Accounts Payable Digitalization & Automation – Blue Prism Digital Workforce
For quite a few years now the finance & accounting functions have been people-oriented & involved paperwork even though the realm of technology has progressed an impressive amount in the last two decades. For any business organization, keeping pace in the business environment with competitors is challenging. Hence, it has to look for technologies that can streamline workflows so that a lot of work can be done in little time thereby saving time, space & money.
Accounts Payable Process is one such finance process that consumes a lot of manpower & involves humongous paperwork. The manual process not only causes delays in payment to the vendors but also errors that are bound to occur. As there is a human workforce involved, the cost of the process is relatively high.
One such technology is RPA (Robotic Process Automation) which can take care of tasks that are defined by pre-determined rules, are repetitive & 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 which provides a robust solution to the prevailing problems in the AP Process.
How MSRCOSMOS delivered success by automating AP Process using Blue Prism
An American based multi-brand corporation which has operations across the globe struggled dealing with thousands of invoices for the Account Payable Process in a month. A huge amount of mundane manual effort was involved in the AP Process. The corporation was looking for a solution that could standardize & optimize the AP Process. They wanted to improve customer service by reducing delays in payment & reduce manual efforts.
Invoice Segregation, Invoice Processing, Costs Feeding to ERPs were the use-cases which were identified by MSRCosmos to address the problems in AP Process using Blue Prism Robotic Process Automation.
MSRCOSMOS applied it’s cutting edge Machine Learning, Artificial Intelligence along with Automation skills to solve the AP Business Process challenge. Using Machine Learning & Artificial Intelligence, MSR developed in-house engines that could identify & segregate various invoices downloaded from vendor websites & few received from emails. Once the invoices were downloaded, the machine learning algorithm read all the costs & other attributes from invoices & queued it for the Blue Prism tool.
The Blue Prism tool processed the information & cached it to enter the data into the Oracle ERP system. Once the data was entered, the AP Process completed & submitted to the Accounts team for processing the payments to respective vendors.
The automation solution has benefited the organization in the ways mentioned below,
- Swift Payments:
Automation made invoices readily available to the customers who could then pay promptly and reduce delays in payment. Automation also brought speed to invoicing.
- Reduced Incidence of Errors:
Automation brought down process errors leading to lowering of cost with more happier customers.
- Standardized Processes:
Automating accounts payable standardized the entire process thereby making work simpler. The workload for the collection manager became much easier and collections were more streamlined.