The ROI of AP Automation

To get your company on board with an AP automation project, you need to show a clear ROI. Thankfully, it’s an easy case to build. Cost savings typically average 80 percent – and most companies achieve a full return on their investment within a single year.

The ROI of Invoice Automation

Invoice processing is the most common process that AP departments automate. And the justification is there: the costs are reduced from $14-$17 per invoice (when done manually) to $3 (when automated.) The time investment is lower as well: the typical cycle is cut from 14 days to 3 days with automation.

Lower costs, fewer late fees, and more early payment discounts are the norm – not the exception. That’s the AP automation ROI realized.

The ROI of AP Automation

Non-Financial ROI

Realistically, the dollar savings are most important. But there are other, “softer” savings that you’ll also achieve. Consider:

The ROI of Control: Automating your AP workflows provides additional control for everyone involved. Standardizes processes leave less room for confusion or mistakes. And contrary to popular belief, automation doesn’t remove Accounts Payable employees from the process. It’s simply a way to eliminate steps that consume unnecessarily large amounts of time. With AP automation, you are still in control of coding and approving invoices, and adding them to the general ledger. You and your team will just have greater visibility and insight into the process.

The ROI of Time: AP automation buys you time. You’re able to transform your AP department from an expense to a profit center by pursuing higher-level tasks. Consider what you could achieve if your expert employees were focused on finding and negotiating potential discounts, optimizing your payment schedule, analyzing opportunities, and proactively working with vendors for better results. All of the sudden, your AP department can start generating revenue for your company.

The ROI of a More Capable, Productive Staff: As your company grows and invoice volumes increase, you will be able to keep up without hiring additional employees. Contractors and outsourcing are eliminated from the conversation as well. The team you have now will become more productive – and can help you keep up with long-term growth.

We get it: automating isn’t an instant decision. You need to evaluate (and oftentimes, maintain) your long-standing processes. You can do exactly that with a mappable AP automation program. IntelliChief’s solutions let you keep your current ways of processing, but automate them for increased efficiency.

The toughest part is the initial decision. It’s hard, because you have to make yourself do it, but thankfully implementation isn’t difficult. And once your initial ROI projection is achieved, you’re likely to see more anticipation throughout the rest of your company. Soon, they’ll be following your lead and asking what else they can automate.

Want to talk your business case through with an expert? Contact IntelliChief to learn more about the ROI of AP automation.

View JD Edwards Accounts Payable Automation Content Management

AP automation in JD Edwards is easier than you might be imagining. IntelliChief offers solutions that integrate directly with your ERP, which makes it easy to share and validate data. And you can customize the program to fit your AP department, making it a strategic fit for your organization as a whole.

If you’ve been considering a new approach to accounts payable, this on-demand discussion can help you think it through from all perspectives. You’ll learn about the various solutions for JD Edwards Accounts Payable Automation, how OCR and data capture can streamline your workflows, and how analytics can help you assess your approach. It also helps you weigh the benefits of ECM from an enterprise prospective.

Prefer to talk with an expert? Contact IntelliChief to learn more about our JD Edwards integrations.

Workflow Automation in Production and Distribution (Case Study)

Production and distribution are two departments that stand to become much more efficient with workflow automation.

That’s what one manufacturer discovered – and quickly – in this IntelliChief case study.

You’ll notice that they first implemented their automation solutions in Accounts Payable, but moved quickly toward interdepartmental use. And that’s precisely what IntelliChief is designed for: comprehensive improvements that span accounting, finance, logistics, and operations.

Here’s an excerpt:

“Production and Distribution experienced the benefits in-tandem immediately, uniting their efforts to enhance fulfillment at lower cost.

IntelliChief enabled the Production department to collectively assemble all documentation per project within the system, allowing access and real-time visibility with cross-departmental workflow of every project. It also facilitated an archive of each projects’ details, accessible for future jobs.

Distribution was a natural next-step of their IntelliChief usage. Shipping and Receiving documentation is electronically captured at each logistics location, where it is routed through the system to either AP for matching and payment, or Customer Service for collection and archival with other information of each order. With both capacities, “workflow automation facilitates a welcomed reduction of footwork by our staff – all documentation is accounted for and routed where it needs to be.”

Download the complete case study here.

IntelliChief ECM Celebrates AP Recognition Week 2018

IntelliChief, LLC, a provider of automated document management and workflow enterprise content management (ECM) solutions, announces the celebration and support of AP Recognition Week 2018, October 8-12 (#APYouRock), by planning a company-wide Bring Your Child to Work Day Friday the 12th, to educate and acknowledge the roles and impact Accounts Payable professionals contribute to company growth and cash flow optimization. 

AP Recognition Week is the world’s largest celebration of Accounts Payable professionals. The Institute of Financial Operations sets aside a week every year to celebrate AP’s dedication, drive, and accomplishments as financial operations professionals.

IntelliChief ECM provides a smooth, automated transition from costly manual document management and workflow functions. Its industry-awarded automated capture, validation, database update and real-time analytic visibility enables users to capture documentation in any format, index contents and validate with data in their ERP and line of business applications. It lifecycle-manages all related documentation, facilitates optimized interdepartmental processes workflow automation and cash flow optimization.

Areas of enterprise-wide use include Accounting (both Accounts Payable and Accounts Receivable), Finance, Purchasing, Customer Service, Human Resources, IT Legal, Logistics/Distribution, Operations and other paper and process-intensive departments, supporting time and cost savings throughout organizations.

To review IntelliChief’s abilities, visit //www.intellichief.com.

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CONTACT:

IntelliChief, LLC

Tim Nissen

Marketing Manager

tnissen@intellichief.com

(813) 971-9500 x335

IntelliChief ECM Celebrates Manufacturing Day 2018

IntelliChief – a leading provider of manufacturing document management products – announces the celebration and support of Manufacturing Day, to be held on October 15th.

We’re planning to educate and acknowledge the contributions those in manufacturing make for economies, and quality of life. We know how much goes in to a successful manufacturing operation – and we’re impressed by all of the logistics.

Join the conversation on social media with the hashtag #MFGDAY18.

About Manufacturing Day

Supported by a group of industry sponsors and co-producers including The Fabricators & Manufacturers Association, International, The National Association of Manufacturers and the Department of Commerce’s National Institute of Standards and Technology’s Manufacturing Extension Partnership, Manufacturing Day is designed to amplify the voice of individual manufacturers and coordinate a collective chorus of manufacturers with common concerns and challenges. The rallying point for a growing mass movement, MFG DAY empowers manufacturers to come together to address their collective challenges so they can help their communities and future generations thrive.

IntelliChief ECM Presenting at 2018 Kerridge Commercial Systems FUSION18

IntelliChief will presenting at the 2018 Kerridge Commercial Systems FUSION18 (#FUSION18), October 7-9 in Scottsdale, AZ.

Our experts will be sharing Better Together: Maximizing the ROI of Your KCS ERP System with IntelliChief Capture Enterprise (OCR) and Integrated Document Management. 

Are you in control of your Accounts Payable and sales order processing? Is manual data entry still the most time-consuming back office function in your organization? What if you could eliminate keying invoices, filing and file cabinets, and managing documents between branches.

This session explains the integration between IntelliChief and KCS for AP automation. We will discuss Integration points, touchless AP, mobile approval and coding for expense invoices, and other areas in your organization to implement Document Management. Finance professionals are encouraged to attend.

IntelliChief at the 2018 MK & Associates-Guide Technologies Infor XA User Conference

IntelliChief, LLC, a provider of enterprise content management (ECM) solutions, will be presenting at the 2018 MK & Associates-Guide Technologies Infor XA User Conference, October 8-9 in Grand Rapids, MI.

Our presentation, Advancing AP Automation with Infor XA, will demonstrate the Infor-approved IntelliChief ECM solution. You’ll see how – thanks to seamless integration – you’ll be able to:

  • Build out custom AP workflows based on your specific processes
  • Use AI technologies & OCR to get data into your XA ERP
  • Reduce the amount of time your employees spend on information validation, database updates, & analysis
  • Create a proven plan for reducing your invoice processing costs
  • Increase visibility into your invoice approval and exception handling processes
  • Reduce the risk of late payment fees & collect more early payment incentives

For more information, contact us today.

Five Ways to Make Your Back Office Shared Services Center More Productive

Back office procedures are a challenge for every business. However, the larger the organization, the higher the likelihood of duplicated processes – and the higher the need for efficiency.

Shared services can help streamline back office administration, offering a centralized option for accounting, HR, customer service, and other functions. That said, companies still need to optimize their model so they aren’t held back by common operational issues.

The most successful shared service centers don’t operate as any other business unit. (PricewaterhouseCoopers confirms this.) Instead, top performers:

Fundamentally Change the Way That Services are Delivered

In the earliest shared service models, processes were consolidated to help companies capture the efficiencies of scale. Today’s approach, however, focuses on optimizing processes in the first place, eliminating redundancies and implementing the newest best practices.

Back Office Shared Services

Automate Redundant Tasks Wherever Possible

One real-life best practice? Using automation to make time-consuming processes simpler. When there’s something that has to be done – but isn’t an ideal use of a company’s resources – it can be helpful to turn to technology. For instance, back office shared service centers can use software to process invoices and approvals, making these routine responsibilities less of a burden for their employees.

Consolidate Technologies

Before turning to shared services, many companies use multiple technologies across different departments. But, maintaining several legacy systems is incredibly inefficient – not to mention costly.

In KPMG’s global business services maturity model, one of the key milestones for an integrated organization is “coordinated processes [and] technology”.

This tends to come later in a shared service center’s development. KPMG recommends doing so after the delivery model is consolidated, but before a company’s services are synced end to end. This allows organizations to get a comprehensive plan in place and then choose the technologies that can support their goals – not the other way around.

Continually Test and Evaluate

As is the case with any business model, failing to adapt can cause any shared services organization to fall behind.

Today’s industry standard may be completely outdated within five years. For instance, Accounts Payable used to involve extensive manual math, while SSCs now have the option of relying on software to run their calculations automatically. Even if a process is currently working well, it’s important to remain open to continued opportunities for improvement.  Activities like manual 3-way matching, manual keying, and unit and measure conversions can be completely eliminated, allowing users to focus on errors and exceptions (which software can’t automate).

Drive Changes From a Senior Management Level

Transitioning back office processes to a shared service model is no small undertaking – but the results more than justify the cost. Changing the status quo (and maintaining momentum throughout the process) requires CEO-level commitment, as it’s only after a change is fully implemented that the benefits start to add up.

Let IntelliChief Help You Optimize Your Back Office Shared Services

Whether you’ve just started to consider a shared services model or are looking to improve upon an existing approach, IntelliChief can help. Thousands of  transactions go through IntelliChief’s back-office automation tools every day, and we’re here any time you’re ready to start doing the same.

To learn more about the comprehensive solutions we offer for procure-to-pay, order-to-cash, customer service, and human capital management, contact us today.

Improving Your Shared Services Strategy with Automation

If your shared services strategy doesn’t include automation, you may be using too many resources on repetitive tasks. After all – the goal of a shared services center is to increase efficiency – so why is your staff spending valuable time on processes that can be easily handled by a computer?

How Strategic Shared Service Centers Use Automation

In 2017, Deloitte surveyed more than 1,100 shared service centers. They found that more than half of the shared service centers were either already using automation or considering it.

Shared Services Strategy - Role of RPA

Automation has the potential to help reduce costs significantly – sometimes as much as 70 percent. Manual workflows, like processing invoices and looking up customer order information, can be done more quickly (and more accurately) by a computer. In turn, this frees up employees to focus on other tasks.

These benefits are especially timely, considering that Deloitte’s study also revealed that:

  • 73 percent of shared service centers reported year-over-year productivity increases of 5 percent or higher. Even for centers that are currently pleased with their performance, it’s important to continue improving – or risk losing their competitive edge.
  • Complex, knowledge-based processes had doubled (or in some cases, tripled) over the past 5 years. Strategic processes still need to be handled by humans – and that will likely be the case for the foreseeable future. Eliminating routine “busy work” gives employees the capacity to focus on these knowledge-based initiatives – and provide more strategic benefit to the company.
  • More than half of the shared service centers had expanded their strategy to include three or more core functions. Scaling up is an excellent way to increase a shared service center’s financial benefits – but it also poses the need to adapt to the increased volume of responsibility. For some companies, that may mean hiring additional staff. However, automation is ideal for handling a high volume of tasks (and ensuring an accurate, predictable output). This allows companies to save on salary expenditures. As a result, automation has a place in almost any organization’s forward-thinking shared service strategy.

What Else Can Shared Service Centers Consider for 2019 and Beyond?

Automation is just one of the emerging trends that shared service centers should be considering for future growth. Organizations also need to focus on:

  • Discovering (and eliminating) duplicated processes across departments. For instance, Accounts Payable may be manually entering GL code information into an ERP from an expense invoice after the approver has written it on the invoice. Why are two people adding the same information? Another example is duplicate invoices. Often an AP user enters an invoice, only to find out that it’s already been paid. By centralizing core activities, shared service centers can help put an end to duplicated tasks.
  • Leveraging core data across multiple processes and information systems. Similarly, many organizations handle the same data several times, often manually moving that data from one program to the next. Streamlining their strategy for handling their data is another way that shared service centers can reduce costs and improve productivity.
  • Increasing their value-add through expanded reporting and analysis. Processes that are completed at shared service centers don’t happen in isolation. Every single one has a wide-reaching impact that decision-makers need to be able to evaluate – and SSCs can expand their strategy to include more real-time reporting and analysis. This can help corporate executives not only see the true impact of their shared service model, but also identify over-arching trends that will impact their business.

Discuss Your Shared Services Strategy With One of IntelliChief’s Process Optimization Experts

If you’re ready to help your shared services center become more productive, contact IntelliChief. Our specialists can help you create a strategy for faster, more cost-efficient back-office practices – all within the framework of the technology you already have in place.

With ERP-integrated automation software, we can eliminate repeated manual work from your shared service model, reducing costs and providing a high return on investment. To see how other companies have streamlined their procedures with IntelliChief, visit our Resource Library and download one of our peer-to-peer case studies.

Machine Learning Applications: 8 Use Cases for Back-Office AI

Machine learning is transforming the way that companies do business. But there’s no “standard” approach that’s right for every organization. Some companies are using AI to improve their manufacturing processes, while others are focusing on back-office administration.

If you’re trying to decide how – or where – these technologies make the most sense for your business, there’s a wide spectrum of machine learning applications to consider.

Machine learning applications

At their core, machine learning tools are designed to help you identify patterns, collect data, and create predictive models that become more accurate over time. While humans can do the same work, computers can do it more quickly, for a higher volume of data. This makes machine learning incredibly useful for a variety of projects. Some of the most common business-driven use cases include:

  1. Invoice processing – Algorithms can identify part numbers, prices, and vendor information, then reconcile that information with the information from the original purchase order. Computers can even cross reference part numbers to help sort out discrepancies. This eliminates the need for a manual two- or three-way match.
  2. Managing tolerances – Instead of a user needing to manually calculate tolerances, machine learning applications can read invoice or sales order values and automatically compare them against information that’s saved in the user’s core ERP. This helps create fewer “touches” for the user and increases the straight through processing rate for back office documents.
  3. Managing vendor discounts – Machine learning applications can read invoice due dates, then determine which invoices to pay (at what times) to take advantage of vendor rebates or discounts. This information can be extracted and presented during the voucher creation process.
  4. Collecting and organizing unstructured content – Most business documents are considered “unstructured”. An invoice or sales order that’s received from outside the organization can come in any format. Today’s machine learning applications can recognize data on unstructured documents so users don’t have to manually key it into the ERP.
  5. Automating workflows – When business documents are captured, machine learning applications can trigger workflows based on the information it collected from the file. For example, a program that recognizes a vendor’s name could route that document to an appropriate person based on the sender’s email address.
  6. Streamlining financial auditsAuditors can periodically review sample transactions to make sure they are correct, but machine learning software can perpetually watch for issues. If a discrepancy is detected, it can be passed along to a user for review.
  7. Processing customer orders – Customer service representatives often spend time on mundane tasks like keying orders into an ERP system, or collaborating with other departments like engineering or quality. This increases the company’s lead time and is difficult to track. Machine learning technologies can create sales orders automatically and route order types for review automatically.  This results in faster order processing, while letting CSR’s focus on better customer service.

Of course, these are just a handful of examples. Siemens notes that the global market for smart machines is growing by almost 20 percent every year, while Dataversity notes that every single industry sector – from manufacturing and healthcare to financial services and law – has the potential to benefit from advances in automation.

What Can’t Machine Learning Do?

Although machine learning can handle a number of redundant tasks, there are certain areas where it’s not applicable – at least, with the technologies that are currently available.

An example: while computers can understand data, they can’t understand context. They can point out an anomaly, but they can’t always determine the underlying cause, and they don’t always know how to solve it. People are still needed to draw conclusions from the insight that predictive analytics provides.

Of course, tasks that require in-depth analysis still need to be completed by a human. And, computers can only handle processes that they’ve been specifically taught to automate –  anything that requires critical thinking can’t be solved with an algorithm. That’s why most experts recommend viewing AI as a co-pilot – not auto-pilot.

Meet IntelliChief: Machine Learning Document Management Software with Countless Back-Office Business Applications

In 2017, more than a quarter of companies had already set aside funds for machine learning projects – and that number is only projected to rise. If you’re looking to apply AI to your back office, IntelliChief can help.

Our software becomes more advanced the more that you use it. In many cases, it can complete processes that are currently handled by your employees, without any manual effort. For instance, it can help your Accounts Payable department process vendor invoices more effectively and even eliminate the data entry in sales orders. This can make your processes much more efficient – and much less costly.

And, as an enterprise-level solution, our machine learning software has countless potential applications throughout your business. From HR and order processing to accounting and finance, there are a number of ways that we can help you transform your business – and we’re here whenever you’d like to get started.

For more information about IntelliChief’s machine learning functionality, contact us today. Or, to see practical examples of how other companies have streamlined their workflows with our automation software, visit our Resource Library to download one of our peer-to-peer case studies.