Accounts Payable Invoice Processing

End-to-end intelligent, cost effective, customizable automation for accounts payable processes

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HighIQ’s solution is powered by Automation Anywhere’s Robotic Process Automation, Amazon Web Services (AWS), and Amazon’s Textract, which automatically extracts text and data from scanned documents. The solution gives you access to HighIQ’s proprietary algorithms, vendor invoice management application, and account reconciliation toolkits. Deploy intelligent automation for your accounts payable processes instantly in your own secure AWS Cloud environment.

“HighIQ helped us achieve success with pilot automations proving that RPA technology can provide business value with task-related automation. More importantly, HighIQ showed us that our vision of increasing that business value proposition with full end-to-end process automation was not only possible but could be accelerated with its Digital Worker model.”

The Problem

Organizations that manage their Accounts Payable (AP) processes manually often need to deal with higher invoice processing costs, operational inefficiency, and countless hours of mundane, repetitive tasks. A recent study by Ardent Partners reports that less than 25% of AP departments are able to process invoices in a straight-through manner.

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The Solution

HighIQ’s Oscar, provides end-to-end intelligent automation of the accounts payable processes in the cloud, with role based access control and customizable real-time data for operational insights so that the AP staff only intervenes when necessary. This results in a process which becomes touchless in most cases.

Accounts payable automation Use Case explained

The accounts payable processes were manual and tedious, resulting in the following pain points:

  • Over 50% of the invoices were received through email, requiring constant monitoring, identification, and querying of vendor emails.
  • Manual pre-processing of the invoices and vendor follow-ups took up to 70% of the employee’s time, resulting in a high number of manual errors.
  • The existing OCR engine only provided 40% Straight-Through-Processing (STP) with over 20% error rate.

HighIQ’s solution, Oscar, provided end-to-end intelligent automation of the accounts payable process in the cloud including:

  • Monitoring and managing invoices delivered via email
  • Pre-processing of invoice data without errors
  • Automatic extraction of invoice data
  • Multi-step validation and approval workflows
  • Integration with the ERP system to process the invoices

Oscar enabled the automation of manual processes, helping the customer realize the return on investment (ROI) quickly and provided the following benefits:

  • 75% straight-through-processing (STP) due to improved accuracy of invoice processing, elimination of manual errors, and real-time reporting
  • Reduction in late payments and improved vendor statement reconciliations
  • 25% increase in overall operational efficiency

Benefits

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Lower Operational Costs

Reduce cost per invoice up to 52%, avoid late payments, and gain eligibility for early discounts.

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Increase in Operational Efficiency

Achieve up to 90% straight-through processing (STP) and process more than 10x volume of invoices.

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Faster Return on Investment (ROI)

Deploy automation without disrupting existing systems and realize its ROI within days.

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Improved Control & Compliance

Get higher visibility on performance insights and audit each step whenever required.

Features

Email Manager: Monitor and manage semi-structured vendor emails, invoice attachments, and queries to ensure proper communication.

Pre-Processor: Enables higher straight-through-processing (STP) by cleaning up invoice data - invoices and statements classification, removing pecial characters, splitting single document into multiple invoices and, removing redundant pages.

Amazon Textract + Oscar: Extract relevant invoice information from vendor invoices, perform multiple validations and match the data to their respective fields. Trigger different workflows for PO-based and nonPO-based invoices.

HighIQ User Board (HUB): View real-time reporting dashboards and configure automation workflows. Also, view the invoices processed, track their status, and make changes as required..

ERP Integrator: Input invoice data into the ERP system (Oracle EBS, SAP, NetSuite, etc.) for payment processing, without disrupting existing systems.

Powered By

HighIQ’s solution is powered by Automation Anywhere’s Robotic Process Automation, Amazon Web Services (AWS), and Amazon’s Textract, which automatically extracts text and data from scanned documents. The solution gives you access to HighIQ’s proprietary algorithms, vendor invoice management application, and account reconciliation toolkits. Deploy intelligent automation for your accounts payable processes instantly in your own secure AWS Cloud environment.

Now available at

Our Accounts Payable Solution is available on AWS Marketplace as an Amazon Machine Image (AMI). It is available with all the components you need to automate your AP processes. For the latest pricing, visit the AWS Marketplace under the link:

Visit AWS Marketplace

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Interested in Accounts Payable Solution?

Try out Accounts Payable Solution within your environment to review your contracts and gather insights.