Introduction
After we meet and consult many companies (big or small), we found that all of them want to be benefits from technology to digitize their business. There is one challenge in this. The amount of input is massive. Imagine one manufacturing company in the heart of Petaling Jaya, in one day it took three headcounts to do invoice processing. This process has not to include checking and so on. The average cost for one headcount will be RM 2000, so it requires RM 6000 per month to process their documents solely. Will it be awesome if there is a way to automate this process? Yes, there is such a solution for document automation processing in account payable, and we are the local company providing such advanced technologies.
If you are in this situation, it seems like there are many piles of documents in your table that seem to increase every single day. How good if you can clear this in one go. You are not alone since 98.99% of companies are in this situation. This problem is common and accepted by many. So only the remaining 1% do something about it. This reason is what makes Workspez technology excel with low CAPEX.
Common problems when document automation processing in account payable not in place
There are two conventional approaches for handing overloaded manual documents. First is hiring a new admin position to perform processing. The second will be getting the team to perform overnight to catch the transactions. These two tend to cost huge for the organization. People tend to leave when they are giving mundane jobs, and long hours of working surely encourage people to leave. So business owners left with a big headache on how to keep their organization intact while maintaining current resources.
We did explore a solution for document automation processing in account payable. We found that the market offer limited choices. The most answer is not to develop locally. This translates that when you want to implement support, it commonly involves high cost, which is why many businesses still go to the traditional way, which increases headcount or doing overtime.
Reason other solutions cost sky high
There is a solid reason why a similar solution like us cost a massive amount. We did develop such a solution before in our R&D lab, and it does require massive effort in the development in order to achieve an accuracy level above 90%. The sad part is that when there is a new invoice format or something new element, it does require another massive effort to cater to such changes. Then finally we land into another new technology area that achieves far greater accuracy. The best part is that our system learning to be more accurate as goes by. We are delighted with the result!! We can deliver high-quality service with a fraction of the price that you suppose to pay for similar solutions plus far greater accuracy.
Workspez solution in document automation processing in account payable
Artificial intelligence is no strange term in Malaysia. Many startups and companies have started adopting this technology. This development is a perfect sign as Malaysia embracing such high technology. Workspez is now two years company in Malaysia with an MSC status award. We are a tech focus company on artificial intelligence, especially in deep learning. With such technology, we can process documents in high accuracy and speed.
From Workspez internal lab, the sample data is to process 100 documents (invoices) to be critical into accounting solutions (we did test many local or international accounting solutions). Below is the summary result that we can happily share.
So average time users spend to enter one invoice into the system. It took about 3.2 mins. With our AI system, the user spends averagely about 20 seconds to process one documents (including checking and validation). This saving is a huge time-saving. With Workspez processing tools, the current user able to handle ten times more invoices. With higher accuracy. This process will significantly reduce the error rate and re-do activity.
Implementation for document automation processing in account payable
For us to implement our solution, we are adopting a standard package roll out as well as customization. For those companies who want to apply fast and start saving, our standard package is easy to install and takes short working days to configure-install-training. This adoption will implement in an agile way, reducing significant CAPEX and focus more on OPEX and operation excellence. Our solution can connect with comprehensive ERP systems, like SAP, Oracle, Microsoft Dynamics 360, or other accounting solutions.
Real testimony from our customer who implements this solution, Instead of spending RM 6000.- Monthly on headcount, they invest in operation excellence by engaging our service. Since then on, with current headcount, they can improve productivity significantly, and the account payable has never been accurate compare in the past. This benefit is real benefits using technology for document automation processing in account payable.
This article about document processing with artificial intelligence will cover a basic understanding of the technology. If you want us to present the solution to you, you can do so by clicking this link that will redirect you to our facebook page for the scheduling page.
Capabilities of our Solution
Our solution is not limited only to automation processing in accounts payable. We also able to perform a similar function but in a way, a more significant area. Say in the law firm or department where you need to extract information from legal documents and stores into a particular database system? Our solution caters to that too. Any paper document that needs to be mined and stored into a database system, we can configure our solution to fit such a scenario.