with Unmatched Visibility and Control
Enterprise Accounts Payable process is a high-volume process for most enterprises. The process has several steps and interacts with multiple back end systems including ERPs.
These include scanning invoices, extracting data via an OCR, validating the extracted data, putting the extracted data into a target enterprise application and so on. Significant portions of the process are routine and when manually executed, time consuming and error prone.
In enterprises where RPA and automation has been used, there have been some immediate efficiencies, reduced AHTs (average handling times), elimination of errors and redeployment of people, among other benefits.
TAO TAPPTM Delivers complete AP Transformation by giving you unmatched Intelligent Access, Visibility and Control over the process.
However, the lack of visibility into the process, the ability to provide meaningful intelligence and reports and the poor user experience continues to be a big challenge.
TAO TAPP™ addresses both the manual issues as well as the limitations of earlier RPA approaches with its unique TAO Automation Cockpit™ that manages the automation workflow, handles the exceptions and reports on performance, all at once.
TAO TAPP™ processes vendor invoices accurately and on time. This is critical to have a well-managed Procure to Pay process cycle. The TAO Automation Cockpit™ or TAC is a unique service orchestration feature that organizes the automated experience for the user and provides complete access, visibility, and control over it. It also provides valuable dashboards that report on process automation performance in real time.
Invoice Processing is the significant part of the AP Process
- The median cost of manually managed Invoice Process within Process Accounts Payable is between $8 (best performers) an $17 (poor performers) (Source: APQC).
- There is a high overhead cost per invoice processed.
- Lack of standardization with multiple invoice formats.
- Manual entry of data.
Business Benefits
- Enhance the quality of supplier relationships with better visibility of the stages in the process and by releasing on time and accurate payments.
- Availability of data at every step of the automated process enables further business process analytics.
- Get complete oversight of the automated business process via dashboards that provide real-time insights on the automated process performance and vendor management.
- Approve Invoice in time to capture maximum discounts.
- Get complete visibility into outstanding liabilities.
- Reduce late payment penalties and interest.
- Be better compliant with regulatory requirements (SOX, FASB).
- Improve the bottom line. Turn a cost center into a profit center.
Operational Benefits
- Ease of use of the automated workflows and quick corrections via a single screen to manage the workflow and handle all exceptions thereby simplifying the accounting user’s experience.
- Continuous improvement in performance as the level of automation increases as more invoices are processed with the ML/NLP based feedback loop system.
- Increases the efficiency and productivity of the accounts department substantially, eliminates errors.
- Ensuring on time and accurate vendor payments thereby avoiding penalties for late payments and cash flow impacts of early payments.
- Centralized AP process. No more lost or missing invoices.
- Significant reduction in discrepancies and pro-active management of exceptions.
Reduce the fully loaded cost per invoice. Reduce up-front costs to the business with transaction pricing and gain greater competitive advantage!