A true automation platform brings along with it a plethora of benefits not only for the organization as a whole, but to the individual members of your internal AP/AR team. The following outlines some of the increased efficiencies that it provides as well as how those benefits relate to specific positions within the invoice processing team.
Read MoreDemystifying True Automation
DEMYSTIFYING WORKFLOW AUTOMATION VS. TRUE AUTOMATION
Many people have assumptions about the similarities and differences in workflow automation vs. true automation technologies. There have been a lot of workflow tools claiming automation but in reality, have little influence in removing manual processes. The Business Dictionary defines workflow automation as the use of software technology to increase the efficiency of a workflow by improving the coordination of the activities of the people involved. Workflow automation helps to ensure that at the right time, the right person gets the right information about what needs to be done and in what order.
In contrast, true automation removes the human element by replacing defragmentation and manual processes that often result in errors, precious time, and money lost. True automation can think and understand complex business scenarios, provide incredible predictive insights, and empower executives/business owners to make decisions. The goal is to make workflow a byproduct and not a focus. Another benefit of true automation is giving employees who are responsible for manual data entry the opportunity to shift focus to more strategic roles within your organization. Allow them to focus more on areas that will continue to help your organization grow instead of repetitive data entry on a daily basis.
In Juno Payments, we are delivering the first end-to-end AP and AR automation technology, built on artificial intelligence, with built in B2B electronic payments. Predictive modeling is revolutionizing the process of both the order-to-cash (AP) and procure-to-pay (AR) processes. Our machine learning technology is continuously learning your processes and procedures through your day to day actions and evolves further everyday to help create the true automation aspect of the platform.
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Read MoreGetting started with automation
Where to get started with invoice processing automation
One of the most common question we often get is “where should I get started with invoice processing optimization?” While “it depends” is always the correct answer that nobody likes, there are some general patterns we are able to establish based on experience.
Let’s first look at the criteria that is important to most companies:
The financial impact should be direct and immediate, you shouldn’t have to wait 12-18 months for an uncertain outcome.
Delivering savings alone is not enough, the solution should put your firm amongst the top tier most cost-efficient companies for invoice processing.
The implementation should be low-effort and quick.
Minimal up-front commitment to reduce your risk.
Project scope should be tightly defined to avoid scope-creep, don’t boil the ocean.
Ability to extend the platform capabilities without rework at a later date, implement full capability in phases.
Minimal adoption/operation/technology risk to migrate to the new solution.
