Scrypt AI’s transformative use of Cognitive Automation and Machine Learning streamlines business processes
Leverage Cognitive Automation
Forward-leaning firms are constantly seeking new technologies, methods and processes that can improve efficiency and increase productivity. These firms are now actively embracing automation across all areas of business operations as they look to improve both service delivery and customer satisfaction while achieving employment cost savings (headcount reduction).
Automation in accounting is specifically being pursued because the traditional heavy paper workloads and human- centric approach is extremely manual, tedious and error-prone.
Within accounting, Accounts Payables (AP) is the business area responsible for processing payments made by a firm to its suppliers and vendors. Suppliers, vendors and other creditors issue an invoice to a firm, and expect to be paid by the invoice due date. While the invoices have generally shifted from paper documents that are mailed to digital documents that are e-mailed or submitted electronically, the rest of the AP process has not significantly improved. Firms employ either internal AP specialists, or external AP teams – sometimes large offshore teams – to process an invoice and see it through to payment. The tasks that are completed by these human operators are, as stated above, tedious, manual, and error-prone.
The AP process can be broken down into a set of steps:
1. Receipt of Invoice
2. Coding of Invoice
3. Review and Approval
4. Accounting Review
5. Final Approval and Payment
Business Process Automation can be effective in each of these steps, where currently a human specialist is needed to perform the required tasks. Business Process Automation includes automation techniques that range from being process-driven to data-driven. In a process-driven approach, repetitive human tasks are specified, and software is developed that mimic these tasks, nominally using a deterministic, rules-based framework. Due to the repetitive, deterministic approach, the process-driven approach to process automation is oftentimes referred to as Robotic Process Automation (RPA). Process Automation can move beyond deterministic rules, and utilize data to drive a given behavior. This is referred to as Cognitive Automation, where machine learning (ML) and Artificial Intelligence (AI), backed by massive amounts of data (big data), is used to mimic human behavior and perform adaptive decisions.
In the AP process, no two invoices, even from the same vendor, are ever identical, with each invoice requiring a good amount of learned human decisions to code and process them accurately. Process Automation that has relied only on a rules-based approach (e.g., using invoice templates, etc.) has therefore failed, with humans still required to do the bulk of the invoice coding and processing. Only through the use of cognitive automation, and relying on a machine learning paradigm that effectively captures historical actions and behaviors, can the true benefit of process automation be achieved.
Scrypt AI has developed a unique end-to-end capability, combining both process-driven and data-driven automation, to completely transform AP into a zero touch process. The Scrypt AI platform provides unprecedented scale and extensibility because there are no human teams behind the software. Furthermore, it is built on top of a modern big data integration system that allows for seamless integration with existing systems of records and eSign solutions, and supports custom business workflows.
digitally transform your business processes
Let us understand your business requirements around AP automation and systems integration.
Scrypt AI will work with your team to implement an end-to-end intelligent automation solution that integrates with your firm's existing systems of records and eSign solutions and supports your custom accounting process.