Why it’s time for banks to digitize their p2p workflow?

Banks are always under constant pressure to control their costs and time savings. As the competition intensifies, banks must adapt and be agile enough to evolve constantly. Often this demands strategic decision making as the business leaders must check all the financial processes and recommendations based on the latest trends and data. Interestingly most of the banks are looking to modernize their procure-to-pay (P2P) processes.

How can banks accelerate their digital transformation process during this pandemic?

Banks and financial institutions are the perpetual engines of the economy. However, they are often the ones who also bear the brunt of any fallout that affects the economy. Covid-19 has caused chaos all over the World, and organizations have significantly adapted to the latest technological features to upscale their operations. This pandemic has also empowered financial institutions to shift their nature of doing business. Extensive lockdowns have reduced the availability of resources and key personnel during the vital decision-making process.

How is the Centralized Invoice tracking system changing the business landscape?

When organizations undergo expansion, they are forced to deal with the passive manual process for managing their vendor payments, complicating their business process due to the lengthy, time-consuming methods and complexities involved. After a point, one will realize that it is impossible to keep track of the expenditures through excel sheets since the data keeps piling up. The more the information, the more the confusion and potential for making errors.

Risks With Automated Vendor Management

Vendors play a central role in the procurement process. It is important to establish a vendor relationship on the principles of strategic sourcing, transparency, better business value, and lesser contractual risks. What ultimately strengthens a procurement process is supplier-centric processes, effective partnership, and collaboration with vendors where mutually beneficial contracts are drawn for the goodwill of both businesses.

The New Levels Of AI-Driven Process Automation

To identify and create value in procurement processes, advanced spend intelligence, and automated sourcing is necessary. Automation enhances process excellence and leads to organizational effectiveness in procuring goods. But the back-office systems require manually copying information from one system to another, filling out spreadsheets, contacting suppliers to request additional information. Even the seemingly simple documentation processes of Purchase Requisition (PR) and Purchase Order (PR) creation grows increasingly complex.

Robust End-To-End Invoice Process Automation

The next phase of Procure-to-Pay – invoice processing – is the centerpiece of account payable. The AP department may wish to verify the documents and make payments faster, but there arises a combination of errors.

The first complication is manual data entry. Typically, the received vendor invoices are manually entered in banks’ ERP. Human-made typos have proven to be big troublemakers: what if the personnel mistype the quantity as 77 whereas the actual ordered quantity is 17? Seemingly simple mistakes like these will lead to incorrect payments, of course.

Digital Payment Approvals And Payments

In the Procure-to-Pay process cycle, the financial approval process picks up from invoice processing, and its goal is to avoid unpleasant incidents like issuing payment checks for unapproved purchases. So, it becomes important for the approvers or the delegated authorities to be able to track and verify that the particular consignment was actually ordered and received as per the contractual agreements.

Incredible Efficiency by Digitizing your Quality Control Documentation

Kaptiche is a cognitive document aggregator, which classifies and helps organizations transform information-intensive business processes, reduce manual work errors, minimize costs, increase productivity and improve the ROI through improved customer engagement. To learn more about the Manufacturing Offerings, download the Brochure.

Unlocking the Potential of Data in Manufacturing Industry Using Artificial Intelligence and Machine Learning

Industry 4.0 improves manufacturing efficiency and increases flexibility through the introduc-tion of cyber-physical systems. It is highly capi-tal-intensive and fits perfectly to the needs of manufacturing in high-cost countries. To learn more about Unlocking the Potential of Data in Manufacturing Industry Using Artificial Intelligence and Machine Learning, download the Whitepaper

Benefits of Going Paperless

Going paperless is the flavor of the season! Though full implementation can be an intimidating task, but if you can manage to curb down even a small amount it can save a lot of cost and increase efficiency. This is true for every business irrespective of their status of just being a start-up or a corporate. Reducing paper usage in your organization is advantageous in every form, even if you are a small organization and this infographic explains you the benefits.

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