04 Oct Why hyperautomation is advancing finance and how it can benefit your organization
Every financial organization has faced challenges with regards to process, procedure and operational efficiency. Any professional in the area of finance knows that time is money and money, as well as it’s proper management and allocation, is key to supporting any enterprise. Advancements in artificial intelligence and automation have begun to make waves in creating new opportunities to optimize internal systems, support existing teams with laborious tasks and also reduce overhead costs. Any financial decision maker or technical specialist is most likely aware that a major aspect of the labor demand for finance involves billing, managing receivables and processing collections – including the maintenance of accounts through various means. There are also accounts payable processes and expense reimbursements, e-commerce demands, invoice audits, approving vendor payments… the list goes on. So, how are companies currently handling these processes? More often than not, in very inefficient ways using products like spreadsheets, manual approvals, document runners, etc… all of which are highly manual, potentially leading to errors, rework and costly as well as highly time-consuming to maintain.
The question then remains: how can hyperautomation enhance an organization‘s financial processes? The following use case for financial professionals and technical specialists will showcase how hyperautomation not only benefits corporations, but also empowers and allows business users to benefit and enhance their skills from using the best in modern hyperautomation technology.
How Hyperautomation Drives Innovation for Financial Professionals
The science and art of hyperautomation stems from the idea of combining different technologies like robotic process automation and artificial intelligence and or machine learning and analytics into an all-in-one (integrated) automation solution that delivers the most accurate information to support automated processes. Essentially, it optimizes and enhances existing processes, systems and teams, leverages any company’s existing and aggregated data, and allows employees to fully exploit their capabilities and be as productive as possible. As a result, hyperautomation reduces costs and inefficiencies while helping corporations learn about how they can continuously improve and increase productivity.
So how does this translate into the financial world? In most financial departments, workers utilize both structured and unstructured data. Sources of these data types can originate from names, dates, addresses and credit card numbers (structured data) to data originating from human language, such as online reviews, emails and customer service logs (unstructured data). In finance, both data types are used regularly to track account status, update billing information, process payments and more.
As enterprises look for newer ways to manage their financial resources, optical character recognition technology has become essential due to its ability to capture data from physical documents, such as letters, invoices and contracts. What NuMantra SaaS hyperautomation platform brings to the table for these types of data is a way to extract, organize and harness from each type using PDF-OCR and NLP technologies. PDF OCR (optical character recognition) and NLP (natural language processing) are hyperautomation tools that allow data to not only be captured and processed accurately, but to do this at a speed that companies have never experienced before. The platform does all this whilst supporting a “Human in the Loop” experience that may be conveniently switched “on/off” when desired. This allows for an easy on-boarding and ramp-up of new areas of automation and frees-up resources so organizations can increase their efficiency and focus on innovation.
Combining OCR technology with NLP models enhances the ability for organizations to extract and process hundred-page documents more efficiently with reduced set-up and implementation times than before. Companies can save thousands of hours a year in manual work that they used to spend in organizing data correctly for billing, invoicing, payables and legal contract management. Hyperautomation, with integrated workflows, makes OCR and NLP possible and platforms that provide an all-in-one solution for hyperautomation allow businesses to experience the full benefit of automation.
Cognitive Automation with NuMantra Technologies HyperAutomation Platform
Cognitive Automation, enabled by applications, like RPA and Machine Learning/AI from NuMantra Technologies, makes the process of aggregating and organizing financial information easier by utilizing PDF-OCR and NLP technologies. This creates an environment that lowers costs, increases efficiency and helps financial professionals process data faster – increasing speed to market. Gone are the days of manual spreadsheet processing, clunky accounts payable systems and the need for teams to spend extra time ensuring accuracy and studying data to create new avenues for efficient systems of operation. Working with an hyperautomation platform, like that provided by NuMantra Technologies, allows enterprise organizations to maximize accuracy, pivot faster, reduce costs and optimize resources.
NuMantra SaaS is a unique hyperautomation platform because of its cloud-native, cost-effective platform that scales to fit the needs of any size business. Low-code development also supports citizen data scientists in their quest to create the most functional, highest-quality product for their organization. Unlike other singular automation providers, NuMantra provides an all-in-one approach for organizations to embrace the full capabilities of hyperautomation by providing the essential tools for innovation in a complete, scalable solution.
Interested in learning more about how to take advantage of cognitive automation to support financial processes and systems?
Connect with our hyperautomation team to schedule a demo and see how your organization can reduce costs and increase efficiency.