If you have ever stepped into the offices of a finance or accounting team, you may notice piles of invoices and documents concerning payments. Even though enterprise resource planning (ERP) and software systems do close the gap for month-end and year-end close, there remain inefficiencies resulting in delayed payments and incorrect payment amounts.
Invoice processing pains are not new, existing as long as the need to count money. From repetitive and manual tasks to longer cycle times and the threat of shadow IT, the challenges involve both humans and technology. However, the era of digital and the digitization of traditional business process management (BPM) processes brings hope to easing longstanding pains.
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We describe the addressing of these challenges as human-centric BPM, which considers human skills in such invoicing tasks in collaboration with emerging technology trends including robotic process automation (RPA). RPA, for example, aids in the acceleration of dealing with invoice processing by doing routine activities such as reading attachments and entering data into legacy systems, in addition to systems activities such as creating business rules for approvals and updating vendor entries.
By bringing nuanced automation and traditional invoice processing together in the age of digital, organizations can rest easy knowing that accounting cycles close on time and everyone gets paid. Moreover, these types of technologies are gaining interest in the market, with Forrester expecting spending to hit $2.9 billion by 2021. Even if you are not jumping on board with the trend, your competitors might be.
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Are you looking to improve your organization’s processes for the year ahead, especially with tax season around the corner? Speak to one of our experts today at email@example.com about how our over two-decades of experience can benefit you.