Question

Think about something you do or others do and look at from different ways to it done for the better. You were to first describe that thing and then analyze it to expose its strengths and weakness, and then come up different creative perspectives that would add more value. You were to do this assignment as an article you were going to publish in the Daily Graphic.

Answer 1

Task: Processing of invoices at our respective jobs.

My friend is working in an organization in the Invoice processing department. Owing to the small scale of the Company, they currently have manual invoice processing at place whereby they manually key in the fields in an invoice, pass it on to the concerned depratments for approval which takes a lot of time.

I work in the same department in my company and have been using Invoice Automation system ''OpenText solution'' for automating invoice processing. This helped me in delivering my job in a much effective way and even benefitted my Company owing to the following advantages of Invoice automation:

1. Dispute management: Due to manual invoice processing, organizations experience late payments, invoice errors, duplicate invoices which ultimately lead to unhappy suppliers. Accounts payable employees are assigned the task of damage control and a lot of times, companies end up spending lacs to revive the relationships.

2. Optimized employee costs: Invoice automation will relieve the pressure of an over-burdened team which had been investing a lot of time on redundant work. This in turn, will help deploy the employees to other functions where they can add significant value.

3. Data entry staff and equipment: Huge volumes of paper invoices needs a great deal of data entry to input and process invoices. The data entry also requires the use of industrial scanners.

4. Increased Discount Capture: With AP automation, processes are streamlined and invoice lifecycles are shortened . Hence, Organizations have a greater ability to pay invoices early and capture discounts.