Invoice Automation – How will you ensure success?

 

Invoice automation is high on the agenda for UK businesses and their AP departments these days, yet most would agree it poses major challenges even before a project implementation begins.

77% of the technology, finance and business process managers in our recent survey said that Business Process Automation was ‘important’ or ‘very important’ to their organisation.

Evaluating the possible gains, justifying the spend, bringing all stakeholders on board – all of this seems like a daunting prospect already. This has to be followed by a thorough review of your organisation’s processes and needs, and then mapped against suppliers’ offering. None of these tasks are simple, even for a seasoned professional, considering the unique challenges of each company and a number of players in the market.

Perhaps this is why a big number of businesses understand the importance of automating their processes, yet few have started making the necessary changes.

Among our survey respondents, 44% said they had not started automating yet, while of the remaining 56%, 25% have only just achieved automation…

Here at ITESOFT we decided to create a roadmap for a successful invoice automation process to enable more businesses to tackle the challenge of invoice automation. We teamed up with Purchase to Pay Network (PPN) and created a White Paper that answers all questions a business considering invoice automation may have. Our goal was to demystify and simplify the process as much as possible, so we boiled it down to 5 key steps any organisation has to take if they want to succeed in invoice automation:

  1. Evaluate your existing process

Create a recognised map of all existing processes and which areas and people in the team will be affected.

  1. Focus on outcomes

Consider the main benefits you’d like to achieve from an automation solution and set specific targets.

  1. Overcoming challenges

Choosing and implementing the right technology is just a beginning of the automation journey. Consideration must be given to other challenges such as onboarding suppliers and maintaining reasonable standards further down the line.

  1. Partnering with the business

Mobilising people within your own business can be done in a number of ways, including sharing the KPIs across multiple departments and having a single point of contact with a responsibility for P2P.

  1. Automation adoption

The type of solution to choose will depend on your expected outcomes and scope of the project, however most will be looking for future-proof options and there’s a number of latest technologies to consider.

To learn more about these 5 steps and to gain access to the latest facts and figures on the processing background in the UK, join us for our webinar “How to Ensure Success in Digitalisation of Financial Processes” with Ellen Leith – PPN on 8th May, 11am.

Got questions about automating your invoicing? Talk to us today: 01252 741 500 / uk.marketing@itesoft.com

Post by John Stovold

Responsible within ITESOFT UK for the support of creating and delivering new content, John has worked in B2B environments for more than 10 years. He has established himself as a true thought leader within finance automation, robotics and AI striving to deliver key messages to both senior, and middle management. John’s experience of working closely with business management, he has been able to provide key insights into business challenges, and how ITESOFT can truly help them.

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