No pain, lots of gain invoice automation and machine learning
Posted by Tony Majewski ● 12/6/19 9:06 AM

No Pain, Lots of Gain: Invoice Automation and Machine Learning

We’re living in an era of rapid, ever-changing digital transformation. Everyday at AODocs we see businesses struggling with slow, inefficient, and expensive processes simply because they are stuck in their status quo. These companies could gain a lot by understanding how their traditional ways of working could be greatly improved by the right technology and strategies.

Finance and procurement departments are particularly lagging behind in terms of implementing the right technology to achieve better performance. And we understand their hesitation. These departments have complex verification and validation processes to ensure they comply with strict requirements.

“Automation” is a word these departments often fear, as they feel like the time, investment, and disruption from moving to a new system are not worth the risks. Right? Wrong! There is a quick and easy way for companies to create secure, automated, cost-effective workflows, while at the same time giving employees a platform they will love to use.

AODocs is working with over 800 companies to take the pain out of invoice management and other business processes. Thanks to our machine learning capabilities that automatically capture information and trigger appropriate workflows, invoice management becomes less expensive, time-consuming, and error-prone. Just watch Chris' story to see that invoice management doesn’t have to be such a painful process.

To summarize, with AODocs’ invoice automation you will:

Eliminate manual data entry and increase accuracy

Inefficiencies in Accounts Payable processes start at the capture of information from a paper or electronic document. Employees spend hours manually transferring data from the document received to the processing system. An alternative to manual data entry and a costly OCR system is powerful data extraction and automation technology powered by machine learning. AODocs does just this, scanning all incoming invoices and automatically generating the correct metadata in your back office. We also automatically match the invoice with its related purchase order, eliminating the risk of human error.

Make processes more efficient and save your employees countless hours

AODocs automates the routing of your invoices to the right approvers. The approver receives an alert to review the invoice, can then leave comments, route to others for review, and when ready, approve the invoice in a single click. We estimate that, on average, companies save 15 minutes per invoice in employee time. For one of our customers who is processing 1500 invoices per month, this translates to 375 hours of time saved per month. If we assume an employee is working 8 hours per day, that’s a gain of nearly 50 business days! To say their old ways of working was an inefficient use of resources is an extreme understatement.

Improve supplier relations

The above mentioned increases in efficiency will greatly reduce your number of delayed or missed payments, as AODocs allows you to approve and pay invoices more quickly, receive payment reminders, and efficiently search through your invoices. This will allow you to improve supplier relations and often receive discounts by your newfound ability to make early payments.

Cut your processing costs by over 60%

Perhaps the biggest impact we’re seeing with our clients is cost savings. Prior to AODocs, our customers were spending $17 per invoice on average in processing costs. AODocs allowed them to reduce this to $6 per invoice. For our client who is processing 1500 invoices per month, this translates to over $16K per month in cost savings, or nearly $200K per year. And this doesn’t include the costs companies can save by getting rid of their expensive OCR systems and instead leverage AODocs machine learning capabilities. Not to mention the increase in employee morale and happiness you’ll see by giving people a platform they’ll actual enjoy using...a priceless benefit.

Ready to automate your invoice processing with AODocs? Contact us today! Or check out our purchase-to-pay automation webinar to learn more about how to automate your procurement processes with AODocs.

Tags: Document Management