Thanks to machine learning and the document data extraction, validation and processing technologies it enables, ~80% no touch AP automation is possible for invoices submitted outside of the company’s Electronic Data Interchange (EDI). Additionally, companies should push foe EDI adoption to further increase no touch automation rate.
By adopting these technologies, companies can dramatically reduce manual document processing. Therefore they can reduce costs and errors while increasing compliance and employee satisfaction. According to our interviews with project managers from the Big 4 and solution providers in the space, an average Fortune 500 processes a few millions of documents manually per year and adopting the latest automation technologies can result in savings of hundreds of millions of dollars per year.