Getting Started With Touchless Invoice Processing: A Guide For Source-To-Pay Solutions
Touchless Invoice Processing
Source-to-pay solutions are increasingly being used in modern business operations to automate invoice processing. Such solution can save time and money while increasing efficiency by streamlining the entire process. This guide aims to provide an in-depth description of how to use solution for touchless invoice processing and how the C-Suite can take advantage of its benefits.
1. Understand the Solution’s Components
To be able to effectively utilize source-to-pay solution for touchless invoice processing, it is important to understand the components that make up the solution. At its core, the solution comprises of various components such as an invoice process automation (IPA) system, supplier data management platform, and analytics. Together, these components make up the main building blocks for creating touchless invoice processing solution.
2. Set Up Your System
Before using source-to-pay system for touchless invoice processing, it is necessary to set it up for use. Setting up your system requires careful planning and consideration of all the aspects that go into making the solution work. Some of the key components to consider when setting up your system include understanding the user roles and permissions, creating the appropriate settings and rules, configuring the key settings, and executing test to assess the system’s functionality.
3. Automate the System
Once the system has been set up, it is necessary to automate certain components of the solution, such as supplier data management and analytics. Automating these components helps to increase the accuracy and speed of invoice processing. To automate these components, the system must be configured to recognize certain invoice data such as purchase orders and invoices. Additionally, it is important to ensure that data is accurately captured and stored to allow the system to perform its automated functions effectively.
4. Monitor and Manage the Process
Once the automation is in place, it is important to monitor and manage the touchless invoice processing process. This involves ensuring that the system is running smoothly and that invoices are being processed as intended. To do this, it is necessary to monitor the system for any anomalies or errors that may have occurred and then to address them as soon as possible. Additionally, it is important to ensure that the automated components are regularly updated to prevent any delays or glitches in receiving and processing invoices.
5. Utilize Analytics
In order to get the most out of the touchless invoice processing system, it is important to integrate analytics into the solution. Analytics enable the C-Suite to identify trends, understand supplier behavior, and more, allowing more efficient process. By monitoring the analytics, executives can take proactive steps to improve the touchless invoice processing system and better manage supplier relationships.
6. Configure Supplier Relationships
Finally, it is important to configure supplier relationships in the touchless invoice processing system. This entails setting up the rules and conditions for when the system will create workflows and automated processes. The rules must be tailored to each supplier’s particular needs and integrated into the touchless invoice processing system for optimal performance.
Conclusion
A source-to-pay solution for touchless invoice processing can offer number of advantages to C-Suite executives. By following this guide, executives can successfully set up, automate, monitor, and manage the system to take advantage of these benefits. Additionally, executives can use the system’s analytics to gain insights into supplier behavior and make more informed decisions in their dealings with suppliers. Ultimately, by taking all these steps, executives can increase efficiency and save time and money in their invoice processing operations.
