In today’s world of business finance, achieving efficiency and accuracy is critical. With the onset of digital technologies, the transformation of manual tasks into automated processes is a game changer. One such transformative solution is Automated Invoice Processing. Check out how ServiceNow is revolutionizing this space with its Automated Invoice Processing offering.
One of the examples is managing the 12-b1 fees, which are marketing and distribution costs in mutual funds. These fees are often unclear and fluctuating, creating significant administrative burdens for firms managing multiple funds. Automated invoice processing provides a solution by leveraging advanced data extraction and processing capabilities, to identify and classify the fees, ensuring compliance and transparency.
What is Automated Invoice Processing?
Let’s understand this concept! Automated Invoice Processing, at its core, leverages technology to streamline and automate the entire invoicing workflow. This includes everything from receipt to approval and payment of invoices. The focus here is to eliminate manual data entry and minimize errors and exceptions, resulting in a more accurate, efficient, and rapid invoice processing system.
Automated Invoice processing starts with receiving and scanning invoices, followed by extracting and validating the invoice data. The process then proceeds through the approval workflow, which includes purchase order matching, manager approval, and payment settlement.
Why Automated Invoice Processing?
For businesses, the benefits of Automated Invoice Processing translate to significant time savings, reduction in processing errors, operational cost savings, and improved employee productivity. This results in stronger supplier relationships, enhanced compliance and audit, and timely payments.
ServiceNow Accounts Payable Operations: A Closer Look
ServiceNow’s Accounts Payable Operations (APO) is an out-of-box solution designed to manage invoices, extract data, and handle invoice exceptions, approvals, and supplier inquiries efficiently. It’s part of the ServiceNow Source-to-Pay Operations offering, which encompasses the entire process from sourcing to payment.
Some of the key features include:
- Automatic case creation for inquiries.
- End-to-end invoice processing.
- Duplication detection to avoid repetitive payments.
- Rapid verification and reconciliation of invoices.
- Identification of invoice exceptions to prevent fraud.
Harnessing AI in Invoice Automation
ServiceNow integrates its proprietary AI-driven Document Intelligence to automatically extract and capture invoice data, reducing manual efforts. It can handle complex data extraction from various invoice formats via various channels like Email, APIs, and Portals. This enhances accuracy and accelerates the invoice payment process.
Document Intelligence’s AI model captures and analyzes the data and uses predictive ML models to assign confidence scores to the extracted data to ensure reliability. During the initial stages, the AI model can be trained by reviewing and mapping the invoice fields, enhancing its accuracy score over time. The training exercise allows the AI model to adapt to various invoice formats and templates, making ServiceNow Doc Intel Intelligent to adapt and manage the invoices.
What ServiceNow’s Low-Code Solution brings to the Table
On top of addressing the challenges of traditional invoice processing, such as time-consuming manual data entry, error prone processes. ServiceNow brings a lot more to the table:
- Sourcing to Payment offerings.
- A centralized platform for invoice processing and case management.
- Real-time clarity and effortless integration with existing ERP software.
- 2-way & 3-way Purchase Order matching.
- Cutting-edge AI technology and Virtual agents for Touchless invoice processing
- A scalable solution that grows with your business.
Implementation Strategies
Now that we have the benefits of Automated Invoice Processing, let’s check what are some implementation strategies to go to the next step!
- Choose the right platform: Select the system that integrates well with your existing infrastructure and ERP platform. Does ServiceNow integrate well with your existing infrastructure?
- Choosing an Implementation Partner: Choosing the right strategic implementation partner that has the experience to provide insights and support you through your implementation process. Check out how Perficient, being a premium partner, has implemented ServiceNow solutions for its various clients.
- Onboard and Train Staff: Ensure your team is well trained on the new invoice management platform to leverage the full potential of automation, ask for custom training on the platform.
- Monitor and Adapt: Continuously monitor the new platform and look for options to optimize the efficiency of invoice processing.
Reach out to learn more about how Perficient can assist you with the Implementation Strategies and guide you with your journey on Automated Invoice Processing.
