Jeffrey F. Moore, Chief Sales Officer and Partner
Enterprises have achieved considerable IT transformation across front-end and back-end operations, customer services, and IT infrastructure. However, a multitude of functional processes remain manual-driven with Accounts Payable (AP) being one among them. Evidently, the complexity around the invoicing process creates hiccups in the organizational workflow, making it an uphill task for enterprises to achieve operational efficiency. Against this backdrop, Artsyl, a pioneer in intelligent data capture technology, has created an automation platform to support enterprises in driving down overhead costs across business functions while achieving higher visibility, seamless workflow, and increased ROI. Responding to the growing demand for automated invoice processing solutions, the firm has created a state-of-the-art solution, Invoice Action, which completely automates the invoice processing across the AP function.
Invoice Action is designed as a pre-configured solution that allows organizations to manage both electronic documents as well as scanned images and eliminates manual data entry and document handling for vendor invoices, without the need for customized coding or costly implementation services. By automating the capturing of data from supplier invoices, the solution provides every invoice detail ranging from header/ footer to line-level field. Invoice Action then automatically classifies them based on the document format into statement, utility bill, credit memo, and pro-forma invoice, among others. Hosted on the company’s Transformation Platform, docAlpha, the solution is capable of validating against key tables and data sources like the vendor master file, pivot tables, and receipt tables to confirm the authenticity of entered data. “Whether the client is expecting to receive invoices by U.S. mail, electronic mail, or through EDI transactions, our solution can extract and validate the critical data required for processing an invoice, regardless of the format,” says Jeffrey F. Moore, Chief Sales Officer and Partner of Artsyl Technologies.
Whether the client is expecting to receive invoices by U.S. mail, electronic mail, or through EDI transactions, our solution can extract and validate the critical data required for processing an invoice, regardless of the format
Invoice Action can also generate e-mail notifications to alert the stakeholders to take action on unresolved invoices. Invoice Action enables automated matching of PO-based invoices for straight-though processing, as well as automated, rules-based routing of documents for approval, support single approvers or complex approval hierarchies. In addition to routing, invoices can be escalated to the higher authority in the event of an employee’s failure to perform approvals. According to Moore, Invoice Action significantly reduces deployment to as short as weeks, where traditionally other solutions similar to this would take months. Although the platform is designed for a horizontal application, the concept can be vertically applied across several functions including customer service and sales order processing.
Artsyl has assisted several organizations across industries to automate their invoice processing. In one instance, Artsyl recently helped a popular multi-tools and knives manufacturer, Leatherman, who was looking for a solution to automate their AP process. Having migrated to Microsoft Dynamics, the client decided they no longer required the document management solution but wanted to retain the AP automation piece. With an impressive growth trajectory, the client was processing nearly 80,000 invoices per year. Unwilling to hire additional staff to handle the mounting invoices in the AP department, they were looking at ways to automate the process. Collaborating with the client—and its partner Hitachi—Artsyl integrated the product into the Microsoft Dynamics environment and successfully overcame the automation challenge.
Artsyl has witnessed wider acceptance of its solution from organizations in the international market including Europe, Asia, Latin America, as well as its principal market, North America. Along the path of innovation, the firm plans to take the machine learning capability of its platform to the next level. “We are thrilled to announce that we are adding robotic process automation capabilities in our platform that will cover other business processes such as Sales Order and Accounts Receivable as well,” concludes Moore.