Robotic Process Automation (RPA) is the practice of identifying mundane and repetitive tasks that are currently undertaken by humans, but which could be better performed by a machine. When I say better here, I mean quickly and accurately.
Consider the humble calculator. It has made simple mathematical processes extremely simple for the average Joe to perform. Suddenly you can multiply several long or decimal numbers together without having to get out a pen and paper.
73,324 x 9.29 = ?
Not only will the calculator be faster, it will also be more accurate. Suppose that you owned a business where it is necessary to do hundreds, maybe even thousands or millions of calculations a day. This begs the question: in the burgeoning age of RPA, why are some businesses still relying on manual/paper invoice processing when it goes against this trend of removing wasteful tasks?
Many of Tungsten Network’s current and prospective clients have told us they view e-invoicing as a necessary (almost a given) step to best procure-to-pay practice. They know that they need to eliminate the manual touches associated with paper invoicing, but they also need more. The goal is to eradicate as many inefficient steps as possible, then to find smarter ways to handle the remaining inefficiencies.
Tungsten Network has the innate ability to:
- Remove many of these inefficient touch points from the invoice approval process
- Magnify the benefit of robotics by providing the timely, accurate data that is generated inherently from our e-invoicing network.
Will RPA revolutionize your business? Probably, but have you looked into AP automation/workflow solutions? E-procurement? E-invoicing? Have you maximized your straight-through-processing thresholds? If so, robots may be your ticket to ultimate efficiency and savings. If not, we have some people you should talk to. In the meantime, download this Category Insight to hear straight from our clients!