Faster Invoice Processing with AP Automation

Faster Invoice Processing with AP Automation

Faster Invoice Processing with AP Automation

WRITTEN BY

Incture
PUBLISHED​
17th October 2021
HR TECHNOLOGY
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How intelligent is your process to understand the payment invoices and receipts? One of the biggest challenges for the accounts payable section of any organization is the tracking and maintenance of numerous bills. As businesses struggle with issues like invoice processing delays, processing errors and late payment fees, it’s imperative that accounting automation tool is the ultimate set-up.

Enterprises are increasingly aware that paper and people-based processes lead to high AP transaction costs and missed business opportunities. In a recent survey, 42% of the organizations stated that they were experiencing delays in receiving invoices and/or difficulties in information matching. Researches show that automation is the ultimate way forward for cost savings and improved efficiency.

In fact, companies with best-in-class automation ‘are 89% more likely to view AP as either exceptionally or very valuable from a strategic perspective’. Taking a cue, Incture technologies have built Cherrywork’s Accounts Payable Automation (AP automation) application, with basic Artificial intelligence (AI) algorithm, predictive analysis and distinctive 2-way and 3-way matching process.

Successful implementation of this tool is reducing the invoice-processing time by over 50%. This tool reads the invoices in various formats (paper, email, PDF, XML, EDI, etc) from every possible source. The Optical Character Recognition (OCR) scans the invoice headers and line item data and converts it into a readable data. From OCR, the data is then uploaded in the SAP landscape. Hence reducing the time-limit invested on reading the invoice by almost 200 percent.

PROCESS FLOW

It is a complete, integrated solution that addresses full range of functions across the accounts payable process. It includes invoice capture, single point of entry, scanning, data validation, extraction and integration with SAP, electronic routing for approvals and other workflow (exception handling), Two Way Match, Three Way Match, Planned Cost, Unplanned Cost Details, PO / Non PO based invoices with all process variants.

One of the world’s largest online grocery store has been successfully auto-posting almost 500 invoices every day. It even routes the invoice/bills to the accounting clerks and has made the system paperless. Unique functionality of 2-way and 3-way matching helps to segregate the line-items of the invoices

Benefits

  • Reduces the cost of operations
  • Speeds up the Invoice processing
  • Paperless format to add more value
  • Suppliers/vendors get payment on time
  • Processes purchase-order (PO), non-PO and recurring invoices
  • Lessens the operational complexity
  • Increases profitability

Be a part of our journey and if you believe in transforming businesses, reach out to us at marketing@incture.com for a free demo!

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Reimagining HR with Digital Platforms and Applications

Reimagining HR with Digital Platforms and Applications

Reimagining HR with Digital Platforms and Applications

WRITTEN BY

Incture
PUBLISHED​
16th September 2021
HR TECHNOLOGY​​
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The all-digital world is changing how we live, how we work, and how business is organized and conducted. For HR and business leaders, this digital transformation poses two fundamental challenges.

First, HR can help business leaders and employees shift to a digital mindset by envisaging a digital way of managing, organizing and leading change. Second, HR can revolutionize the entire employee experience by transforming the face of HR using digital platformsapps and ways of delivering HR services. Our discussion of this trend focuses on the second part of the digital HR challenge: how to reimagine HR and the employee experience in a digital world.

  • Today there are more than 7 billion mobile devices in the world, and more than 40 percent of all Internet traffic is driven by devices. Yet HR teams remain far behind in deploying mobile solutions. Fewer than 20 percent of companies deploy their HR and employee productivity solutions on mobile apps today.1
  • Designing mobile apps and considering the end-to-end user experience are new disciplines for HR, combining design thinking with apps, video, social, and mobile technologies.
  • Digital HR, which brings together social, mobile, analytics, and cloud (SMAC) technologies, represents a new platform for improving the employee and candidate experience. While vendors are now delivering solutions, companies should build their own integrated digital HR strategies and programs.

Just as digital technology has changed our everyday lives, it’s now transforming HR. It enables HR to:

  • Use data and analytics:

Organizations are adopting a more data driven approach to managing people at work. Pre-selection, learning & development (L&D), employee engagement; there’s HR technology to measure every single part of the employee lifecycle.

  • Future-Proof recruitment:

Recruitment technology is evolving and forcing HR to evolve with it. It helps target the right candidates and speeds up the process mostly using artificial intelligence. A smooth mobile (application) experience, a data-driven pre-selection process and a personalized, AI-based onboarding program — are a few technological shifts happening in the recruitment space.

  • Improve the employee experience

There is a very thin line between the employee’s professional and personal life. With the next-gen employees expecting personalized experiences at their workplaces, they are the organization’s first set of customers. They will check their personal accounts during their work hours and with equal fervor check their work emails during the weekend.

  • Offer self-service tools to employees

Employees are the owners of their data within the organization. Today’s workforce is looking for centralized repository that gives the flexibility to update and manage their data securely.

  • Be competitive in the war for talent

Companies that use these digital technologies for various HR purposes – think sourcing, pre-selection and learning and development for instance – have a significant competitive advantage when it comes to seducing this demanding generation of workers.

Focus on Digital HR is what gives Incture® the edge and acceptability amongst its customers and their employees. Incture is helping customers build a Unified Digital Workforce platform for enhancing the employee experience using SAP technologies. The platform includes a unified digital workbench which simplifies HR workflows with intelligent services, data analytics and conversational AI. The USP of this digital platform is the UX, which is built on deeper understanding of how people engage with technology on the web and mobile devices. It’s flexible, easy, and people-centric –tailored to every employee. Incture has delivered 240+ complex and custom cloud-based projects successfully on the SAP Cloud Platform, which have resulted in an increase in user adoption and employee productivity as high as 70% and reduced the processing time to less than 5 seconds!

References:

Raghu Pavan TS

About the Author: The Director of HR Apps at Incture, Raghu Pavan has 16+ years of experience working with some of the biggest names in the technology sector. He started as an industrial engineer and then moved on to become an SAP consultant for SRIT and then IBM. He then worked in a managerial position at Accenture for 7 years. Raghu Pavan brings with him a high level of expertise in the SAP HR domain.

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