How Intelligent Automation is Reshaping Business Processes

Article By:
Article By:
Today, the swift digital economy drives companies, big or small, to achieve digital agility. The gap between a successful business and an unsuccessful one depends on the ability and speed of leveraging digital transformation.

However, even in this fast-paced digital economy, companies are dependent on legacy systems to a large extent. Therefore, overhauling these legacy systems to introduce a new technology is often not realistic. But what if you could still digitally transform your business processes without disrupting your existing infrastructure? Yes, that is possible, with intelligent automation.

With intelligent automation, you can still enjoy the benefits of existing legacy systems while automating tedious, complex, manual business processes. Completing daily time-consuming tasks become hassle-free and less prone to errors with intelligent automation. By keeping humans in the loop, you can ensure that all the validations and approvals are made at the right stages in the business process.
Which tasks can be automated with intelligent automation?
Manual tasks in finance and accounting processes are great use cases for intelligent automation such as invoice processing, vendor statement reconciliations, month-end close processes, order-to-cash, and more. For example, the process of vendor statement reconciliations includes numerous payment methods, at various locations, by different business entities, at different intervals.

Other tasks like logging into bank accounts, ERP systems, extracting GL reports, referencing balance sheets, and creating reconciliation statements in different templates are all tasks that can be seamlessly automated using intelligent automation. Some of these tasks are done by Oscar, our IQ Worker, that provides end-to-end intelligent automation for accounts payable (AP) processes in the cloud. This AI-powered IQ Worker makes the entire business process less prone to errors and reduces the need for human intervention.

Let’s take another example, invoice processing. When this process is manual, it is time- consuming, complicated, and requires a lot of human intervention. But if this process was automated with Oscar, what would it look like?
The above flow chart shows you a simplified touchless invoice processing workflow.

  • Oscar receives vendor invoices as an email attachment, in PDF format, as sent by the vendors.
  • Oscar then converts the semi-structured information into structured information and cuts the additional noise from the invoice.
  • It then reads the invoice and extracts information from it.
  • When a Purchase Order (PO) is present, Oscar matches the invoice with the PO. If a PO is not present, it handles the invoice differently. Oscar offers 28+ data validations.
  • The extracted information is then presented on the HighIQ User Board (HUB) for review and validation. The data can be manually updated at this stage if needed.
  • The final approved invoice information is then automatically sent to ERP systems for further processing.

Intelligent automation provides great advantages:

  • Process thousands of invoices in just a few minutes
  • Minimal human intervention
  • Higher process efficiency
  • Increased control and compliance

Examples of other tasks that can be automated:

  • Inventory Management: Automate the creation of notifications when the inventory stock levels become too high or too low so that the appropriate amount of goods can be maintained at all times.
  • Report Generation: Automate the extraction and reporting of sales, financial, and customer reports, as required by relevant stakeholders.
  • CRM to ERP Data Transfers: Automate the creation and transfer of information from your CRM system in to your ERP system quickly and accurately.
While legacy systems aim to make your business more streamlined, managing your data across the different legacy systems with minimal human intervention makes it much easier to overlook and control the business. The implementation of intelligent automation in your business processes will make work more efficient by minimizing human intervention for rule-driven tasks, getting time-consuming tasks done quickly, eliminating human errors, and ultimately gives your business the ability to make your workforce more flexible and scalable, especially in cases where seasonal scalability is required.
To learn more about our intelligent automation solutions, join our weekly webinars.

Leave a Comment

Your email address will not be published. Required fields are marked *

Share This





Start Free Trial
First Name*
Last Name*
Company*
Email*
Phone*
Additional Info




Request Demo
First Name*
Last Name*
Company*
Email*
Phone*
Additional Info