As we meet and consult many companies (big or small). We found that all of them wants to be benefits from technology to digitise 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 3 head counts to do invoice processing. This has not include checking and so on. Average cost for one head count will be RM 2000, so it require RM 6000 per month to solely process their documents. Will it be awesome if there is a way to automate this process? Yes, there is such solution for document automation processing in account payable and we are local company providing such advance technologies.
If you are in this situation, where there are many piles of documents in your table that seems 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. The behind story why 1% able to do is because they are capable on spending big CAPEX to reach certain level of automation. Which is why we provide such technology and best part, low CAPEX!!!
Common problems when document automation processing in account payable not in place
There are two common approach for handing overloaded manual documents First is hiring new admin position to perform processing. Second will be getting the team to perform overnight to catch the transactions. These two tends to cost huge for organisation. People tends to leave when they are giving mundane jobs, and long hours of working surely encourage people to leave. So business owner left with big headache on how to keep their organisation in tact while maintaining current resources.
When we explore is there such solution for document automation processing in account payable, indeed really limited choices and most solution are not develop locally. This translate that when you want to do implementation until support, it commonly involve high cost. Which is why many businesses still goes to traditional way, which increase head count or doing overtime.
Reason other solutions cost sky high
There is solid reason why similar solution like us cost massive amount. We did develop such solution before in our R&D lab, and it does require massive effort in development in order to achieve accuracy level above 90%. The sad part is that when there is new invoice format or something new element, it does require another massive effort to cater for such changes. Then finally we land into another new technology area that achieve far greater accuracy. Best part is that our system learning to be more accurate as goes by. We really happy with the result!! We can deliver high quality service with a fraction of price that you suppose to pay for similar solution 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 has started adopting this technology. This is really good sign as Malaysia embracing such great technology. Workspez has been two years in Malaysia and having MSC status award. we are technology focus company on artificial intelligence especially in deep learning. With such technology, we are able to process documents in high accuracy and speed.
From Workspez internal lab, the sample data is to process 100 documents (invoices) to be key in into accounting solution (we did test many local or international accounting solution). Below is the summary result that we can happily share.
So average time user spend to enter one invoice into system, it took about 3.2 mins. With our AI system, user spend averagely about 20 seconds to process one documents (including checking and validation). This is really huge time saving!!!!! With Workspez processing tools, current user able to process ten times more invoice!!! With higher accuracy!! This will significantly reduce error rate, and re-do activity.
Implementation for document automation processing in account payable
For us to implement our solution, we are adopting standard package roll out as well as customisation. For those companies who wants to implement fast and start saving, our standard package is easy to install and takes little mandays to configure-install-training. This will make implementation in agile way, reducing big CAPEX and focus more on OPEX and operation excellence. Our solution able to connect with comprehensive ERP systems, like SAP, Oracle, Microsoft Dynamics 360, etc.
Real testimony from our customer who just implement this solution, Instead of spending RM 6000.- monthly on head count, they invest in operation excellence by engaging our service. Since then on, with current head count, they are able to improve productivity significantly and the account payable has never been accurate compare in the past. This is true benefits using technology for document automation processing in account payable.
This article about document processing with artificial intelligence will cover basic understanding about 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 scheduling page.
Capabilities of our Solution
Our solution is not limited only for automation processing in account payable. We also able to perform similar function but in way bigger area. Say in the law firm or department where you need to extract information from legal document and store into particular database system? Our solution cater for that too. Any paper document that need to be extract and stored into database system, we can configure our solution to fit such scenario.