Automated invoice processing: Part of a bigger strategic picture
Today, many businesses are achieving the automation of invoice processes as part of broader, more strategic digital transformation and process excellence initiatives. They’re using process mining platforms, like Celonis, to generate the necessary business-wide insights to highlight the most valuable processes to automate…and then automate them.
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The Celonis Duplicate Checker identifying duplicate invoices.
These platforms can provide bespoke apps that sit as intelligent layers on top of companies’ accounting systems’ data to produce key reporting and automations. For example, the Celonis accounts payable solution offers a Duplicate Checking app that uses machine learning to identify potential duplicate invoices, allowing users to review them and prevent unnecessary payments, with an option to automate payment blocking.
And because this sort of platform is built on process mining’s end-to-end picture of business wide interactions, specific automated invoice processing programs can be folded into the achievement of strategic business goals.
Real-world results of this approach have been impressive. Since the implementation of the Celonis platform, metals and energy giant Hydro now has close to half of its invoices genuinely processed without a human touch. Similarly Deutsche Telekom saved €40M per year by achieving a Cash Discount Realization Rate of 96% (on top of the €12M savings from major increases in touchless invoicing).
The tech now exists for organizations to slot invoice automation into ongoing programs of process improvement — to find and fix invoicing anomalies automatically. And then do it again. And with advances in machine learning and artificial intelligence bringing greater accuracy and impact to automations in the accounts payable process, these are exciting times.