Before the advent of Intelligent Automation, invoices have traditionally been processed manually, with some inefficient legacy scanning and workflow software in place to try and make processing faster. With endless unstructured data throughout each stage in the process, tight SLAs and strict deadlines to adhere to, it’s understandable that finance teams could feel apprehensive about deploying a software solution to help in this area.
Our new plug-and-play Accounts Payable automation is the answer to these problems for mid-market businesses. With impressive cost-saving potential driven by a dramatic reduction in manual invoice handling time for your team, extensive audit trail captured at each stage in the automation, many businesses are turning to Intelligent Automation for the first time to help streamline their accounts payable operations.
In this article, our Head of Technology Strategy, Craig Sumner, explores the key benefits that our new solution can deliver.
82% reduction in cost
Our Accounts Payable automation can deliver a wide range of cost savings for you and your business. You can now process your invoices at speed and in real-time, dramatically increasing the throughput of your manual teams for a fraction of the cost.
The speed and accuracy of our NexBots contribute to an average cost saving of 82% compared to the cost of manual processing. Our NexBots are pre-configured for rapid deployment. Quick training on a small sample of your invoice data gives you unparalleled levels of extraction accuracy through combining OCR and Machine Learning, which means that you will spend less time (and less money) rectifying any errors.
We’re focused on lowering the barriers to entry into automation for mid-market businesses. That’s why we have a range of pricing options available, allowing customers to pay as you go or choose from our consumption-based pricing models, meaning you can manage your costs as you scale.
You’ll also have access to our automation experts who can support you with the initial solution design, build and implementation, meaning there’s no need for you to invest in building your own automation team inhouse. These factors combined, drive a faster ROI for our customers. Our end goal is to equip your team with the knowledge, tools and world-class platform needed to manage and scale your automations.
With these multiple cost-saving opportunities, you can invest in other areas of your business, whilst minimising cost and maximising ROI for your businesses.
86% Reduction in Case Handling Time
With our new Accounts Payable automation, you can manage your invoices automatically in real-time. Not only does this mean you can reduce the pressure on your finance teams, especially in periods such as the month-end, you can also benefit from a boost in efficiency, reallocating your highly skilled, full-time employees to other more complex tasks that can’t be successfully completed by our NexBots.
Our Accounts Payable automation drives an increase in accuracy and throughput, reducing each case handling time by 86% overall, with field-level extraction accuracy surpassing 90% ensuring performance against team and individual SLAs. Based on our customer data, we’re seeing that 50% of invoices can now be handled without any human intervention further reducing the overall time it takes to complete this task. This increased capacity means you can meet the increasing demands from your suppliers, customers or employees, without the need for your team to source temporary administrative support in the busier periods or work excessive overtime.
Increased Visibility and Governance With 100% Audit Trail
Our Accounts Payable automation will equip you with increased visibility, control, and governance across all your invoices flowing through your finance operations, increasing accountability and reducing risk for your business.
Our NexBots provide an audit trail of every activity down to a field level across all your invoices processed. This ensures that you can meet your regulatory, compliance and audit requirements whilst driving efficiency. With the simple click of a button, you can see what was done when and by who without extensive investigation, this will help reduce overall risk as issues like payment disputes can be easily investigated and solved.
You’ll also get access to our NexAnalytics dashboard, our unique feature where you can visualise extensive data and analytics for your NexBots. This delivers increased visibility and control across your NexBotix digital workforce, enabling you to make informed, data-driven decisions across your operations.
Getting You Started on Your Automation Journey.
Whatever stage you’re at in your automation journey, if you’ve deployed Intelligent Automation before, or if you’re looking to get started with automation for the first time, our team is ready to help move you forward following our simple 4 step onboarding process.
- During the initial engagement with our team, we’ll explore the challenges that you’re currently facing with your existing processes and help you understand the benefits of Intelligent Automation.
- NexBotix will work with you in a complimentary Discovery Workshop to help identify the best candidate processes for your automation, providing you with a compelling business case specific to your operations.
- To prove the value of automation NexBotix can run a proof of concept or an extended pilot for a period of 6 weeks deploying automation within your operations before moving to a full run-service. Here is where you’ll have access to our Virtual Centre of Excellence, equipping you with a 360 ° view of your entire automation project.
- Upon completion of the pilot or proof of concept, we’ll on-board you to our Run service where our team will work with you to deploy automation at scale whilst future proofing your operation.
For more information about how we’re helping finance teams across the UK drive efficiency, drastically reduce costs and increasing accuracy with our new Accounts Payable automation, get in touch with the team today, to find out more.