How Cognitive RPA Trumps Traditional RPA for F&A Cost Savings

Written by Manish Rai in Changing the world with automation on November 1, 2017
IQ Bot

In the last few years, most finance executives have embraced RPA for automating repetitive tasks. By doing so, they’ve achieved significant cost savings.

However, RPA has done little to automate document-centric processes such as invoice and P.O. processing. But new breakthroughs in cognitive automation technologies that leverage artificial intelligence (AI) to intelligently digitize documents are radically changing the game.

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The payback is huge. By leveraging the same technologies used in self-driving cars – computer vision and machine learning – cognitive technology can cut your invoice and P.O. processing costs by 30% to 50%. Not to mention offering additional benefits such as reducing errors and processing time, and scaling on demand to meet seasonal variability in business.

In particular, here are four ways that Cognitive Automation can help you save costs, reduce errors, and improve agility:

  1. Automate document extraction and classification
  2. Digitize documents more intelligently and accurately than traditional OCR technology
  3. Continuously learn from validations to improve accuracy and throughput over time
  4. Better yet, you can mix and match traditional RPA with cognitive RPA to significantly reduce the data processing workload of your invoice and P.O. processing teams.

 

Contact us to learn more about how a large global manufacturer realized 33%+ in cost savings and reduced errors using IQ Bot – our cognitive automation solution.