Picture this: it's a busy Monday morning, and you need to get some banking transaction done before work. You walk into your local bank branch, and you see the tellers and other staff members frantically working to keep up with the demand. But amidst the chaos, you notice something different - some tasks are being performed by machines. That's the magic of Intelligent Automation platform, a game-changing technology that is revolutionizing the BFSI industry.

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.

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.

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.

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.

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.

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.

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.

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.

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