For businesses to grow year on year, having inefficient processes such as a manual, paper-based system for handling incoming AP invoices is not going to cut it. To experience significant and consistent growth at your organization enterprises need to build resilient approach while processing an invoice. You need to equip your team, like in the Accounts Payable department, with processes that can scale internally and accommodate the inevitable increase in workload that will come with it.
There is multiple Automation Scenarios that AP teams must consider while considering automating invoice processing to ensure automation success.
The key to quickly scaling the Account Payable process is automation—especially when dealing with high growth. Growing enterprises realize sooner than later that Account Payable teams that use tedious, manual processes fail to keep up with the expanded pace. Invoices get stacked up, payments are delayed, and vendor relations can suffer. Since invoice management requires tedious data entry and robust communication, it is a prime candidate for automation technology that can take over monotonous and repetitive tasks. Implementing AP automation with a trusted partner will enable your business to handle volume fluctuations and manage the increase in AP activity as your company grows. A scalable Accounts Payable process is all about being future ready. A scalable Accounts Payable process is being able to double your invoice volume without doubling your team.
AP automation is key for business growth because it:
Improves Invoice Processing Times
AP automation will give your company the ability to handle a greater number of invoices by speeding up workflows and shortening your average invoice processing times. Taking advantage of early payment discounts will provide you with more funds to put back into your business to help it scale.
Increases Cash Flow Visibility
With AP automation software, you will be able to track key AP metrics such as the average number of invoices, average invoice processing time, and the average cost per invoice, giving you a better understanding of the cash flow in your AP department. An increase in cash flow visibility will enable you to better plan for the future and anticipate potential issues.
Improves Vendor Relationships
The speed and accuracy that AP automation offers will help to ensure invoices are paid error-free and on time, which will help your organization build relationships with a team of reliable, loyal vendors. By having strong relationships with your vendors, you will gain better value for your organization by benefiting from preferred pricing and dedicated service.
Scaling Account Payable - Invoice Processing with Kanverse.ai
Usher in zero-touch AP invoice processing with Kanverse. Ingest, extract, validate, and publish without manual interventions. Reduce cycle time, increase efficiency, reduce AP invoice processing errors, meet global compliance standards, and save costs.
Learn more about how much does it cost to process an invoice – Manual invoice processing increases costs as the operations scale. Learn more about the Associated Costs.
Kanverse.ai offers a suite of AI-powered products that supports various use cases across the enterprise to remove bottlenecks, streamline business processes, and minimize manual touchpoints across document processing heavy workflows. Kanverse Hyperautomation platform intelligently automates AP invoice processing workflows for enterprises. Kanverse brings together multiple AI (Artificial Intelligence) technologies - Computer Vision, Natural Language Processing, Machine Learning, and Fuzzy Logic, along with Business rules and workflows to accomplish end-to-end automation.
Kanverse is a SaaS (software as a service) product with a multi-tenant architecture – helping it meet security standards and seamlessly scalable based on business needs. It is designed to be simultaneously used by multiple customers across different regions. Kanverse runs on a scalable IaaS (Infrastructure as a Service). The system is built for high availability of 99.99%, and in the event of any system failures, all the traffic is automatically routed to the backup system without downtime. The system is highly scalable, and in case of an increase in traffic, it can scale up both vertically and horizontally to optimize the resources. Kanverse manages incoming traffic and processes documents in parallel, resulting in higher throughput and low latency. Further, built-in automated alerts help system administrators monitor the health of the system in real-time. Our platform is fully elastic and can scale up in our public cloud hosting in a matter of minutes to process thousands of documents concurrently. Kanverse can easily handle many multiples of 100,000s of transactions per year per tenant. Importantly, this elasticity and capacity balancing is completely transparent for our customers.
Kanverse’ SaaS multi-tenant architecture provisions endless scalability based on changing business requirements. Our unique cognitive data capture technology gives AP staff intuitive assistance, enabling them to validate and correct captured data in seconds. Our cloud-based technology ensures best-in-class security and scalability, as well as full 24/7 access on any device. The solution is ISO-27001 certified and SOC2 Type 2 compliant. The load balancer at each micro-service distributes incoming traffic to multiple VMs. This is configurable to support and add additional VMs under the same load balancer depending upon the load. If microservice on any one of the VM is not available (application error/hardware failure), then other VMs will take care of incoming traffic and make sure the system is always up and running. Documents are processed in parallel asynchronously using a message queueing system, which results in higher throughput and low latency. Customers can process their documents simultaneously with no impact on other customers’ tenets. Customers can be allocated to a shared or dedicated serving cluster. In case of high load across clusters, a new cluster can be spawned, and the traffic can be routed to achieve desired latency. In-memory cache is used for faster processing, and a highly scalable multi-cluster database supports scaling up easily to accommodate the heavy load. Monitoring and observability mechanisms provide insights into the overall health of the system and necessary actions to be taken.
Kanverse brings you the best-in-class IDP (Intelligent Document Processing) software to automate submission intake process for Insurers right from ingestion, classification, extraction, validation to filing. Extract data from a wide gamut of documents with up to 99.5% accuracy using its multi-stage AI engine. Say goodbye to manual entry, reduce cycle time to seconds, optimize cost by up to 80%, minimize human error, and turbocharge productivity of your team.
Schedule a demo with us today to find out more.
About the Author
Kingshuk Ghosh, Principal Product Manager, Kanverse.ai