Looking for an efficient AP Automation solution provider? Look no further than ICG’s comprehensive, artificial intelligence ( AI ) assisted suite of tools and services designed to streamline your accounts payable processes. Our cutting-edge technology leverages the power of automation to reduce manual tasks, eliminate errors, increase accuracy, and provide actionable business data in real-time. With features like intelligent workflow, AI assisted OCR, electronic data capture, automated invoice matching, and integration with your ERP system, our solution provides end-to-end visibility and control over your AP operations. ICG’s configurable AP automation solutions can help you optimize your financial operations and improve your bottom line. ICG’s AP Automation solutions deliver value, savings, and efficiency.
What Accounts Payable Automation Can Do For You!
ICG’s cloud-hosted AI enabled Accounts Payable Automation solutions can provide many benefits to your operations. Here is how ICG can help your company:
- Process invoices with as few touches as possible
- Reduce cycle times and “cost per invoice” transaction costs
- Process invoices from multiple sources in multiple formats
- Take advantage of discounts offered
- Get rid of labor-intensive manual processes
- Remote approval processing (non-PO based) and auto matching (PO based)
- Leverage electronic and web based invoice submission technology
- Launch a self-service vendor portal (supplier portal) – pass non-value add task back to your vendors!
As long-time experts in the field, we have the experience of helping many companies save millions of dollars with our award-winning accounts payable automation solutions. Our solutions include robust tools like advanced workflows, data capture & document assembly, vendor portals (web based invoice submit, PO flip, etc.), vendor onboarding & supplier onboarding, spend analytics, dashboards, reporting, and dynamic discounting.
Choose ICG For AP Automation
Our accounts payable automation are technology-agnostic and can seamlessly integrate with your current systems and infrastructure. Our goal is to help you create an automated and standardized back office system that is optimized for your business and operates in conjunction with your existing processes and operating structure.
Our AP Automation solutions address the complete procurement-to-pay cycle, including:
- Data Capture (AI assisted OCR)
- Workflow Management
- Remote Invoice Approval
- PO Matching
- Electronic Invoicing
- Dynamic Discounting
- Vendor Onboarding & Admin. – Web based Vendor Packets
- Vendor Self-service via Vendor Portals or Supplier Portals
Implementing the right mix of technologies saves time-related costs by capturing and processing data more efficiently. ICG’s AI enabled AP Automation provides significant bottom line savings through lower processing costs, faster payment cycles, real-time visibility into financial data, and reporting to track transaction processing productivity.
ICG’s AP Solutions Demo
Watch as we walk through one of our automated accounts payable systems.Watch Video
How AP Automation Works
Document collection and data capture are the first steps in the process. For many companies this is often the most time consuming, expensive and inefficient process in their business. ICG’s AI enabled AP Automation begins with electronically aggregating invoice documents (from paper, EDI, emails, files or electronic submission) and capturing the critical, actionable data from those vendor invoices.
In an Accounts Payable Automation system there are generally four different document & data capture methodologies that companies use in their data capture process:
But that’s only part of the data capture equation. Most organizations receive invoices from a variety of different channels and in all kinds of media/formats. ICG evaluates your mix of invoice sources, formats, media, quality, and the data required for extraction and configure the solution that will maximize your return-on-investment. ICG’s suite of AP Automation solutions that are used in these data capture configurations include:
- Scan and Head-Up-Data-Entry
- Document Assembly Tool (email and PDF files)
- AI Assisted OCR
- EDI Input
- Vendor Portals, eInvoice & PO Flip
The key is to implement customer and process focused, AI assisted OCR technology that takes into account your current AP processes and your vendors capabilities. Understanding the documents is extremely valuable when setting up a successful AI OCR (Optical Character Recognition) solution. OCR technology is used to extract text and information from images or scanned documents, and its effectiveness depends on understanding the quality and relevance of the documents being processed.
Business Intelligence & Smart Routing
Once your documents and data have been captured electronically, the inbound transactional documents/data are imported into our AI enabled Workflow Management software. Our technology makes sure that the right information flows to the right people at the right time. The difference is our AI assisted intelligent routing, which can be configured to apply instantly and automatically to all the data and documents entering your system.
For invoices, payment information is sent to the ERP system for vouchering and payment. We can integrate to your ERP or provide data to your IT team in a number of methods for import to your ERP or financial systems.
ICG’s workflow captures all data and actions throughout the process to provide a clear audit trail of all transaction activity and real-time visibility into AP liabilities and financial data.
AP Analytics You Can Act On
Though the payment information is processed, we still aren’t done. Data collected throughout the process is stored and can be delivered as financial or productivity reports directly to you. This gives you the advanced analytics that you need to track your vendor spend and help pinpoint & manage rogue spending / budget adherence.
Want to build highly targeted ad hoc reports using almost any criteria related to your AP process? You can do that, the solution is highly searchable by any data or metric captured in the process so you can build your own reports on the fly.
Most importantly, our solutions are incredibly flexible and our great strength is the ability to expediently deliver a configurable solution that works for your unique process and culture.