In this podcast, Basware experts Kevin Kamau and Olav Maas discuss touchless invoice processing (TIP), what it is, the value it drives throughout the entire Finance organisation, and how to decide when it’s the right time to begin your journey to touchless
What is touchless invoice processing?
We all know that invoices need to be paid, but the processing is traditionally very manual and laborious. What is touchless invoice processing? Most providers claim to do “touchless invoice processing”, but it does not mean the same thing for every solution. For Basware, touchless invoice processing literally means touchless – hands-off, completely automated, and does not require anyone in AP to do anything unless there is a discrepancy (e.g. price difference, outside tolerance, etc.). We help companies automate not just PO-based invoices but also non-standardised invoices, which you’ll learn from this podcast makes all the difference.
Our blog, What a touchless invoice really is and how you achieve it in Accounts Payable, also defines what makes an invoice truly touchless, what steps are needed to achieve touchless invoice processing, and what probing questions you can use to evaluate different technologies on your way to touchless processing.
Listen in as Kevin and Olav discuss how touchless invoice processing drives value all throughout the Finance department, from the CFO down to the AP clerk. They cover some of the immediate benefits such as:
- Improve supplier relationship
- Cost savings
- Fewer mistakes
- Visibility of expenses
- Optimising processes
- Eliminating waste
- Reallocate resources
They also breakdown what finance teams are hesitant about? What are the objections of going after touchless invoice processing? And what are the barriers to adoption?
Who is the best candidate for touchless invoice processing?
The answer is simple. All companies processing invoices are a candidate, but especially if you don’t know your cost center, you are the ideal candidate, and the right time is right now. You’ll want to get the first set of electronic invoices into the system so it can begin making assumptions and you can start achieving the immediate benefits mentioned above – powered by artificial intelligence and machine learning. The more you have under control, the better the output and easier it is to work towards completely touchless.
Listen to Our Podcast
Touchless invoice processing is a journey. Ultimately you want to reduce the touches required to process, but you don’t have to do it alone. Listen now to learn how Basware supports their clients throughout the TIP journey.