Finance is the world of razor-thin margins. Yet nowhere is this “razor rustier” than in the labor- and error-intensive world of invoice processing.
You’ve got scores of portals to navigate. Countless one off iterations of invoice forms, formats, and file names. Each needs to be downloaded (by a person), read (by a person), and input into your core AP system…by a person.
You might think that robotic process automation, or RPA, bots, could handle this on their own. But even they couldn’t handle the “middle of the sandwich”: that is, reading disparate types of invoices with a precision that OCR could never achieve.
Until now.
There’s a new technology, called IDP, for “Intelligent Document Processing,” and it’s finally ready for prime-time. Which is why The Lab, North America’s undisputed business-process-standardization and automation expert, has embraced it, and leveraged it, for invoice processing operations.
Now, it’s possible—and with The Lab, it’s fast and easy—to automate the entire process of invoice processing.
No OCR. No templates. No training. No errors. No over-stressed workers who might quit at any moment. (Move them to higher value activities!) And speeds up to 45x human speed.
So how does it work…?
She automatically launches, logs into, and navigates website portals or share sites where vendor invoices reside. She batch downloads them…while giving them new, rational filenames, and saving them to the drive or application of your choice.
This bot is a genius; he’s been juiced up with IDP tech. So without any human created templates whatsoever, he’s able to navigate to the invoices that Betty retrieved, and then read them. He finds all the pertinent data, wherever it resides on the PDF, and inputs it, flawlessly, into Excel.
He takes Albert’s easy-to-read Excel data, and inputs it into your core invoice-processing app. Simple as that.
You’ve probably heard a lot of hype about RPA that hasn’t panned out. Or perhaps you’ve attempted some automation yourself, only to hit a wall.
That’s understandable. Because robotic automation requires an underlying layer of “standardization for machinability.” RPA software-makers won’t tell you that; they just want to sell software.
And while some companies know invoice processing, and others know RPA, only The Lab knows both. We’ve helped organizations from the Fortune 500 on down to standardize people, processes, and data for more than 25 years. Our Nano-Scale Standardization™ methodology is patented.
So The Lab can get you up and running—“lights-out” invoice processing—in just weeks. With all work performed remotely from our U.S. offices in Houston. Nothing is outsourced or offshored. Ever.
You’ve got to see this in action to believe it. RPA plus the AI of IDP is more than a mouthful of acronyms; it’s an ingenious disruption for invoice processing that’s lumbered along, unchanged, for decades.
Whether they’re purchase orders from customers, or invoices from suppliers, you’ll have the automated ability to wrangle them all.
We invite you to book a no-obligation 30-minute screen-share demo with The Lab. You’ll see actual invoice processing bots in action. Witness the magic of IDP. And get all your questions answered by our friendly experts.
Simply call (201) 526-1200 or email info@thelabconsulting.com to book your demo today!
