Digital transformation addresses primitive processing of document capture.
Most companies still use fax and paper capture solutions but with digital transformation, companies will need to rethink their approach for collecting and digitalising their information from multiple sources in multiple formats (e-mail, PDF, web forms etc.). As in many other areas, the use of cloud services will emerge over the years and people are talking more and more about ‘Capture-as-a-Service”. Here are 5 key benefits of accounts payable in the cloud:
- Capture as a Service – CaaS
With the ITESOFT | W4 Streamline in the cloud, this is a shared learning centre which means that when one company has adjusted an invoice then it will be immediately available for any other users. This will allow other clients be able to catch duplicate invoices, verification checks and reduce the opportunity of fraud.
- Cost Efficient
The cloud is one of the cheapest methods that you can use, maintain and upgrade in accounts payable. This is because the standard accounts payable automation means you have to pay license fees for multiple users which will cost your organisation a lot of money whereas the cloud is available at a much cheaper rate and therefore lowers the companies IT expenses.
- Back-up and Recovery
All of your data is going to be stored in the cloud, rather than on your own server which means all of your data will be backed up all only the country making it a lot easier to recover data. Especially if it’s just saved on one physical device.
- Work Anywhere
Internet access? Then work from anywhere! Laptop, tablet or smartphone – There are no restrictions. This will allow you to give your colleagues a sensible work-life balance without productivity taking a hit.
- Flexibility You are able to increase/decrease the capacity you are putting through the solution as and when your business needs it.
The cloud delivers unprecedented automatic rates, dramatically increasing the number of invoices processed per employee, with reduced or non-existent learning. These automation rates call into question the economic model of BPO’s, which essentially offer manual labour for inputting low-cost paper invoices, and possible data entry errors are very costly to companies downstream given the progressive use of electronic invoices reducing the volume of paper invoices, many organisation are increasing reluctant to engage in multi-year contracts with favouring the use of Capture as a Service in the cloud. If you would like to learn more, join us for our seminar in London on the 17th May – Click here to find out more.