SECAUCUS, NJ, February 13, 2019 – IPS, a leading provider of digital solutions that transform financial business applications, today announced that a prominent advertising agency is using the IPS Productivity Wrx℠ platform to process, approve and reconcile the invoices it receives from the world’s largest digital media providers.
Today’s announcement builds on IPS’ position as a leading provider of digital transformation solutions to the largest media buying and advertising agencies in the world.
Posting invoices in a touch-free digital process will enable the advertising agency to reduce its invoice approval and reconciliation costs by more than 50 percent and dramatically accelerate its cycle time. The IPS Productivity Wrx℠ platform also will provide complete transparency across the invoice approval and reconciliation cycle, enabling the advertising agency to better manage working capital and Media spend.
The digital media provider benefits from more streamlined billing processes, faster payments, fewer back-and-forth phone calls and less e-mails to determine invoice status and resolve discrepant invoices.
The advertising agency previously used e-mail to receive and approve invoices and resolve invoice exceptions. Relying on e-mail for invoice approval and exceptions resolution provided poor control over the routing of invoices, offered no tracking or visibility into the status of invoices, and required suppliers to re-submit and revise problematic invoices, such as those with incomplete or inaccurate information. Additionally, up to three months would elapse before suppliers were notified of defective invoices. Due to the complexity of the invoices and the number of stakeholders involved in preparing the invoices, up to 50 percent of all invoices from the digital media provider result in an exception.
IPS Productivity Wrx℠ eliminates the friction from the advertising agency’s invoice approval process. IPS uses bots that it developed to automatically retrieve invoices from the digital media provider’s document center, ensuring that invoices are received on a timely basis. Once the invoice is received IPS extracts key invoice data and validates the accuracy of the billing information prior to routing to the right person for approval in a timely manner. The IPS Productivity Wrx℠ platform tracks all invoices and provides authorized users with real-time visibility into the status of each invoice. Intelligent data capture technology extracts critical data from invoices without manual data entry. Defective invoices – such as those with missing information or an incorrect total – are automatically identified prior to the approval process. An automated process then enables suppliers to add or revise invoice data via a collaborative online portal without having to re-submit the invoice. All required invoice data and the approved invoice is digitally uploaded to the advertising agency’s ERP.
IPS provides digital solutions that transform business applications such as accounts payable, telecommunications expense management and business process automation. IPS’ flagship Productivity Wrx℠ platform makes digital transformation a reality for businesses by combining technologies such as intelligent data capture, robotic process automation, business analytics and mobile with IPS’ unmatched expertise and experience in business process automation. Each year, IPS processes more than $100 billion in AP spend and has created over 1 billion digital records over the past decade. IPS enables its clients to reduce costs, significantly accelerate cycle times, improve transparency and enhance customer service.