Basware, a provider of AP automation and invoice processing, has launched its Touchless Invoice Processing (TIP) Discovery dashboard, marking yet another milestone in Basware's mission to achieve 100% touchless processes. The tool allows customers to analyze manual invoice handling rates, shedding light on where touchless processes break down into manual touches.
The TIP Discovery dashboard addresses several underlying challenges within invoice processing, as many companies are still tackling error-prone and time-consuming manual tasks. Nearly half (49%) of accounts payable (AP) and finance leaders highlight delays on approvals and invoices as a key hurdle for finance teams, while 47% raised invoice exceptions as a major challenge due to the increased complexity and inefficiency, according to a recent Ardent Partners survey with Basware. This results in increased costs, slower processing times, and an overall inefficient process.
Basware has launched its TIP Discovery dashboard, which offers a clear view into each phase of the invoice process, enabling customers to monitor the touchless rate of their selected process. It will identify which invoices required manual intervention from AP teams, and where in the process these interventions took place.
The dashboard empowers AP managers to define touchless success by breaking down complexities across phases like receiving, matching, workflow, and transfer. By focusing on improving these phases, customers can enhance their hands-off rate and explore the underlying reasons for manual AP handling, with the aim of creating a truly touchless system.
The TIP Discovery dashboard will be available to Basware customers as a part of Basware Insights.
Perttu Nihti, Chief Product Officer at Basware, says: “Basware is committed to making AP teams the most efficient function within organizations. But if you can’t see where you touch invoices, it’s hard to fix it. With Basware's Touchless Invoice Processing Discovery dashboard, we are shining a bright light on where touchless processes break down into manual touches. This dashboard unlocks the benefits of heightened data accuracy and the liberation of working capital, delivering automation and saving more time than ever for our customers. The tool will push businesses towards future-proofing their financial operations and furthering 100% touchless invoice processing. "
In addition to eliminating manual actions from invoice processing, the dashboard offers granularity to analyze data of suppliers, users, and invoice types, exposing potential gaps in touchless processing. For example, as well as seeing the overall touchless rate, AP managers can customize the metric to only view a certain phase of the invoice process - such as receiving, matching or approval.
By pinpointing specific actions or tasks that delay touchless efficiency, managers can simulate outcomes to uncover the root causes of non-touchless processes and gain a detailed understanding of obstacles, ultimately facilitating targeted improvement efforts. This enhances several key metrics, including visibility into supplier impact, team member performance and calculating ROI before implementing changes.
For more information on utilizing touchless rates and Basware Insights for greater efficiency, visit here.
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