SAP Invoice Automation With SharePoint Integration in Milwaukee
In order to be competitive these days, businesses need to take an inventory of their processes and systems in pursuit of aspects where productivity and expenditure reductions can be exercised.
Using obsolete arrangements and by-hand workflows can easily extend a process’s lifecycle by days or even weeks. In the world of Accounts Payable (AP), this extra time and effort can also drastically increase your organization’s average cost per invoice.
Not only that, these outdated systems restrict top executives from having transparency into processes and can be a serious problem in the event of an audit when complete, and timely collection of documentation is required. This may become tricky quickly when you are unable to comply to supervision inquiries.
Hence, it's important for your business to streamline your processes, locate areas for automation to enhance productivity, and merge and/or optimize processes where it is appropriate.
Therefore, what processes should you strive to improve through automation? An easy place to start is in streamlining Accounts Payable processing. Usual Accounts Payable processes that can be mechanized involve processing sales orders or purchase orders, AP data entry, routing payments, invoice approvals, and document storage.
In today's post, we’ll concentrate on invoice mechanization through Microsoft SharePoint integration with Systems, Applications & Products (SAP). But first, let's take a moment to discuss how invoice process automation works.
What is Invoice Process Automation?
Let's look at the invoicing process to see how invoice process automation works.
Receive the invoice
Document capture
Data extraction
Invoice approval
Routing payment
In a standard environment, this operation could involve 3-5 people. The greater the number of persons involved in a process, the higher the risk for human faults, back and forth communication, delays, and ultimately, cost-inefficiency.
Having said that, in a modern AP field, tools such as an ERP or Enterprise Resourcing Platform, can help you automate tasks and computerize record libraries.
Later, via a process made known as data scraping, line items, pricing, and all other essential info are captured electronically with innovation like Optical Character Recognition (OCR) and forwarded to an Enterprise Content Management (ECM), like Sharepoint, for filing.
Now that we have gone over how invoice automation works, let's take a closer look at how Sharepoint and SAP are implicated.
How Sharepoint Works with SAP to Mechanize Invoice Processing
SharePoint is a web service platform that incorporates Microsoft Office 365 tools with a strong ECM to create efficiency, reinforce inter-departmental collaboration, and increase the velocity of understanding throughout the company.
SAP is an ERP tool that leverages robotic process automation (RPA) and OCR to produce high-powered digitization for virtually any accounts payable procedures.
SAP and SharePoint combine to produce a Vendor Invoice Management (VIM) tool that merges automation and validation functionality with document management for total end-to-end administration of the invoice lifespan.
For those who want to expand their Sharepoint and SAP application to other components of the enterprise, SAP also presents CRM capability and business process blueprints to aid you in getting started easily.
The Advantages of Invoice Automation
We comprehend that several companies are wary to apply new processes or methodologies because they've been executing it the same way for multiple years. To help you make your decision, let's take a look at the benefits of invoice automation.
Decrease time exhausted on manual tasks and data input
Keywords make searching for your documentation quick and easy
Cost per invoice reduction
Quicker approvals and better invoice monitoring
Removal of obsolete procedures means a lower carbon footprint
An electronic audit trail is more secure
Faster invoice handling = better merchant connections
Performance analytics and reporting
Let Wave Aid You in Implementing Your Invoice Automation Solution in Milwaukee
By-hand accounts payable tasks hinder your competitiveness, slow you down, and may eventually strain your merchant connections. These inefficiencies can also prolong payment cycles, multiply invoice processing costs, and limit the amount of perceptibility and regulation you have in your organization.
Although all organizations can gain an advantage from mechanizing their accounts payable procedures, having the resources and capacity to integrate a new system and potentially new solutions isn't always easy to sell.
At Wave, we realize that change can be difficult. That is why we collaborate with our clients as partners, assisting you in doing an inventory of your workflows and procedures so we can distinguish areas to mechanize, and start with the lowest hanging fruit first.
We also don't expect you to tear out a legacy system that's strongly embedded inside your business. For these sorts of clients, we can offer additional guidance and solutions that can develop your existing technology.
Via an individualized strategy for digital conversion and back-office modernization in order, we can customize your ECM, VIM, or ERP integration solution to meet your AP tasks and take implementation one step at a time, optimizing processes as we proceed.
We’re at ease dealing with platforms like Microsoft Dynamics, SAP, MFiles, SharePoint, and OpenText.
If you want to discover more about how Wave can help support your [[accounts payable|AP] automation initiatives in Milwaukee, contact us today.