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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.

What is RPA?

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.

How Does it Work?

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.

Learning on the Fly

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.

Why Should I Choose RPA?

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.

Choose 1Rivet for Your Business’ RPA Needs

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 rpa@1rivet.com

About the Author

Eric Middleton

CEO
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Embodying the 1Rivet culture, Eric asks himself and others daily: "What have you done for the client today?" He’s a passionate leader who brings an innovative approach and a burst of energy to every client organization.

An expert in program management, data analytics, business analysis and custom development, Eric’s known for his pragmatic approach and his ability to leverage proven methodologies to get things done faster, without compromising quality.

During his nearly two decades of successfully integrating complex IT systems during mergers, acquisitions and divestitures, he’s served dozens of companies in the banking, utility and auto industries.

Prior to founding 1Rivet, Eric was director of enterprise program management at Fannie Mae, director of enterprise program management for SapientNitro and spent as decade as a senior manager at Accenture.

He earned a bachelor’s degree in marketing from Pennsylvania State University, State College, PA, where he enjoyed attending Nittany Lions football games.

When Eric’s not working you can find him jogging, skiing, woodworking and collecting vintage arcade games from the 1920s-1950s. A Maryland native, Eric lives in Washington, D.C. with his wife, two children, and black lab, Basil.

About the Author

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