Data is the new oil
The purchase to pay process can take place automatically as soon as information regarding contracts, payment plans, orders and invoices is available as data (XML). Without (standardized) data, no automation. Data can be automatically processed and stored, but also automatically compared with other data, on the basis of which automatic decisions can be taken.
Invoice processing, for instance, is handled 90% manually until today, because the invoices are delivered on paper or as a PDF by suppliers.
And because the organization also validates, codes and approves the invoices as such, and then imports them into an ERP system or accounting program.
With object character recogntion (OCR) software, from Basware or Kofax, PDF invoices and paper invoices, after being scanned, can be converted to a data file and processed automatically, or at least automatically presented to budget holders via a procuration schedule. With e-invoicing or e-invoicing, invoice processing is further automated because invoices are received as data files.