This is a follow-up to How Many Of Your Processes Are You Automating, originally posted in April.
NEXT STEPS IN AUTOMATION
Last time, we spoke about how a third of businesses surveyed December of 2020 had already automated a core function.—netsuite.com That means the average business is twice as likely to have nothing automated at all! With all that is possible today with technology, that statistic is nothing short of abysmal. If you find that you’re part of the majority of businesses who have yet to experience work that happens automatically, read on!
BEST STARTING POINT
As a refresher, the first step in any business process automation project should be gathering the data about the process you wish to automate. We suggested last time to look at processes which produce little REVENUE compared to their COST, and one such process is Accounts Payable. Let’s use that as a framework to discuss the next steps.
Accounts Payable produces little to no revenue as compared to the cost. The only “revenue” possible from Accounts Payable is typically in the form of savings via early payment discounts, and compared to the high cost of labor this ensures that AP is a good candidate for automation in terms of REVENUE vs COST.
The next step is to isolate the data needed in order to perform AP functions. AP processes depend on invoice data, and invoice data is able to be read by a computer by running OCR character recognition software on scanned or emailed invoices in the form of PDFs/TIFFs/etc. For AP processes, the index fields important to capture are very standard: Invoice number, PO number, Company, Due Date, Date, etc.
Invoices are scanned into the system, OCR takes care of indexing the data and the capture software can then kick off an automated workflow, routing the document to any/all of the required approvers.
Managing AP processes in this way minimizes the possibility of errors while also cutting out the sub-processes which take the longest.
If you’re interested in finding out more, just drop us a line!
For Over 63 Years – American Micro Company—Dedicated to helping organizations gain independence through transition from improperly stored documents to automated data management and workflow solutions.