Technological buzzwords and acronyms are abundant in the digital age, with new tech and terminology emerging seemingly every week. But with so much to take on board, how can you determine what technologies are best for your business? Here at Esker we specialise in optimising the procure-to-pay (P2P) and order-to-cash (O2C) cycles through automating manual inefficiencies and low-value tasks. This post will take you through the key technologies we use, what they are, what they do, and how they can help streamline your business processes.
Esker’s solutions are based on a set of intelligent technologies (some of which are detailed below), that work together to automate the processing of documents in the P2P and O2C cycles. This improves the daily routines of Esker users and increases job satisfaction, as well as bringing benefits of efficiency, accuracy and cost saving to their businesses and improving customer and supplier relationships.
Robotic Process Automation (RPA)
RPA is technology that essentially acts as a robot – performing manual, repetitive tasks that would otherwise be time-consuming and labour intensive. Examples of tasks include:
- Retrieving invoices or documents from customer or supplier portals
- Processing transactions
- Passing documents to other systems, e.g. sending invoices for approval or logging them in an ERP system
Artificial Intelligence (AI)
AI is the theory and development of computer systems to perform or enhance tasks normally requiring human intelligence. AI improves speed and accuracy within document processing by completing tasks such as:
- Perceiving and interpreting documents
- Matching PO invoices with corresponding PO lines and goods receipts
- Identifying anomalies and predicting outcomes
Based on input from users, a solution such as Esker’s learns how to process new document formats and expand its knowledge base. The more it learns, the more the recognition rate increases and the system can process documents of the same format without any input from users (touchless processing).
Taking machine learning one step further, deep learning is a neural network using algorithmic software to train itself to perform tasks based on a large set of data. Put simply, the software analyses data to find patterns in the data so it knows what to expect and what to do with a new document when it comes in. Esker’s own deep learning technology, Synergy, has been trained by the millions of documents processed by its solutions over more than a decade, allowing businesses to benefit from high recognition rates from day one.
A digital solution such as Esker uses a combination of these technologies to automate manual inefficiencies and low-value tasks in the P2P and O2C cycles. This frees up teams to focus on more value-adding tasks, increases efficiency and reduces cycle times, benefiting not only your business, but your customer and suppliers too. Businesses set their own pace, choosing to automate one process at a time (Procurement, Accounts Payable, Order Management or Accounts Receivable), or automating entire cycles to unite their operations across a single, integrated platform.
Find out more
If all this technology talk has you buzzing to update your systems, take a look at the following resources for a more in-depth look into the benefits of process automation for the procure-to-pay and order-to-cash cycles: