Nowadays everybody likes to use fancy words when discussing about automation and, in all industries no matter of size or department, everybody wants to use robotic processing automation. But what does it mean exactly? From where can your company actually start to automate?
Undoubtfully the next generation of financial centers need to reinvent themselves if they want to achieve the purpose of their establishment or even if they want to survive. Time-spent on automation of administrative tasks within complex ERP systems creates frustration both on management and employees side. Thus, different expectations lead to increased staff turnover as people joining SSC hope to get a hold of first hand technology and not spending hours sorting and manually re-typing documents.
So how can TULIP help you reach AP process automation by allowing your people to focus on value added tasks? We share with you below how simple can look the process of AP management both for physical and electronic documents.
How does it work? The Client sends the documents in paper format to our Scanning Center to be processed. Scanning Center’s employees check and split each document to individual pages, which are labeled and sent for scanning. Once scanned, the optical character recognition (OCR) system takes over, extracting all relevant data, validates it based on pre-defined rules and exports the data directly into Client’s ERP system. All data and scanned documents are saved into TULIP’s electronic archive, according to previous agreement with the Client.
How does it work? The Client sends the unstructured document (PDF) or the electronic document (if EDI technology is used) via e-mail, to our Center, where it is checked and imported into TULIP. Once imported, the optical character recognition (OCR) system takes over, extracting and validating all relevant data, based on the pre-defined rules. The final data is prepared for the direct import into Client’s ERP system and automatically saved into TULIP’s electronic archive, according to previous agreement with the Client. Reports and agreed overviews are available for the Client in the electronic archive.
Once implemented, the process brings the following advantages:
- Reduction of labour-costs with 50% for administrative functions
- Reduction of error rate with 95% by document processing
- Increased speed with 50% by document processing
- Increased availability of data and reports with 75% for accurate decison making
- 0% manual retyping of data into accounting software
- 0% costs for developing and maintaning your own ERP solution for automation of AP
Interested in more information about our online document management solutions?CONTACT US!