Is Your Finance and Accounting Function Missing Out on the Power of Unstructured Data?
Documents are integral to key business processes, and enterprises have traditionally relied on knowledge workers to manually process documents or use fragmented automation tools/scripts. Research indicates that approximately 80% to 90% of the data generated and collected by companies is unstructured, lacking clear organization or formatting. This unstructured data, often referred to as “dark data,” […]
Invoice Automation Partner To Accelerate Invoice Processing
Effective invoice processing is crucial for modern businesses to ensure financial management. It involves various intricate and time-consuming tasks that demand additional workforce and technology. These tasks comprise capturing invoice data, validating the information, and recording the specifics in financial systems. The invoice processing procedure can become more complex, especially when dealing with high volumes […]
Mortgage Automation: Shaping the Future of The Mortgage Industry
The lending industry recognizes the importance of digital transformation and has made significant progress, especially during the pandemic. In its second-quarter earnings, Rocket executives said that going into 2023 they’re “putting a big chunk of capital [into] internal investment in technology” to save money in the long term. However, the mortgage industry remains highly paper-intensive, […]
Using AP automation to educe accounts payable discrepancies and boost satisfaction
Accounts payable is a crucial aspect of maintaining positive cash flow and strong vendor relationships in most companies, especially larger ones. It’s easy to underestimate the importance of maintaining good relationships with vendors until you need their support for rush orders or special pricing. Unfortunately, AP teams often face various challenges in their daily work. […]
How automation in AP works and how it can improve your accounting process
Accounts Payable is one of the most vital processes across industries. The amount of time organizations take to manage the workflow due to multiple data points, sources of information, multiple invoice formats, and touchpoints can be massive. Automating the entire process can help streamline the process by leveraging business intelligence. Further, it reduces the time […]
Why you should automate fraud detection in insurance claims processing
Insurance we have a problem – Fraud detection 18 percent of all claims in insurance are fraud. 40 percent of insurers polled said their technology budgets for 2019 will be larger, with predictive modeling and link or social network analysis the two most likely types of programs considered for investment. About 90 percent of respondents […]
Take a step ahead: Improve Document Processing Automation efficiency with IDP
From banking, insurance, and retail, document processing is a big part of today’s operations. These industries deal with a massive amount of physical documents that often lead to redundant operations and human errors if the processes are manual. Consequently, addressing these issues becomes crucial to improve accuracy and speed, with a lower cost of operations. […]
Can IDPs be a Better Fit than RPAs for Automating Financial Auditing
Audit firms need to convert financial documents of companies into standard formats to do a credit analysis or/and financial audit. Businesses provide a variety of documents in a variety of formats. The first stage is to convert the financial information into a standard format for credit analysis. Documents such as invoices, purchase orders, checks, receipts, […]
How IDPs can Transform your Invoice Processing better than RPAs
Documents such as invoices, purchase orders, checks, receipts, etc. have no standard format. However, businesses need to enter the information from these paper documents into the financial systems and ERPs. A lot of manual effort is spent in classifying the documents and extracting the data for analysis. As time is limited, errors generally creep in, […]
Finding the right fit for your business: RPA or Intelligent Document Processing
The total checks written declined to 16.0 B with a value of $26.20 T, a decrease of 4.2 B and $3.48 T from 2015. [1] Checks still comprise 7% of overall transactions [2]. Checks are still an essential form of transaction with high volumes; moreover, the average value of checks written grew to $1,635 in […]
