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invoiceprocessing

Digitizing your invoicing process

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Digitizing your invoicing process

How it can lead to more productive interactions with you clients

How digitizing your invoicing process can lead to more productive interactions with clientsšŸ¤

In the midst of digitalization, there is one thing that should not be forgotten: the relationships with the clients. 

Digitizing can be overwhelming, and many companies tend to focus on workflows and processes while human interactions are being neglected.

However, the good news is that digitizing your invoices can actually lead to more productive interactions with your clients:

šŸ’”Once all invoices are digitized, you will find it a lot easier to manage accounts payable, to keep track of projects and make or receive payments on time.

šŸ’”Paper-based documentation can be a major burden, affecting the relationships you have with clients, business partners and other entities.

šŸ’”A study by Adobe carried out among executives shows that 63 percent of them believe that paper-based processes impact the customer experience negatively.

Making the switch is simple, and it starts with getting existing invoices digitized. Afterwards, you can speed up payment processing and increase accountability to boost customer satisfaction.šŸš€

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Digitizing your invoicing process

Benefits of Digital Invoicing

Digital Invoicing
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Benefits of Digital Invoicing

How it can reduce cost, time and more

The trend towards electronic invoices has picked up a few years ago and has since then improved workflows and processes at companies:

1ļøāƒ£ Digital invoices reduce the time and costs involved in processing paper invoices by eliminating two frequent sources of errorā€”mail sorting and data entry.Ā 

2ļøāƒ£ They also ensure that invoices are paid faster, thereby avoiding financial imbalances.Ā 

3ļøāƒ£ Digital invoices also improve the traceability of invoicing operations, while offering easier access from anywhere.Ā 

4ļøāƒ£ They can also facilitate data exporting, notably when the digitization system is integrated into a software-management solution.Ā 

5ļøāƒ£ Since they are stored on a hard disk or in the cloud, digital invoices save space and decrease the risk of damage to these documents.Ā 

Transitioning to full digital invoicing is not without its challenges for organizations. 

They will have to guarantee the authenticity of invoices and the integrity of their content, while also integrating the digitization tool into their IT system to ensure optimal compatibility with other management tools.Ā āœ…

Benefits of Digital Invoicing

Infor LN ā€“ An ERP solution for Manufacturing Companies

ERP solution
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Infor LN ā€“ An ERP solution for Manufacturing Companies

Infor LN is one of the main ERP (enterprise resource planning) solutions for complex small and large manufacturing companies, developed by Infor. Being very easy to use, LN reduces complexity and day-to-day operations, providing complete planning system and covering all business processes during the entire chain – from designing and planning to sales and customer service.

DOC2

automates Invoice Processing for Infor LN

test it with your invoice today

LN supports projects in many different types of manufactures such as industrial equipment, automotive, aerospace, high-tech, electronics and many others. Using this software, companies have a huge potential to improve their agility, lowering their cost of ownership.

Infor LN is a multi-language system which provides flexible global business operations support through all departments, passing by finance, warehousing, freight management, and aftermarket service. It contains automated alerts which helps to prioritize issues and address them immediately to the right sector. Using LN, companies can manage manufacturers and service functions with just one ERP system without customizations.

Implementing this software, manufacturing corporations have much more organizational transparency, optimize their internal and external processes, and reduce the software customizations necessary to maintain their competitive edge.

Infor LN also allows business to manage a network of people, activities, information, technology, and resources effectively and economically. This integration added to sophisticated analytics, drive the companyā€™s board to more assertive decisions and help them to offer an incredible experience to their customers, developing actionable insights to data.

One great differential from Infor LN is that, besides the ERP system, Infor OS technology connects the LN software with several top-rated applications that can solve different types of business problems. Another interesting point is that Infor Ming.leā„¢ has the tool of social network to ERP systems, allowing employees to collaborate virtually for problem solving.

Main benefits of an Infor LN System

  • Gain confidence with global financial visibility
  • Deliver operational excellence
  • Create low-cost, agile supply chains
  • Make the transition to a service-centric business model

If your manufacturing company needs a system which will transform your day-to-day, ensuring high performance and low cost, talk to us.

Our team is ready to help you!
DOC2 Screenshot

DOC2 automates Invoice Processing for Infor LN

Say goodbye to manual processing of your invoices! DOC2 guarantees accurate, faster and cheaper invoice processing through artificial intelligence. Check out our demo version by uploading an invoice!

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Infor LN ā€“ An ERP solution for Manufacturing Companies

90% manual work

manual work
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90% manual work

Did you know that over 90% of the total number of invoices issued globally are still generated by manual work?

Yes, you read that right. Less than 10% of all invoices are automatically processed! This takes a huge toll on AP departments.

But itā€™s not only time (and thus, money) that is lost when processing invoices manually. You also lose out on tons of data.

One approach to automatically processing invoices is called template-based OCR. This means that lots of rules and templates are in place to automatically read data from business documents.

This works as long as the document scanned follows the specified rules EXACTLY. As soon as something is out of the ordinaryā€¦ this approach fails.

Each individual alternation of the document requires a long and expensive configuration process.

Another and better approach usesĀ artificial intelligence cognitive data capture. Based on deep neural networks, invoices can be scanned, and patterns can be learned.

The system can adapt to changes in layout and input. The technology infers the general structure of invoices quite like how a human mind does.

Imagine the possibilities: Invoices scanned and processed automatically. Without the need to continuously update the configuration.

Imagine the possibilities: Invoices scanned and processed automatically

Without the need to continuously update the configuration

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90% manual work

What is Deep Learning?

Deep Learning
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What is Deep Learning?

The Magic of deep learning.

Deep learning is a sub-area of machine learning and uses neural networks and large amounts of data.

The learning methods are based on the functioning of the human brain and result in the ability to make oneā€™s own prognoses or decisions.

On the basis of existing information and the neural network, the system can repeatedly link what has been learned with new content and thus learn again.

As a result, the machine is able to make forecasts or decisions and to question them.

Decisions are confirmed or changed in a new attempt. As a rule, humans no longer intervene in the actual learning process.

Itā€™s like magic and yet only uses something that we already know from life ā€“ translated into a machine.

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What is Deep Learning?