Robots have arrived in Accounts Payable

Posted by Thomas Nappi on Sep 5, 2019 11:17:34 AM

Imagine an accounts payable environment where staff are freed from manual, repetitive tasks.

IPS is making that vision a reality with robotic process automation (RPA).  RPA word cloud

 

RPA uses software robots (or “bots”) to automate rules-based tasks that previously required human intervention.  What’s more, over time RPA is capable of learning how to perform tasks such as workflow management more effectively and to adapt to changing processing requirements. 

IPS Productivity Wrx℠ uses RPA for tasks such as retrieving invoices from a portal or e-mail box.

 

Automating repetitive, manual accounts payable tasks with RPA and IPS Productivity Wrx frees staff to focus on higher-value activities such as data analysis, supplier management and vendor master cleanup.  RPA also eliminates the need to hire temporary or seasonal staff to manage volume spikes. 

Automating just half of the tasks now manually performed by humans would save global businesses more than $2 trillion a year, while accelerating cycle times and improving accuracy, studies show. 

It is no wonder that ResearchandMarkets.com forecasts that the overall market for RPA will grow at a staggering 26.34 percent compound annual growth rate (CAGR) between 2019 and 2024.

Seventy percent of businesses surveyed by NASDQ last year already use RPA in their operations.

RPA can play a key role in helping accounts payable departments transform themselves from a tactical, back-office function into a strategic powerhouse.

To learn how IPS Productivity Wrx℠ helps make that possible, contact IPS to arrange a no-obligation briefing with one of our experts!

 

Tags: Accounts Payable, Robotic Process Automation, AP Automation, Productivity Wrx