Written by
Hari Menon, Chief Strategy Officer |
Updated on August 4, 2023
Globally, the automation industry has seen a sharp uptick in the last few years. Between 2018 and 2019, it grew by a whopping 63.1%1, making it the fastest-growing category in enterprise software! If that wasn’t enough, Gartner expects RPA to be a $7 billion market by 20222. So, the (literally) billion-dollar question that needs to be asked is this: What percentage of this investment will achieve sustainable automation and the competitive advantage it produces?
Sustainable automation in beginner vs. mature organizations: what leaders do differently
Companies frequently rush into implementation, motivated by quick wins – but this is not a sustainable automation strategy. While initial investments might be driven by cost savings (which in itself can be valuable), a mature enterprise, or automation “leader,” will take a mid- to longer-term view, with a different set of objectives and priorities. For example, just 1% of automation leaders prioritize cost savings, compared to 8% of beginners.
In our experience, companies that answer key questions around extensibility, cost-efficient maintenance, visibility without black-boxing, and sustainable investments will be on the right track towards using automation as a driver of business transformation – making automation the gift that keeps on giving. So, how sustainable is automation when design and implementation tick all of these essential boxes?
Making efficiency and scale intersect for a sustainable roadmap
It all begins with re-envisioning the automation lifecycle for economic maintenance, going beyond the simple design-build-deploy structure. We find a more holistic, 7-step approach to attaining sustainable automation, covering exhaustive testing, post-deployment monitoring, management of new opportunities, and culture realignment.
Companies must also ensure with clear accountability and ownership to support business transformation. Nearly half of automation leaders (46%) have a dedicated team/committee tasked with identifying and approving automation projects. For beginners, this number is an underwhelming 7%. Aligning automations to newly conceived processes calls for centralized governance, so you might want to consider a dedicated center of excellence (COE) to manage planned and ongoing automations.
Finally, you need a three-pronged strategy to reap the benefits of sustainable automation:
Plan early – Start off on the right foot. Take the projected gains from automation to plan long-term and super long-term, sustainable automation deployments, building a continuous cycle of returns and investments.
Implement efficiently – Leverage an app-based approach for implementation. An automation platform powered by HyperApps will give you better visibility into your IT footprint, business processes, and the needs of various stakeholders, without any “black-boxing”. It also makes the implementation more democratic by applying a good information layer to ease comprehension, testing, and validation, by technical and business users alike.
Re-direct into growth- Position your automations as the bedrock for business innovation. Regularly testing new automation ideas using HyperApps, in line with your evolving business model and new processes, will help maintain the benefits of sustainable automation.
In an ideal world, invoice processing would look like this:
But this is rarely the case. Straight-through-processing or STP of invoices remains out of reach for most businesses, despite advancements in automation over the last decade. Legacy processes, complex workflows, and a chronic lack of agility are commonplace for Account Processing (AP) teams, leading to seven accounts payable challenges:
Convoluted routes for invoice approval – As 37% of companies still route their invoices manually, unexpected delays prevent timely payments to vendors. In drastic scenarios, the invoice could hit a brick wall and require a fresh billing cycle from scratch.
Mounting liabilities – In the face of delayed approvals and manual errors, invoices could sit unactioned for months. This is a challenge for 27% of companies, leading to accumulated liabilities over time, mounting pressure at EOM/EOQ, and the risk of non-compliance.
Difficulties in handling exceptions – The cause for an exception could range from incorrect price, quantity, or volume, to missing taxation details, PO number, or other information. They derail invoices from a straightforward path, requiring even more manual interventions.
Failure to gain from timebound discounts – A business might negotiate more favorable terms and discounted rates if invoices are processed on time. Unfortunately, nearly 1 in 5 companies cannot realize these benefits due to delayed vendor payments.
Lost invoices and effort duplication – As the saying goes, “too many cooks spoil the broth” – and this is certainly true for AP. In 33% of companies, manual dependencies, ineffective exception handling, approval complexities, and decentralization cause invoices to get lost.
Decentralized AP – With invoices pouring in from multiple business units, and no consistent or cohesive workflow, AP teams’ work can be fragmented. This hinders centralized visibility and governance, which becomes a problem when it is time for the business to scale.
Automation has long been touted as a silver bullet to these accounts payable challenges, helping companies achieve 100% STP. Research from Ardent Partners suggests that top-performing companies have 2.5 times higher STP rate than their laggard counterparts – clearly, there is a yawning gap to fill. Most companies cite the cost of ownership, a high degree of technical involvement, and a lack of cognitive capabilities as reasons to put off automation. As a result, they fall to the bottom of the pack, lagging far behind industry leaders.
How HyperApps Can Solve All of Your AP Problems
Instead of a rigid, sweeping automation landscape, a HyperApp offers near-surgical precision when it comes to handling complex processes. A self-contained, ready-to-use, and integration-friendly invoice approval software can transform invoice processing in as little as four weeks. Its architecture is designed from the ground up to give business users the ability to configure a business workflow to their unique needs without any support required from IT.
This can lead to massive effort savings in the long-term, while also making businesses more agile for emerging invoicing needs and handling, or changes to business processes.
For example, a company with HyperApp-led business process automation software will find it significantly easier to adapt to the touchless needs of the ongoing COVID-19 pandemic, automatically “learning” new template structures through ML.
Transform Your Invoice Processing With Our Accounts Payable Solution
Implementing and managing an intelligent automation platform, which includes Machine Learning and Robotic Process Automation (RPA) powered by Artificial Intelligence (AI), can be a complex endeavor, depending on where an organization is in their automation journey. Customers prefer vendors that offer strong service and support enabled by help desk AI technology, especially early in the process. It can make a big difference in the outcomes of a complete, end-to-end business process automation project. Here, JIFFY.ai AUTOMATE users on IT Central Station discuss the importance of support, as well as their use cases and the benefits they’ve seen with the technology.
Process automation use cases
IT Central Station members are finding a variety of uses for JIFFY.ai AUTOMATE in process automation. For example, John G., a VP Engineering at a computer software company, uses the tool in production for driving a Windows application. It extracts content from the Windows app, using JIFFY.ai’s OCR features in the process, and submits images into the application. The actual images are being extracted and returned to them as a document.
For Johnson M., a National Professional Officer at an international affairs institute with more than 5,000 employees, JIFFY.ai AUTOMATE is primarily used for processing documents in procurement and payroll. In one case, the tool creates an attestation letter for Human Resources (HR) for people who are leaving the organization. An IT Manager at a smaller tech services company has two use cases: Bank conflation and a Wage Protection System (WPS), which is a way to calculate and manage salaries per person.
Benefits of process automation
“The system in production completely eliminated the need for human intervention,” explained John G. “From time to time, we need to check the user interface and results, but that is very rare. It can be done once a week, or even less frequently.” A Managing Director, Business Transformation at an airline with over 10,000 employees similarly noted, “We’ve seen really good productivity gains. For the areas where we’ve chosen to automate, it’s not that we have freed up 30 heads in one area with one project. It’s more an aggregation of 20 heads across all of the different bots that have been developed. But we’ve seen tremendous value, especially in the pandemic.”
This user provided additional context, sharing, “As an airline, we have had to cut costs and we were able to go through some pretty strong voluntary separation efforts and redistribute resources and cover things because of the automation work that we’ve been doing.” For the tech services IT Manager, “[JIFFY.ai AUTOMATE] makes the developer’s work easy. With the customization option, we can write custom expressions using its compatibility with Python or other programming languages. Their web automation is good.”
Johnson M acknowledged the tool’s accuracy. He said, “For staff, it is common when doing repetitive work that there tend to be mistakes. There will be a missing digit or letter here and there, but JIFFY.ai AUTOMATE never does that. It is accurate to a ‘t’. It encompasses errors only if the input is poorly done, so it does not commit errors when it does this process. JIFFY.ai AUTOMATE has reduced manual processing for the 25 percent of the processes that it has automated.”
How great service fits into the user experience
Process automation can get complicated, so it’s useful to be able to draw on healthy vendor support. The airline’s Managing Director provided an example, saying, “Our cybersecurity positioning and stance on what we expect and what we allow and don’t allow, are pretty advanced. It was a pretty tall order to meet a lot of our cybersecurity constraints, so that’s an area where we had to do quite a bit of work. The very first bot we put into production fell into the PCI realm. We actually have two environments, one that has to be PCI-compliant, and a regular environment, and JIFFY.ai has been fantastic from a partnership perspective.”
They further noted, “A lot of the challenges that we uncover are really internal to our environment, as opposed to the platform. There’s a little bit of both, and that’s where it really comes back to the partnership with JIFFY.ai. They are always super-responsive in addressing any challenges with the product or the platform and supporting us as we work through how to integrate or automate a certain homegrown application of ours that is probably an outdated legacy application.”
“They have good support,” observed the tech services IT Manager. “There is a team who is ready to build whatever we ask. That is why we are still using this solution. When we are stuck on issues, there should be a team to back us up. We needed somebody like JIFFY.ai because we found we could go into the code level and make changes. Their team was there for support. They never complained whenever we threw non-standard practices at them; they never tried to correct us.”
To learn more about what IT Central Station members think about process automation and JIFFY.ai AUTOMATE, visit JIFFY.ai on IT Central Station.
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How to build efficiency using intelligent automation and cognitive procurement
When we think of robotic process automation (RPA) in procurement, we know that adoption is rising. Many businesses already use RPA in their value chain. For those businesses that aren’t, it is a matter of “when” and not “if” they will use RPA.
In a domain as complex as procurement, robotic process automation ensures that most tasks and processes are automated at a fraction of the cost of adding headcount/resources or deploying new teams. Another benefit of procurement automation is the ability to work around the clock, which significantly reduces dependence on human resources.
The true value of RPA is the ability to repeat complex tasks and follow decision trees effectively. As machine learning, cognitive processing and natural language processing gain traction and advance at an accelerated pace, it is only natural to integrate these systems with RPA to deliver a more effective solution across the value chain.
Let’s dive deeper into why machine learning, cognitive processing, natural language processing, analytics and RPA must go hand-in-hand. We’ll also discuss how learning algorithms coupled with RPA’s execution capabilities are the future of full automation — especially after the pandemic.
What is Cognitive Procurement?
In the field of supply chain automation, cognitive procurement refers to the process of using automation with machine learning, analytics, and other cutting-edge technologies to help automate further, faster, and more efficiently.
Procurement as a process is characterized by large amounts of unstructured data, which may be impossible to process using traditional systems. Apart from solving the problem of unstructured data handling, cognitive procurement also helps:
Transform all existing purchase and transfer order systems
Transform supplier onboarding and the associated processes
Forecast prices and inventory needs
Create reports with usable data
Power better decision-making
Conduct risk assessment to prepare for known threats to the value chain
The best part? A cognitive procurement solution can also connect to external data sources and tie these parameters into the recommendations it makes. RPA alone may not be enough, but when it’s supported with the right data and learning systems the procurement possibilities are nearly endless.
Intelligent RPA and its Role in Cognitive Procurement
Cognitive procurement is often referred to as the final frontier in the procurement process. However, wisdom and experience show that there is still much to learn. In the era of information, we need a system that can handle three aspects of any complex task:
Research and data processing: This is where analytics come into the picture.
Learning from past data to make accurate predictions for the future: Machine learning works on the principle that when an artificially intelligent system is given enough data, it can make decisions as good as or better than those made by a person.
Execution: Any plan is only as good as its implementation, the sheer volume of work and the number of branches in the process. Post-machine learning interventions need RPA to help in seamless execution.
As a final product of automated procurement, businesses with a vast and demanding procurement function can expect to:
Achieve efficiency in analyzing their data
Manage their supply risk
Procure and pause material based on real-time needs
Plan logistics for better efficiency and optimized costs
Evaluate their suppliers based on their monthly, quarterly or annual performance across as many parameters as needed
Provide 24/7 support throughout
Why Should You Implement an Intelligent RPA Solution in Procurement?
According to a KPMG research report, “Delivering Value in Procurement With Robotic Process Automation,” implementing intelligent RPA can cut procurement costs more than 50%, increase return on investment (ROI) by five times and reduce the number of strategic suppliers by nearly 50%. These numbers should eliminate the concern over RPA’s cost-to-benefit ratio, which is a frequent barrier to implementation.
How Should Businesses Decide Where and How to Implement RPA in Their Procurement Process?
Start by reviewing existing procurement processes to identify areas where the scope for automation is high. These tasks often represent repetitive actions that offer less value per extra time unit spent.
However, for an RPA system to work, the process needs to have a clear workflow and lead to non-ambiguous outcomes. Technical specifications include processes that run in relatively stable environments and cases where manual intervention to solve an impasse can be kept low.
Next, identify the processes based on how much business impact automation could create and how much effort might be necessary to implement RPA. With these conditions in mind, classify the tasks into low-impact, low-effort-to-implement processes, which make for good early adoption and trial cases, and high-impact, high-effort-to-implement processes, which can effectively transform the business.
As a process laden with numbers and data, procurement presents the best-use case for implementing RPA in tandem with data analytics and machine learning. Companies that have already done so report unprecedented results across crucial parameters.
A fear of “machines taking over the world” is one barrier to implementing robotic process automation in procurement. But machine control in cases as complex as a global supply chain may be a good thing, as the pandemic’s disruption to this key process has shown.
The human capital that is freed from the clutches of repetitive tasks and handling data too complex to process can now be used in functions needing more human intervention and creativity. This leaves the machines to do what they do best — repeat every process error-free, follow the rules and use data effectively.
Contact JIFFY.ai for the Help You Need
Now that you know more about the role of robotic process automation in procurement, you’re ready to discover how to transform your business with AUTOMATE. Our easy-to-use intelligent automation platform empowers your teams to innovate faster. Contact us to learn more.
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Does your enterprise deal with an army of suppliers regularly? Is significant team effort spent on reviewing and sorting a multitude of invoices, but you still end up with late or erroneous payments?
Time to take a look at how JIFFY.ai’s Automated Invoice Processing HyperApp can help you save more by making the right payments at the right time.
The Hassles of Manual Invoice Processing
Any manual process is by its nature more tedious and error-prone than an automated solution. The incremental issues that arise when invoice payments are delayed or inaccurate can lead to severe issues in partner relationships and even break the supply chain.
Manual processing is costly and drawn-out and often fraught with a lot of duplicate and erroneous entries. The enterprise is left dealing with collateral damage in many ways:
Strain in supplier relationships and a threat to company reputation
Loss of purchase discounts in the invoice payment process
Inclusion of late penalties, increasing the costs
Rework to correct the errors adds to the processing time and costs more to the company
Erroneous invoices may take weeks to straighten out with the suppliers and hamper the end-of-month closure of accounts
Need Of The Hour – An Intelligent Invoice Processing System implemented through Accounts Payable Automation
According to AQPC’s Open Standards Benchmarking Accounts Payable 2020 survey, on average top-performing companies report that nearly 0.8% of their annual disbursements are duplicate or erroneous. On the other hand, bottom performers report more than twice the amount, at 2% of total annual payments. Just look at this in light of your yearly invoice payment numbers, and it will be staggering enough to take a real relook at the process.
An automated invoice processing system helps in cultivating positive vendor and supplier relations. It enables users to maintain accurate records and respond to invoices in a timely fashion while ensuring prompt payments and precise records of supplier relationships.
RPA-Enabled Vs JIFFY.ai’s Intelligent HyperApp Invoice Automation
RPA can quickly automate repetitive tasks in the invoice process and works on a rule-based approach. You can specify rules to flag exceptions when certain conditions are met and raise a request to the human agent to resolve the issue before the payment is approved. An intelligent Accounts Payable automation system applies NLP and Machine Learning (ML) on top of RPA extending RPA’s ability to provide substantial augmentation.
Our HyperApp Invoice Automation solution builds on RPA’s capabilities to ensure the invoice is accurate before being sent for payment.
ML examines data captured in different fields and tries to establish a mapping between fields that hold the same pattern of data values
Robust in handling the cognitive 3-way match between the Purchase Order, report of goods received, and the invoice
Helps to check if the invoice is accurate, is not a duplicate and the invoice corresponds to the goods requested and received
Can learn as fast and accurately as experienced humans in identifying and interacting with suppliers, automatically performing input intake, coding, processing and routing invoice workflows, denoting payment deadlines, approval workflows and approvers. It requires human interaction only at critical checkpoints.
Makes it easy for supplier business users to interact directly with the invoice process through easy to use interfaces
Provides the analytic ability to detect payment schedules well in advance, to reduce errors, and to save costs by incorporating purchase discounts in the invoice process
Improves cash flow transparency with the validation engine confirming the accuracy of invoices before pushing them into the ERP system and reducing the need for downstream updates
Invoice Right on Time with JIFFY.ai’s HyperApp
JIFFY.ai’s HyperApp’s unique features for accurate invoice processing are:
Intelligent Invoice Extraction – with built-in cognitive capabilities to handle complex invoices like line items, tables, etc. and the cognitive capability can automatically create templates for new invoices
Customizable Supplier Portal – exercises full control over portal customizations to ease supplier onboarding and ongoing invoice management
Configurable Workflows – allows faster implementation cycles, additions of new suppliers or new product lines, configurable for a multitude of suppliers and invoice types
Powerful Validation Engine – ensures all validation is handled ahead of ERP to avoid downstream updates in the ERP system
Powerful Data Analytics – the underlying data layer allows us to provide analytics around the process itself and also around business intelligence
Pluggable ERP connectors – can plug directly into your existing infrastructure
Impactful ‘App’lications
Many organizations have reported reduced errors and improved overall process efficiency after implementing the JIFFY.ai HyperApp solution for their invoice process.
Intelligent Accounts Payable automation of the complex invoice process with a more collaborative and connected approach and smarter, dynamic data-driven decision-making ability is required in today’s hyper-competitive, fast-paced business landscape. The JIFFY.ai HyperApp solution is the right choice for you to transform your invoice process, increase your revenue and maintain trust with your suppliers.
Drop an email to marketing@jiffy.ai and our HyperApps experts can help you accelerate invoice processing, straight through!
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Is your business treating invoice processing as an unavoidable cost of doing business (pun intended!)? You don’t have to when you use accounting process automation!
When seemingly mundane activities are not optimized using intelligent invoice processing automation, you could be leaking significant dollars without even realizing it. Interestingly, it is such tasks that can be transformed to be not only effortless but also provide deep insights into your fund management.
Any opportunity to improve business processes and create bandwidth for other critical activities – especially during the current economic conditions – is valuable and worth pursuing. Manual effort spent on repetitive administrative tasks like managing invoices results in a significant waste of time, effort and money. Studies show that Accounts Payable automation software can reduce invoice processing costs by 90 percent. 1
It is common for large enterprises to interact with thousands of vendors and pay thousands of invoices per year. Most organizations still require a great deal of manual intervention to manage various aspects of invoice processing even after implementing RPA to automate the process.
How Do Businesses Currently Capture Invoice Data?
Large enterprises receive thousands of invoices every month from numerous vendors, each in a different format. Many suppliers still present their invoices via paper or as a PDF attachment in an email. These delivery methods require a great deal of manual processing, including scanning, data verification, and exception management. The goal of every organization is to get to a point where their Accounts Payable teams can perform end-to-end touchless invoice processing.
An invoice goes through several stages of scrutiny before it gets paid by the account payables department. The dedicated teams that handle invoice processing manually feed the data into enterprise workflow tools like SAP and similar ERP applications to ease the orchestration of invoice processing, including routing the data for multiple scrutiny checks, approval and validation for payment.
Potential Invoice Processing Concerns in Today’s Scenario
A majority of the invoices today are electronically processed where a vendor uploads the invoice on a supplier portal of the organization. Internal systems like SAP have integrated automated invoice processing solutions to manage the invoice data electronically. However, many vendors don’t adhere to the submission process through a supplier portal and end up sending the invoices directly via email. Even invoices submitted electronically are not standard and the same vendor may regularly change formats and fields.
Larger enterprises have teams to manually sort all the invoices, create the invoices in the system, validate the details across the ERP and GRN (Goods Receipt Number) systems and transfer the entries into the SAP system for further processing and approval.
The to-and-fro communication between the business and the finance team for validation and the overhead efforts to perform a match between a number of invoices and associated business units included in the delivery of goods makes it difficult in many cases to validate a one-one match between the purchase order to a goods receipt.
For delivery of services, there is no concept of a GRN. In such cases, the invoice process goes through additional approval. It requires human intervention to route the invoices for the required approval, which further increases manual input.
Manual processing can result in high processing costs, increased risk, process and accounting errors, duplicate and late payments. According to AQPCs 2018 survey2 of 1,480 organizations reporting data on the cost to process an invoice, the bottom 25% are spending $10 or more per invoice processed. The median cost to process an invoice was $5.83.
The Challenges of using RPA for Invoice Processing in Accounts Payable Automation
With the advent of RPA, automation of invoice processing was done based on fixed invoice templates or rules. With the number of vendors increasing, it was difficult to train the automation tasks to handle frequent changes in invoice templates.
As organizations added new vendors and invoice formats, the RPA system failed to handle the process due to a lack of cognitive ability or flexibility to understand different formats, and an inability to adapt to new features.
RPA solutions were also weak in ensuring the accuracy of data validation owing to the inability to perform 3-way match in the invoice validation and business rule enforcement throughout the invoice process.
RPA solutions were not able to handle exception cues or provide many analytic insights of invoice status, improving cashflow or reducing processing costs.
Every touch to an invoice increases costs associated with processing the invoice and accuracy in handling and payments.
Accounting Process Automation for Touchless Invoice Processing
Our Automated Invoice Processing HyperApp with integrated Artificial Intelligence and Machine Learning capabilities can exercise full control over Supplier Portal customizations to ease supplier onboarding and invoice management. It has the built-in cognitive ability to handle complex invoice formats and create templates for new invoices.
Equipped with a powerful validation engine, the validation process is dealt with ahead of ERP processes to avoid downstream updates in the ERP system minimizing errors. The accounting process automation platform allows faster implementation of configurable workflows for new suppliers, product lines or invoices. The potential to provide powerful data analytic features gives the competitive edge for Accounts Payable automation.
JIFFY.ai’s Automated Invoice Processing HyperApp is truly touchless in every sense. Our customers reported significant improvement in straight-through invoice processing, 90% improvement in invoice processing turnaround times and more than 85% efficiency improvement after implementation.
Accelerate your automation journey with JIFFY.ai’s low-code platform.
Achieve end-to-end business process automation. Accurately. Easily. Quickly. Email us at marketing@jiffy.ai
Whether you’ve already implemented accounts payable automation technology in your enterprise or you’ve not yet implemented a solution, it’s important to understand exactly what you’re buying – and what you’re NOT buying – when you choose a vendor.
There are quite a few automated invoice processing solutions in the market that with varying levels of automation sophistication can facilitate the elimination of human errors, increase efficiency, and reduce costs. Choosing the right vendor is critical to your company’s ability to manage cash flow and properly process invoices and payments.
But when choosing an automated invoice processing software, the question is not whether these vendors can do what they claim. The real questions to ask are: How much does the comprehensive solution for AP automation cost and, once you sign on, are all the necessary elements bundled in a single, transparent price tag? Will the solution be flexible and efficient in the long run? And will it require many external resources to manage it well into the future?
“Real” Total Invoicing Processing Costs for Accounts Payable Automation
We’ve put together some guidelines that can help you to select the right innovative automation solution while delivering a low Total Cost of Ownership (TCO). Here are some things to consider before selecting an accounts payable automation technology solution for invoice processing:
Does the solution provide a unified platform that supports your end-to-end invoicing process at every step?
Can the solution be easily implemented and adapt to your existing technology infrastructure?
Is the solution scalable with built-in functionality for expansion of your invoice management process?
Does the solution provide analytics on real-time data to help you see the current status of your cash flow and invoices, as well as provide visibility into improvements that can be made to the process itself?
When your business processes change in response to market demand, will you need an army of consultants or additional resources to implement and manage the changes to the automation solution?
Does the solution have built-in cognitive capabilities to handle complex invoices as well as automatically create templates for new invoices?
Invoice processing costs can also be hidden. For instance, some solutions will still require an Optical Character Recognition (OCR) engine for the conversion of images to text. Transparency around these additional costs is crucial and, typically, such additional requirements aren’t identified until you’re in the middle of implementation.
JIFFY.ai’s Automated Invoice Processing Software HyperApp for Reduced TCO
The JIFFY.ai Automated Invoice Processing HyperApp combines the power of Artificial Intelligence with the efficiency of RPA to give you an all-in-one, ready-to-install automated invoice processing software Accounts Payable automation solution. We help your organization to maintain high-quality invoice data with improved processing times, zero errors and absolutely no hidden costs.
Here’s what our HyperApp offers:
Supports Cloud-based Saas or on-premise/private cloud solutions
Pricing based on volume of invoices processed per year – not a licensing fee
Zero additional or hidden technology/implementation costs
Best-in-class guarantee of cost for invoices processed
Scalable solution for the long run
Easy to configure workflows for adding new suppliers, processing rules, or adjusting the process overall
Integrated cognitive workflow with Machine Learning, making automated cognitive decision-making a reality
Our customers have reported reduced invoice processing costs, errors, and time spent on the invoicing process. Higher levels of automation with the cognitive learning ability in JIFFY.ai’s HyperApp has helped reduce transaction and implementation costs, as well as TCO.
Bring Home Lower TCO with JIFFY.ai’s Automated Invoice Processing Software
Automated invoice processing software solutions are available to help companies optimize and expedite the invoicing process. However, hidden costs in implementation can derail the savings and improvements quickly.
Therefore, it is essential to have clarity regarding optimizing the “real” TCO of the Accounts Payable automation solution. It should be one that doesn’t have any hidden costs and pricing based on the number of invoices processed per year, not on the number of procured licenses. JIFFY.ai’s Invoice Processing HyperApp can optimize your invoicing process with advanced intelligence and lowered TCO for your organization. Contact us to request your demo today.
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Written by
Babu Sivadasan, Chairman & CEO |
Updated on August 4, 2023
JIFFY.ai—a company that officially launched less than a year ago—is already a top-scoringdisruptor in theHyper Intelligent Automation (HIA)Breakout Zone, according toglobal management consulting and strategic advisory firm, Zinnov.
Zinnov regularly performs a comprehensive assessment of Hyper Intelligent Automation platforms as part of Zinnov Zones, an industry-leading annual rating of global technology service providers of cutting-edge technologies. For its 2021 report, Zinnov evaluated over 70 companies, including JIFFY.ai.
Zinnov closely examined JIFFY.ai technology for its technical prowess and scalability across multiple categories, including HIA, Use Case Discovery, Intelligent Document Processing, IT Automation, Intelligent Virtual Agent, F&A Automation, Customer Success Automation, and Talent Management Automation.
JIFFY.ai came out top-ranked in the Breakout Zone because our AI and ML-based platforms bring high-performance automation solutions to companies worldwide.
JIFFY.ai has come far in a short amount of time because we were founded to do things differently. We’re a newcomer in the marketplace, driven to disrupt the terrain of business automation with new ideas.
How HyperApps Leapfrog Other Automation Tech
The JIFFY.ai HyperApp approach leapfrogs past automation solutions such as RPA and SaaS-based point solutions for Business Process Management. (For a detailed rundown on how HyperApps excel in areas where RPA, SaaS-based point solutions, and hyperautomation don’t—read our post, From RPA to Hyperautomation to HyperApps: Level Up Automation Deployments in 2021.)
Zinnov looked at us closely and put JIFFY.ai at the top of its Breakout Zone because our unique approach allows businesses to combine the simplicity of low code with the power of intelligent automation, and the cost convenience of SaaS. Our HyperApps encapsulate all the various capabilities required to achieve successful business process automation—including designing, building, deploying, monitoring, and analyzing.
Our Invoice Processing HyperApp, for example, eliminates the roadblocks to maintaining frictionless cash flow by minimizing the risks and costs associated with inefficient processes. This HyperApp meets the complex technical and business requirements for seamless invoice processing—and then puts it in an easy-to-use, self-service application for business users, with no development team required.
Because our platform makes automation app development easier, we help businesses to avoid a common pitfall: With only technical users and data science professionals involved in automation development and deployment, there is a risk that real business requirements will get overlooked. HyperApps help to demystify the automation of complex business processes, simplifying deployment for business and technical users alike.
Most businesses silo their employees, which allows them to use and develop their specific expertise for the business’s success. This division is especially evident in software and technology areas: One employee may conceive a new idea but must rely on yet another employee to implement it due to a lack of specialized expertise.
While there’s nothing inherently wrong with this breakdown, it can lead to frustration for the idea’s creator. Creators of new ideas must spend a great deal of time and effort translating their thoughts to another group. Some things may get lost in translation, and often, this uphill climb means new concepts don’t come to fruition because the idea is too hard to enact, or too expensive, or too time-consuming.
With JIFFY.ai technology, it’s different: Ideas can be put into development more efficiently. Innovative power is easier to enact. Ideas come to fruition, and innovation moves forward.
When businesses use HyperApps developed on a single platform—rather than stitching together multiple technologies and vendors on their own—they’re able to structure their automation with reusable building blocks. These extensible and scalable building blocks allow them to stay on track through inevitable changes, such as workforce restructuring or application and process changes.
JIFFY.ai is proud to be a leader in the Zinnov Zones Breakout Zone. But we’re just getting started. Society is heading into the Great Reset, and process automation and reliance on digital channels will be a crucial ingredient to our recovery. JIFFY.ai HyperApps technologies will enable predictable wins in the short term, low effort overheads and greater democratization in the mid-term, and radical advantages in the long term. It’s time to disrupt business automation with HyperApps.
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As we navigate a time different from the one we would have liked or wanted, we’re bringing to you a series of blogs, writeups, and LinkedIn resources that we call New Now. In today’s New Now blog, we talk about how businesses can begin to recover and mitigate some of the significant disruption with help from automation.
One McKinsey & Company report suggested, well before the pandemic, that over 30% of manual jobs currently could be automated by 2030. The same report also says that this change could actually bring in more jobs into the economy and that people would need to skill themselves accordingly.
But automation isn’t just a good-to-have feature anymore. For their own well-being and those of the people around them, companies and individuals alike will actively look to automate as many processes as possible, thus reducing the need for manual intervention and the close calls that might involve.
We also need to bear in mind that as all-consuming as it seems right now, the pandemic in its current state will change and subside. What this radical shift really does for businesses is it helps them see what costs they can cut, and where they can better utilize their workforces.
For the fiscal quarters that follow, many industries will continue to focus only on the costs they can cut. Three main solutions can help, and the use of technology and automation can make these processes faster and easier.
1.Analytics for real-time information: Everyone in the retail industry is feeling the heat, but the fashion and apparel industry is feeling it the most. In the business of clothing manufacturing, what is essentially a nice-to-have product in a thriving economy likely will not be purchased in current circumstances. The industry is looking at steep reductions in demand, as well as a restricted ability to predict future trends.
The only fallback, then, is real-time analysis. Fashion and apparel retailers have a tremendous opportunity here – to use real-time analytics and data to predict what they should stock up on, and how much. This could be a big welcome breath for brands that continue to struggle with too much inventory and a severely fragmented supply chain.
Another example is the airline industry. Using real-time data on infection rates and noticing which sectors open up first, they can plan their flight rosters and figure out which staff they need to bring back, and in what time frame. By linking powerful analytics with automated flight rosters, complex, data-driven decisions that now need to be made can be made that much faster.
2.Preserving brand value and customer satisfaction: Much has been said about marketing in the current scenario. For some time now, most businesses have been riding the wave of a thriving economy. For about a year, though, we have heard predictions of a possible recession but certainly not on the scale we see now.
Companies around the globe have to rethink not just what they say, but how well they can walk the talk. Consumers of both B2B and B2C brands are navigating some very sensitive times and simply do not take kindly to an undelivered or under-delivered promise.
The next logical step for brands is ensuring that they can deliver on all the promises they make. We are heading into a territory where every individual is trying to find a new job or hold onto the one they have, and to save money while they can. Something as simple as getting a timely refund can put everyone at ease.
Serving multiple stakeholders in a shorter time window can be achieved using intelligent automation. For instance, Jiffy.ai has been able to help clients in the airline space accomplish improved turnaround times of 300% on ticket cancellations and refunds, while also significantly reducing errors.
3.Preparing for the future: Companies today face a twofold challenge – delivering on an authentic customer experience and managing their cash flows to ride out the storm, and regroup for the next phase.
Generating demand is crucial for the cash registers to start ringing again. Unfortunately, demand forecasting will be a real struggle for many industries in the post-pandemic world. Consumer habits have changed, in some cases forcibly, and wallets have tightened in a tough economy.
AI solutions can problem-solve in real-time when demand forecasting may seem like a mirage. Inventory management can be integrated with AI, helping retailers sync demand and inventory better. AI can also hook new and returning customers with a personalized experience along with identifying gaps in the offerings. This would certainly help businesses bounce back faster.
Looking ahead and planning for the future
Here are some other ways to optimize costs while also maintaining efficiency:
Adapt to the new virtual culture such that all non-operations staff continue to work remotely, ensuring their continued safety and well-being
Use automated cleaning and QC tools for spaces where people are needed physically
Automate complex processes using intelligent automation to help cut costs and improve efficiency
The fact remains that people need to buy things and consume services. The growth will first be visible across essential and semi-essential commodities. Several businesses will have to display tremendous resilience as the demand curve slowly rises. Investing in intelligent automation now can create a path to more efficient processes being run at lower costs, setting the tone for overcoming the current challenges and a viable recovery.
Unlock the potential of AI-powered transformation. Talk to one of our experts today.
Almost all business today is being conducted on web-based systems. Collection and collation of data are done on the cloud, form filling, data extractions, website testing and a large number of other repetitive tasks have all become web-based. Most businesses have started moving virtually all their operations on to the cloud in search of greater efficiency at a lower cost.
Organizations are increasingly finding that most infrastructure, software, and processes are now only being offered on web-based platforms. Now, with the emergence of Robotic Process Automation (RPA) as one of the key drivers of efficiency, the cloud and RPA have become closely linked.
Technologies like the cloud and the Internet of Things are helping businesses and individuals become more interconnected. Being able to send, analyze, and interpret data on the go is one of the key drivers of IoT, and the cloud helps facilitate this. With RPA, all of these tasks can be more efficient.
Web-based RPA has changed the way people think of robotics. The strategies used have to be changed to adapt to the cloud. By using a web-based RPA, customers can see quicker results from using robotic automation.
RPA on Cloud– Quicker, more convenient solutions
Developing on-site RPA solutions for businesses can be cumbersome and time-consuming. This is why automation companies are making a move towards pre-built, customizable cloud-based RPA solutions, where a network segment has already been built into the cloud. This way, a client can start using the bots as soon as they start using the cloud.
Web-based RPA also allows for customizable solutions, where customers can choose specific processes to focus on so that bottlenecks can be addressed easily. By maintaining a library of ready-made RPA components, web-based systems can combine a number of automated processes to efficiently automate new processes. This provides a higher degree of personalization without installing an unwieldy system-based RPA solution.
Scalability
As businesses grow over time, there is often a need for new bots to increase efficiency. By adopting a web-based RPA solution, it is possible to put new bots into service when they need it. Businesses often will not need many bots when they start out, and their needs will increase slowly, but surely with time. It is also possible that certain bots will become obsolete and will need to be phased out. For example, if a certain department shuts down, or service is stopped.
Since the process of upgrading and updating cloud-based systems is a lot easier than system-based bots, a web-based RPA system can be a lot more flexible. It also takes away the need to buy a higher capacity than what is needed when you first install an RPA system.
Lowering costs
Easy customization and flexibility mean that companies can pick and choose what they want to automate. This means lower costs of licensing, and operations. By taking some simple steps to understand and identify what they want to automate, where the technology can be used, and the potential savings, a web-based RPA system can help companies save a lot of money. In a system-based RPA, companies will often have to purchase a lot more licenses than necessary to avoid high installation costs, and increased downtime, the cloud-based system can provide extremely cost-efficient.
Safety
The cloud has become ubiquitous. Almost all companies rely heavily on cloud-based solutions for more efficiency. By using robots instead of humans, they can also increase the safety of their operations. The robot’s access rights and scope of work can be clearly defined, so as to minimize any potential problems and minimize human errors.
The ability to scale and replicate cloud services improves the competitiveness of businesses.
For a detailed discussion, write to marketing@jiffy.ai
Unlock the potential of AI-powered transformation. Talk to one of our experts today.
