In today’s fast-paced business environment, companies are increasingly turning to technology to streamline their operations and stay competitive. Despite advancements in various sectors, the accounts payable (AP) process often remains a manual and labor-intensive task, prone to errors and inefficiencies. This is where the collaboration between Kodak Alaris and AAC Systems comes into play, leveraging a Software-as-a-Service (SaaS) solution hosted on Azure to automate AP processes for businesses and government agencies. By integrating Kodak Alaris’ advanced Info Input Solution with AAC Systems’ new Accounts Payable Cloud platform, this partnership aims to address the significant pain points associated with traditional, manual invoice processing.
The Challenges of Manual Accounts Payable Processes
For many businesses, the manual entry of data into financial systems for invoice processing, approval, and payment is a substantial drain on resources. Local and central government agencies, large corporations, and small and medium-sized enterprises (SMEs) alike face major challenges due to the high volume of invoices and the need for efficient information classification and routing. The manual processes are not only time-consuming but also susceptible to human error, which can lead to incorrect payments, missed deadlines, and strained vendor relationships. Inefficiencies can translate into financial losses and negatively impact the operational workflow, further underscoring the necessity for an automated solution.
To tackle these inefficiencies, Kodak Alaris and AAC Systems have introduced the AAC Accounts Payable Cloud platform. At its core is Kodak Alaris’ Info Input Solution, an intelligent document processing (IDP) software that employs advanced algorithms and machine learning models for fast and accurate data extraction and validation. This software is designed to handle several document types, including claim forms and invoices, and can be tailored to accommodate custom models as needed. By automating the data entry process, businesses can significantly reduce the time spent on manual tasks, thereby freeing up valuable resources and minimizing the risk of errors.
How the Automation Process Works
The automation process begins with the intelligent extraction of crucial data points from each invoice, such as supplier names, invoice dates, totals, and purchase order numbers. This information is then validated against existing system data to ensure its accuracy. Kodak Alaris’ Info Input Solution incorporates pre-built specialized training models that can quickly adapt to diverse document types. After data extraction and validation, the information is available for end-users to verify before it is seamlessly integrated into the customer’s Enterprise Resource Planning (ERP) system. This ensures that the data flowing into the financial systems is not only accurate but also timely.
The advantages of this SaaS solution extend beyond just data extraction and validation. The system is highly scalable, meaning it can be expanded to accommodate other document types such as delivery notes, remittance notes, and purchase orders. This scalability ensures that the system can grow with the needs of the business, providing a long-term solution rather than a short-term fix. Additionally, the use of a cloud-based platform on Azure offers the benefits of high availability, security, and easy access from any location, making it an ideal solution for organizations of all sizes.
The Broad Impact on Business Efficiency
In today’s fast-paced business world, companies are increasingly relying on technology to streamline operations and remain competitive. Yet, despite significant advancements in various sectors, the accounts payable (AP) process often continues to be a manual and labor-intensive task, which is prone to errors and inefficiencies. This is where the collaboration between Kodak Alaris and AAC Systems makes a difference. They have developed a Software-as-a-Service (SaaS) solution hosted on Azure to automate AP processes for both businesses and government agencies. By integrating Kodak Alaris’ advanced Info Input Solution with AAC Systems’ new Accounts Payable Cloud platform, the partnership aims to resolve the substantial challenges associated with traditional, manual invoice processing. This integrated solution not only enhances accuracy and efficiency but also frees up valuable resources, allowing organizations to focus on their core activities. Ultimately, the Kodak Alaris and AAC Systems collaboration represents a significant step forward in modernizing and optimizing AP processes in the contemporary business landscape.
