The top benefits of AP invoice processing 🚀
In our previous post, we mentioned how 90% of invoicing is still done manually. However, companies are realizing that automation is a crucial tool to improve their AP processes.
It can help reduce costs, decrease the number of lost or missing invoices, and address a variety of other ongoing issues of accounting departments. 🙌
Let’s have a closer look at the top benefits of AP invoice processing and some numbers:
🎯Accuracy: Cognitive data capture is now able to reach 98% accuracy. As a result, users can pay more invoices with higher precision and on time.
📈Productivity: With AI you can do the same tasks, but in less time and with reduced errors. This can result in 97% reduction of key- strokes and other manual actions.
🕐Time-saving: Thanks to cognitive data capture, invoices are processed in 30 seconds – that is 6 times faster than if done by a human!
Plus, when it comes to invoice automation, the more invoices processed, the more accurate the technology becomes. This ability to continuously self-improve is called ‘data network effect’.🤓
Did you get curious?
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