Automate business processes with AI and RPA bots
Estimated reading time: 4-5 minutes
It’s true: bots are changing the workplace as you know it. It’s not that bots just free up humans – they empower humans to do more by taking over daily, repetitive tasks and freeing up their time for other important things. This is the goal of Robotic Process Automation (RPA).
Today, you may be wasting valuable time and money with manual processes that could easily be handled by automation. To give you an idea of how to improve efficiency, here are some tasks that different industries are delegating to robots instead of humans these days.
Instead of having someone manually process invoices in your accounts payable department, bots can read invoices from email or other external sources and capture relevant invoice data. This information is then entered into accounts payable systems for triple matching.
According to Intelgic, businesses can save up to 80% on these billing costs. This could be especially useful for those in the manufacturing industry, as many vendors and suppliers send out hundreds of invoices to process. What could your business do with that extra money?
Account reconciliation via AI bot
Account reconciliation is the most tedious and time-consuming task for any accounting department. According to an Ernst & Young survey, up to 59% of a finance department’s resources are involved in conducting transaction-intensive operations. Up to 95% of their efforts are wasted on already valid transactions.
Surprisingly, most people still approach this process manually. A survey by the Institute of Management Accountants found that 61% of finance organizations remain “heavyly dependent” on spreadsheets. This means accountants are spending more time on something that is much more likely to be inaccurate.
Intelgic’s account reconciliation bot can easily read bank and credit card statements, capture transactions and update accounting system such as QB, Netsuite, etc. You can save at least 80% of your time.
If you’re not already automating your accounting processes, you might want to consider making this transition sooner rather than later. While making mistakes is certainly human, innocent mistakes could end up costing you more than you realize. Gartner reports that bots could prevent 25,000 hours of avoidable rework due to human error, saving about $878,000.
When you implement AI and robotic process automation in accounting, you no longer have to worry about daily repetitive tasks bogging you down. Software robots can mimic common actions (such as clicking a mouse, entering data, sending emails, reading invoices, etc.) and automate each of these tasks in a secure cloud server. Delegating these mundane tasks to bots instead of humans can improve both your bottom line and company morale, as employees’ time will be freed up for other things.
The thought of ordering goods and supplies for your business, especially manufacturing facilities, can be daunting. One wrong or forgotten order or a delay in ordering essential materials and your business can really stumble. Taking this huge task off your procurement team’s shoulders can be a huge relief. Bots can tackle monotonous and repetitive tasks, while real people can handle the things artificial intelligence can’t. These bots can handle purchase orders, contract management, and vendor relationship management (to some extent). Bots can analyze emails and contracts to find the best prices, discounts and discounts.
How to get started with automation
Now that you have an idea of how robotic automation (RPA) and AI are simplifying and streamlining processes across a wide range of industries, it’s time to test it out for yourself to see the difference.
The transition from manual to automated processes can seem 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 move from old ways to more innovative ones through automation. From implementation to integration, they will support 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.