Streamlining AP Processes: The Path to Touchless Invoice Processing

In a recent webinar hosted by the Executive Leaders Network (ELN) sponsored by Basware and featuring Pactiv Evergreen, a Basware customer, experts discussed the critical importance of automating accounts payable (AP) processes and moving towards touchless invoice processing. Touchless invoice processing aims to minimize manual intervention and streamline the entire AP cycle, from invoice receipt to payment. The webinar featured two experts, Nicholas O’brien with Pactiv Evergreen and Jörg Schramm with Basware, who provided insights into the benefits and challenges of automating accounts payable processes.

Nicholas, an accounts payable supervisor at Pactiv Evergreen, started the discussion by emphasizing the need for increased visibility and automation in AP. He highlighted how AP automation streamlines the invoice process, allowing invoices to be processed touchlessly. With the support of SmartPDF technology and machine-readable data, AP departments can achieve significant efficiency gains and focus on strategic work rather than repetitive tasks.

The value of digitizing invoice processes

Throughout the discussion, the speakers stressed the value of digitizing invoice processes and leveraging artificial intelligence (AI) to achieve touchless automation. By centralizing AP processes in one solution (while integrating with multiple ERPs and Other financial systems), companies can achieve better visibility, control, and efficiency. Doing so helps reduce manual exceptions and late payments and establish a streamlined, agile AP function.

Jörg presented the key focus areas for optimizing touchless invoice processing. He emphasized the importance of visibility and understanding key performance indicators (KPIs) to identify areas for improvement. With AI-powered solutions (such as Basware’s AP Automation solution), companies can capture data from various PDF documents, automate matching processes, and efficiently code non-PO invoices.

Implementation takeaways

As a customer of Basware, Nicholas shared valuable lessons from his company's AP automation implementation journey. One key takeaway was the importance of using reporting and analytics from the outset to establish a baseline for improvement. He emphasized that by leveraging SmartCoding and automated workflows, the company improved their invoice processing and reduced the need for manual intervention, ultimately leading to significant cost savings.

By embracing digitization, centralization, and AI-powered solutions, companies can optimize their AP processes, enhance data accuracy, reduce costs, increase visibility, and empower their teams to focus on value-added tasks. Adopting a data-driven approach and continuously optimizing processes will enable businesses to unlock the true potential of touchless invoice processing and achieve best-in-class performance.