Streamline procure-to-pay with intelligent document processing solutions

In today’s fast-paced business world, efficiency and accuracy in financial processes are crucial. The procure-to-pay cycle, which includes everything from procuring goods and services to making the final payment, offers significant improvement opportunities through intelligent document processing (IDP). By using advanced technologies like AI and machine learning, intelligent document processing solutions transform the procure-to-pay process to enhance operational efficiency, reduce errors, and free up valuable resources. 

The challenges of traditional procure-to-pay processes

Whenever a customer orders goods or services, two worlds meet: The customer’s system and the vendor’s. Both use their own material numbers and only the vendor has full insights into material availability and delivery options. To synchronize expectations, the customer and vendor exchange multiple documents.  

Traditional procure-to-pay processes often rely on manual, paper-based transactions. These methods waste time and lead to errors and inefficiencies. Manual invoice processing, for example, leads to payment delays, discrepancies in financial records, and increased operational costs. 

How intelligent document processing solutions transform the procure-to-pay process 

Intelligent document processing solutions solve these challenges by automating the capture, classification, and extraction of data from various documents involved in the procure-to-pay cycle. Here’s how intelligent document processing (IDP) revolutionizes the procure-to-pay process: 

1. Automate data capture and classification: IDP solutions like OpenText™ Capture and  OpenText™ Core Capture automatically capture data from invoices, order confirmations, advanced shipping notifications (ASN), delivery notes, and other relevant documents. This automation reduces the need for manual data entry, minimizes errors, and speeds up the process. 

2. Enhance data accuracy and compliance: By using AI and machine learning, IDP ensures accurate data extraction and classification. This accuracy is crucial for maintaining compliance with financial regulations and internal policies. 

3. Improve supplier relationships: Faster and more accurate processing of invoices and payments leads to better relationships with suppliers. Timely payments and efficient handling of discrepancies enhance trust and collaboration. 

4. Gain real-time visibility and insights: IDP provides real-time visibility into the entire procure-to-pay process. This transparency allows organizations to monitor transaction status, identify bottlenecks, and make informed decisions quickly. 

5. Support with scalability and flexibility: IDP solutions scale and tailor to meet the specific needs of an organization. Whether handling a high volume of transactions or integrating with existing ERP systems like SAP, IDP offers the flexibility required to adapt to changing business needs. For example, OpenText™ Vendor Invoice Management for SAP® Solutions fully integrates with SAP and provides pre-configured solutions for the most common SAP document types, such as invoices, sales orders and delivery notes. 

Real-world impact of intelligent document processing solutions 

Many organizations have successfully implemented intelligent document processing solutions to streamline their procure-to-pay processes. Here are a few notable examples who use OpenText IDP solutions: 

• Foodstuffs North Island: This grocery co-operative in New Zealand digitized its invoice processing, achieving up to 90% automation. 

• Sysmex Europe GmbH: A leading healthcare company, Sysmex Europe improved budget control, reduced costs, and increased efficiency, and benefited from the simplified user interface through SAP Fiori applications. 

• Solarisbank: This financial technology company achieved an 81% faster preparation for supplier payment runs and a 2-day reduction in month-end closing activities by reducing manual invoice processing tasks in SAP S/4HANA®. 

• Alfanar: A construction and engineering firm automated the processing of over 6 million documents annually, eliminating payment delays, improving reporting, and boosting overall efficiency.” 

• Innogy SE: A European energy company, Innogy automated invoice approval routing, reduced fraud, and eliminated the need for physical signatures, significantly streamlining their supplier invoice processing. 

These examples highlight the tangible benefits of adopting IDP to automate procure-to-pay processes, showcasing improvements in efficiency, accuracy, and overall operational excellence. 

Are you ready to learn how intelligent document processing solutions can help your organization streamline and automate procure-to-pay processes and invoice management? Explore OpenText IDP solutions to get started.