Accounts Payable Digitalization & Automation – Blue Prism Digital Workforce
For quite a few years now, finance and accounting functions have counterintuitively become more people-oriented and paper-centric, even with the rapid progression of technology over the last two decades. For any business organization, keeping pace with competitors is a challenge. Hence, businesses have to look to technologies that can streamline financial workflows so that a lot of the work can be done more efficiently – saving time, space, and money.
The Accounts Payable Process is one such finance process that consumes a lot of people and involves immense paperwork. This manual process not only causes delays in payment to vendors but also induces inevitable errors. As there is a human workforce involved, the cost of the process is relatively high.
RPA (Robotic Process Automation) is a technology that can take care of tasks that are defined by pre-determined rules, are repetitive, and have a standard operating procedure (SOP). When humans perform these tasks, there are chances of errors, reduced speed, and lower accuracy.
Blue Prism is one of the fastest-growing robotic process automation tools in the market, providing a robust solution to the prevailing problems in the AP Process.
How MSRCOSMOS delivered success by automating AP Process using Blue Prism
An US based multi-brand corporation which has operations across the globe struggled to deal with thousands of monthly invoices for the Account Payable Process. A huge amount of mundane manual effort was involved in the AP Process. The corporation was looking for a solution that could standardize and optimize the AP Process. They wanted to improve customer service by reducing payment delays and manual efforts.
Invoice Segregation, Invoice Processing, Cost Feeds to ERPs were the use-cases that were identified by MSRCosmos to address the problems in the AP Process using Blue Prism Robotic Process Automation.
MSRCosmos applied its cutting-edge Machine Learning, Artificial Intelligence, and Automation skills to solve the AP business process challenge. Using Machine Learning and Artificial Intelligence, MSRCosmos developed in-house engines that could identify and segregate various invoices downloaded from vendor websites and some emails. Once the invoices were downloaded, the machine learning algorithm read all the costs and other attributes from invoices and queued it for the Blue Prism tool.
The Blue Prism tool processed the information and cached it to enter the data into the Oracle ERP system. Once the data was automatically entered, the AP Process completed and submitted to the Accounts team for processing the payments to respective vendors.
The automation solution benefited the organization in multiple ways.
- Swift Payments: Automation made invoices readily available to the customers who could then pay promptly and reduce payment delays. Automation also brought speed to invoicing.
- Reduced Incidence of Errors: Automation brought down human process errors leading to the lowering of cost with happier customers.
- Standardized Processes: Automating accounts payable standardized the entire process, thereby making work simpler. The workload for the collection manager became more manageable, and collections were more streamlined.