insights from your purchasing and payment data using analytics to help in selection and retention of employees.
Improve Organization Efficiency
Intelligent automation helps provide improved accuracy for tasks and improved productivity for business units.