Accounts payable (AP) automation with RPA

Business Challenge:

A leading U.S based corporation struggled to deal with tall volumes of invoices due to outdated and manually intervened invoicing processes. Errors were found at a regular interval in customer invoicing. The company’s staff spent a large portion of their time and effort in managing these slothful accounts payable (AP) processes. This led to delays in customer payments and poor remarks on customer service. The client needed a quick solution that could streamline and optimize the entire accounts payable (AP) process, reduce payment delays, and exceed customer experience.

Solution:

MSRcosmos identified three use-cases in the AP process that could be automated using robotic process automation (RPA). These included

• Invoice segregation
• Invoice processing
• Cost feeds to ERPs

Blue Prism was selected as the RPA platform for AP process automation. Using Machine Learning (ML) and Artificial Intelligence (AI), MSRcosmos developed in-house engines that could identify, and segregate invoices downloaded from vendor websites. Once the invoices were downloaded, the ML algorithm read all the costs and other attributes from invoices and queued them for the Blue Prism tool, which processed the information for the Oracle ERP system.

Business Benefits:

• Swift Payments: Automation made invoices readily available to the customers who could then pay promptly and reduce payment delays. AP process automation introduced through RPA reenergized the entire invoicing approach.
• Improved invoice accuracy with zero errors: AP process automation abolished human errors leading to improved customer experience and cost reduction.
• Standardized Processes: Automating the accounts payable process standardized the entire approach, thereby making work simpler. The workload for the collection manager became more manageable, and collections were more streamlined.

Accounts payable (AP) process automation allowed the company to issue invoices more quickly, reduce human process errors, and lower costs.