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It's true: Bots are changing the workplace as you know it. It's not that bots are just freeing up humans — they're empowering humans to do more by taking over daily, repetitive tasks and freeing their time up for other important things. That's the goal of Robotic Process Automation (RPA).
Right now, you may be wasting valuable time and money with manual processes that could easily be handled through automation. To give you an idea of how to improve efficiency, here are just a few tasks that different industries are delegating to bots instead of humans these days.
Invoice processing
Instead of having someone manually process invoices in your accounts payable department, bots can read invoices from emails or other external sources and capture relevant invoice data. This information is then entered into accounts payable systems for three-way matching.
According to Intelgic, businesses can save up to 80% on these invoicing costs. This could be especially useful for those in the manufacturing industry, as there are many vendors and suppliers who send hundreds of invoices to process. What could your business do with that extra money?
Account reconciliation through AI bot
Account reconciliation is the most tedious and time-consuming task for any accounting department. According to a survey by Ernst & Young, up to 59% of a financial department's resources get involved in driving transaction-intensive operations. As much as 95% of their effort gets wasted on transactions that are already valid.
Surprisingly, most people still tackle this process manually. An Institute of Management Accountants survey found that 61% of finance organizations remain "highly dependent" on spreadsheets. That means accountants are spending more time on something that's much more likely to be inaccurate.
Intelgic's account reconciliation bot can easily read bank and credit card statements and capture the transactions and update the accounting system such as QB, Netsuite etc. You can save at least 80% of your time.
Accounting automation
If you're not already automating your accounting processes, you might want to consider making that transition sooner rather than later. While making mistakes is certainly human, innocent errors could end up costing you more than you realize. Gartner reports that accounting bots could prevent 25,000 hours of avoidable rework from human errors, saving roughly $878,000.
When you implement AI and robotic process automation in accounting, you no longer have to worry about those day-to-day repetitive tasks that bog you down. Software robots can mimic habitual actions (such as clicking a mouse, entering data, sending emails, reading invoices, etc.) and automate each of these tasks in a secured cloud server. Delegating these mundane tasks to bots instead of humans can boost both your bottom line and company morale since employees' time will be freed up for other things.
Procurement processes
The idea of ordering goods and supplies for your business, especially manufacturing facilities, can be daunting. One wrong or overlooked order or delay in ordering essential materials and your business can truly stumble. Taking this enormous task off the shoulders of your procurement team can be a huge relief. Bots can tackle the monotonous, repetitive tasks, while real people can handle the things that artificial intelligence can't do. These bots can handle purchase orders, contract management, and supplier relationship management (to a degree). The bots can scan emails and contracts to find the best prices, rebates and discounts.
How to get started with automation
Now that you've got an idea of how robotic automation (RPA) and AI is simplifying and streamlining processes across a wide spectrum of industries, it's time to test it out for yourself to see the difference.
Transitioning from manual to automated processes may sound overwhelming if you've gotten used to doing things a certain way for a long time. Fortunately, the Utah-based team at Intelgic makes it easy to switch from the old ways to more innovative methods through automation. From implementation to integration, they'll be with you every step of the way to ensure a smooth transition.
Start saving time and money with process automation. Visit intelgic.com for a free demo today.
