The future of AP software solutions is here. There are significant benefits for organizations to use AP Software Solutions. As an example, a recent study by the United States Treasury has estimated that by implementing e-invoicing across all federal government agencies, it could help cut costs by 50% for an annual savings of $450 Million. Right now Latin America countries are amoung the leaders in embracing invoice digitization. Here are a few of the themes that are driving the future of AP software solutions.
Not just portals: One of the early themes in AP software solutions focused primarily on portals. This does help the organizations receiving the invoices, but often meant manual process for the suppliers. Modern solutions should be able to handle incoming invoices from other technologies like EDI and even PDF invoices.
OCR out invoice digitization in: OCR is a very old technology. Scanning invoices and then trying to automate the results still involves a lot of manual interaction. Digitizing invoices allows for a more robust solution.
Machine Learning: Machine learning and AI have many different applications and use cases. There is a use case with AP software solution where the system can learn from past invoices and make decisions without the intervention of humans. This can reduce non-value human effort and significantly improve efficiency.
Visibility: Many organizations still have siloed finance systems and processes. Getting visibility on your supplier invoices early can significantly help organizations with many things, but most significantly cash flow planning.
Integrate with other systems: AP software solutions should integrate with an organizations financial systems and ERP. Data should be able to flow back and forth between systems with little manual intervention.
If you would like to understand how the OnePosting AP software solution uses invoice digitization and machine learning to help your organization, book a meeting with our team.
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