Understanding Total Cost of Ownership in Invoice Processing Automation

jeshoots com 2vD8lIhdnw unsplash

Whether you’ve already automated invoice processing 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 a solution, the question is not whether these vendors can do what they claim. The real questions to ask are: How much does the comprehensive solution 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” TCO in Invoicing Process 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 automation 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?

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 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 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 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

Automated invoice processing 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 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. Request your demo today.