When we start looking at some of the recent challenges in the supply chain across all industries, ensuring satisfaction with your vendors has become critical to achieving some sort of stability. Where possible, "good behavior" like strong communications and timely payment of outstanding invoices can earn your business better standing with your suppliers.
Digging into the A/P process in today's business environment, companies are reporting these challenges:
If any of these are causing problems for your organization, we have options to help. Whether it's the entire process or simply parts of it, even a small improvement can bring substantial gains for your organization.
Data can be captured from multiple input channels - email, MFP, FTP, etc. Optical Character Recognition reads the data off those documents then that can be stored in the database. CapturePoint uses Machine Learning to automatically classify documents and the process gets smarter as more invoices are processed. Data is extracted and can be validated against other sources to ensure consistency. Workflow can be automated with deviations and missing information processed manually, as the exception. Documents can be exported to your ERP system or Content Management Solution for fast and easy retrieval in the future.
Here's the complete process in a quick video:
We're here to help. By identifying some of your challenges and reviewing your current workflows, we can identify which areas can be quickly and easily improved to drive more efficiency and profitability back into your business.