Why JIFFY.ai is a Leader in the Zinnov Zones “Breakout Zone”

JIFFY.ai—a company that officially launched less than a year ago—is already a top-scoring disruptor in the Hyper Intelligent Automation (HIA) Breakout Zone, according to global 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.

And Then There Were HyperApps: Next Leap in Your Automation Journey and Why Point Solutions Don’t Cut it

There are now increasingly mixed feelings about business process automation, and rightly so. While initially benefits lived up to initial hype (implementations achieve 30% to 200% ROI in the short term, reports McKinsey), mature projects are more disillusioned and typically run into a slew of challenges, particularly scaling. Traditional approaches to automation like RPA or points solutions for Business Process Management run into roadblocks around scalability, adaptability, and ease of use as automation comes of age. The number of companies scaling RPA is growing at snail’s pace, found Deloitte, with just 4% of companies successfully moving into implementations involving 50+ bots. According to another report by IDG and Appian, automation was only “somewhat effective” (at best) for 65% of business users.

As your company gears up for a speedy recovery post-COVID-19 – taking advantage of a bullish market – can you afford to be held back by stumbling automation projects?

What Are Your Options

Over the last few years, RPA has emerged as almost an industry default for automation. 

Nearly 1 in 3 companies use robotic process automation (RPA) technology, despite its numerous shortfalls. RPA-based process automations are mostly inflexible, with additional configurations needed for any change or extension to the system. You have to put in a lot of development efforts, and even when using low code platforms, there is significant effort duplication. 

For example, if an RPA-automated invoicing process runs into an exception, it has to be manually configured into the script or even require individual processing into your ERP. 

As an enhancement to this, enterprises can choose hyperautomation that uses intelligent, cognitive technologies like AI-based process mining, machine learning algorithms, optical character recognition, etc., to make automations more intuitive and, well, more automated. Gartner named hyperautomation among the top ten strategic technology trends for last year, anticipating its widespread potential. 

But hyperautomation is far from reaching maturity. Unless you are a massive organization with a dedicated RPA budget to throw at promising experiments, hyperautomation remains out of reach, barring a few one-off projects. 

A much more common approach to automating business processes is through SaaS-based point solutions. 

Point solutions introduce a significant degree of automation without most business leaders even realizing it – for instance, a simple scheduling feature on email, automated “nudges” for communication follow-ups, or a copywriting tool automatically checking documents against a style guide. In the wake of COVID-19, point solutions have exploded in popularity as employees/individual business units choose their favorite automation aids without always facing IT intervention. 

But for the organization, this means mounting shadow IT, the risk of fragmentation, and growing dependency on external providers to support dynamic business processes. 

What Point Solutions Get Right (and What They Do Not)

There is definitely an argument to be made for SaaS-based point solutions. They are turnkey, easy to use, and – on the surface – involve minimal investments. It was only a matter of time before the “app-ification” of digital activity in the consumer world percolated into business processes, helped by a massive boom in B2B SaaS solutions. 

However, point solutions’ biggest USP is their ready-to-use nature, which inherently makes them inflexible. As they target the widest possible user segment (without cognizance of the specific business use case), it is impossible to configure their automation capabilities as per your precise requirements. Or, if deeper configurations are available, you need an in-house expert with knowledge of that particular point solution. 

As your business – and process map – evolves, you will find yourself reaching out to SaaS providers repeatedly to introduce the necessary features. In the long-term, this is an unsustainable model. 

HyperApps vs. Point Solutions for Business Processes

In addition to the three commonly discussed options (RPA, hyperautomation, and point solutions), companies can also consider the HyperApps approach when automating business processes. HyperApps combines the simplicity of low code with the power of intelligent automation and the cost convenience of SaaS to provide an automation solution that truly empowers your business users. 

Here’s a simple example: As part of a new regulatory requirement, you must report all invoices in a specific currency and upload them into a e-invoicing portal. In the point solution scenario, the enterprise will have to rely on the SaaS vendor to enable this change and, many times, will charge an extra fee for that feature. But with a HyperApp framework, the enterprise can configure that change themselves on the platform and make it available not just for a function, but roll it out across the enterprise.   

Unlike point solutions, you can scale HyperApps to any volume of invoices (as per our example – it is applicable to virtually any business process) and integrate with new/existing workflows. 

Further, HyperApps bring in the flexibility you need in a dynamic business environment. Adapting your automations to new process requirements is made simple via a point and click interface, while integrations are available natively for use by business stakeholders, with little or no intervention from IT. 

This could be a game-changer for companies as they enter a new era of digital transformation post-COVID-19. 

Strengthening Your Ramparts on the Road to Recovery 

As companies gear up for what could be the world’s steepest recovery period to date, digitalization could either cripple growth or push it to new heights. 

It is estimated that process automation and an even greater reliance on digital channels will be vital. For example, the number of public sector organizations citing automation as a top 3 priority grew from 23% pre-COVID to 35% in the post-COVID period. HyperApps enable predictable wins in the short term, low effort overheads and greater democratization in the mid-term, and radical advantages in the long term – addressing the challenges of using point solutions for automating business processes. 

There’s something to be said for doing the right thing, the right way. The benefits of process automation are undeniable, especially in a new contactless and low-touch world. HyperApps help companies strike the right balance, achieving immediate targets and paving the way for more opportunities.

Is the HyperApp Your Answer to These Seven Invoice Processing Challenges?

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 challenges: 

  1. High manual dependencyResearch reveals that 51% of companies use manual efforts for something as simple as data entry. You could be losing out on thousands of dollars in efficiency gains, not to mention added efforts in correcting the 3.6% error rate.
  1. 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. 
  1. 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. 
  1. 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. 
  1. 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
  1. 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
  1. 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 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. 

This is where a HyperApp can help. 

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 HyperApp 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 workflows 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 invoice processing automation will find it significantly easier to adapt to the touchless needs of the ongoing COVID-19 pandemic, automatically “learning” new template structures through ML.

To learn more about our HyperApp and how it answers the most pressing challenges in invoice processing today, download our e-book here.

You can also contact us at AcceleratingAutomation@jiffy.ai to see a demo of our HyperApp solution.

 

Understanding Total Cost of Ownership in Invoice Processing Automation

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 an Accounts Payable automation 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 Processing 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 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 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 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 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. Request your demo today.

Hands Off: Invoice Processing Should Be Touchless


Is your business treating invoice processing as an unavoidable cost of doing business (pun intended!)?

When seemingly mundane activities are not optimized using intelligent 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 can reduce invoice processing costs by 90 percent.

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.

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 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 unit 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 survey of 1,485 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.

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 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 85%+ efficiency improvement after implementation.