It’s important to understand what automation is. It’s not something that’s end-to-end where you don’t have to interact with it or think about it. Automation is removing a step or taking a piece of what you do and making it simpler, easier, and less error-prone.
The following is an excerpt from our webinar, “Automating Accounts Payable (AP): How Ignite Spot Accounting Services Automates AP, Removes Human Error, and Improves Client Services.”
As we look at automation, there are areas where we expect to see a lot of growth. With Ignite Spot using Vic .ai to push into Bill.com, much human error was removed, which was a significant change. From the accounts payable time, a lot of time is spent on fixing human errors.
Using Automation to Reduce Human Error
When looking at large data sets, normally there’s more than a 15% inaccuracy rate from the work input by humans due to fat-fingering or reading the data wrong.
Just being able to remove this 15% error rate with automation is significant. As an outsourced provider, your goal is to be as efficient as possible. You’re trying to drive down the costs of what would be spent to have someone manually entering this data.
Often, customers will forget that they made mistakes when they entered this information themselves. So while you may have entered incorrect information, for whatever reason, clients will come down on you and start evaluating your relationship. They think about what your value intent is, especially when it’s a significant error. If it’s something small, they likely work through it and continue onward.
When these things become consistent, or they create some type of huge issue for them within their company, it can cause a major disruption in your relationship. With automation, it’s important not to be afraid of it as it can really benefit your client relationships. You're able to make sure that data is entered more accurately, while removing human error, and simplifying the amount of involvement you have to have.
Data is Available Faster with Automation
Automation also makes the data available to the client faster. An AI system doesn’t sleep. It can work 24/7, speeding up your processing time. Having the data available faster will be necessary to compete in the future.
You’ll also be able to be more consistent with your relationships as well. Instead of doing things every week or every two weeks, it should only take you a few minutes to update and process bills and to push them out to the customers to review and pay. You’re essentially speeding up your efficiency rate.
Time Savings with Artificial Intelligence
Thinking about a large invoice with over 200 lines, it would have taken hours in the past, sometimes as much as eight hours, to process.
With Vic .ai, that same invoice only took only about 30 minutes the first few times it was processed with AI. Now it’s even more accurate, and when you know what to watch for, today it takes only about 10 to 15 minutes to process that same 200+ line invoice. This is an enormous time savings each month on just that one invoice.
When you have a handful of clients where you’re processing all at the same time, it was multiple hours every week. Now Ignite Spot is down to just 10 to 15 minutes for processing all of the invoices.
And when client invoices come over in the same framework, you know exactly what you’re looking for. The accuracy is so much cleaner, which makes it easier and saves a tremendous amount of time.
How much time do you think you would save with automation? Tell us your thoughts in the section for comments below.
To learn how Ignite Spot Accounting Services automates AP, removes human error, and improves client services, watch the webinar recording on “Automating Accounts Payable (AP).”