Modernize Your Invoice Reading with RPA
One of our favorite things about Robotic Processing Automation (RPA) is that it isn't just a cookie-cutter solution that works the same for every business. Instead, RPA can be tailored to meet the specific needs of virtually any business. In the past, we've explored how RPA can improve data conversion processes, automate billing and facilitate invoice reconciliation. In this blog, we shift focus to another unique implementation of RPA: reading invoices.
Robotic Processing Automation is the automation of repetitive, high volume manual processes using software that mimics human actions and connects multiple systems. Just like data conversion and billing, invoice reading is the perfect process to streamline with RPA due to its repetitive nature.
When it comes to receiving invoices, RPA can be applied in a few ways. Typically, robots are programmed to monitor a dedicated folder or email inbox continually. When an email arrives or a file is dropped into the designated folder, the robot gets to work!
The process starts with the robot opening the invoice and using machine learning to extract information like due dates, vendor name and purchase amount. After all of this crucial data is gathered, the robot enters it into your finance system. Once each new invoice is added, the robot will email all key stakeholders a consolidated report of the processed information. Of course, if any essential data is missing, your team will be notified before any reports are sent out.
At some point, every robot will encounter an invoice format that it is not yet familiar with. Luckily, this is not a concern with advanced RPA. Each 1Rivet RPA solution uses machine learning to rely on previous experience to gather all critical data when a new situation is presented.
Ultimately, the most significant benefit of using RPA to handle invoice receiving is the time that it saves financial teams. Rather than tediously sorting through emails, key personnel can focus on more critical tasks that require a human level of critical thinking.
1Rivet is a UIPath partner, and we want to explore RPA with you! We are at our best partnering with both business and technology, collaborating as one unified team. Your success is our top priority! For more information on our focused RPA solutions, please email us at firstname.lastname@example.org