In this blog series, we focus on Procure to Pay (P2P) documents that large enterprises process in the P2P process. Next-generation Intelligent Document Processing (IDP) enables the automated processing of the most common P2P documents and the delivery of structured data, allowing large enterprises to significantly increase the efficiency of their accounts payable processes.
One of the most processed documents in the Procure to Pay (P2P) process in large enterprises is and remains the invoice. It is precisely here that the risk of errors in the process and major inefficiencies in the overall invoice processing is highest, resulting in undesirable costs.
By integrating powerful Intelligent Document Processing (IDP) into the existing software landscape, however, large companies can automatically read out all relevant data from all invoices in structured form. In addition, the possibility of optional full validation is a further plus with enormous added value. This enables end-to-end invoice processing, bringing agility and operational efficiency back into the P2P process of large enterprises.
Without Intelligent Document Processing: issues with invoices in P2P process of large enterprises
Accurately extracting relevant data from invoices is fundamental to the P2P process and accounts payable in large enterprises. However, several factors, including but not limited to the following, affect efficient invoice processing:
- Complexity in the P2P process: Triggered by many individual processes that occur in large enterprises and involve numerous employees, complexity increases.
- Procurement and accounts payable are two different departments: This can lead to misunderstandings, potential errors and large inefficiencies in the P2P process.
- Traditional automation solutions: With legacy or only partially existing automation solutions, manually entering invoice data into ERP systems becomes a costly affair.
With Intelligent Document Processing: large enterprises read invoices automatically
With powerful Intelligent Document Processing (IDP), invoice extraction has never been easier. Large enterprises seamlessly integrate the IDP solution into their existing software landscape (RPA, ERP, BPM, etc.). Based on the accurately extracted line item data, large enterprises are able to process invoices in a fully automated way. Alternatively, the line item data also makes it possible, for example, to compare the invoice directly with the internal purchase order and to check whether the supplier has really invoiced at the conditions at which the order was placed.
As shown in the example photo from the IDP platform, large enterprises can automatically read out all relevant information from invoices in the P2P process. In addition to addresses and general information, the IDP solution can also automatically extract all line item data from invoices:
Line item data: Description, vendor article number, unit, quantity, single amount, total amount, etc.
With full validation: maximum reduction of workload
The IDP solution provides large enterprises with all relevant data from invoices in a structured form and in top quality. To reduce the workload to a maximum, large enterprises have the option of selecting full validation for invoices.
This eliminates the need for any data validation. Accounts payable in large enterprises is thus redefined with perfect accuracy.
Customize P2P document types within minutes
To give large enterprises full flexibility, standard document types such as P2P documents can be easily customized to meet their own needs. By deleting or adding fields, they can be modified individually. Thanks to the user-friendly platform, large enterprises can also create their own document types within a very short time.
In Part 3 of the P2P blog series, we look at the automated capture and processing of offers with Intelligent Document Processing.