Image credit: Georgi Kalaydzhiev on Unsplash
A few years ago, I took my family on a trip to Munich in Southern Germany. We rented a BMW X3 and drove to Neuschwanstein Castle, and continued on to Zurich, Lucerne, and Bern in Switzerland.
On the way back to Munich, I’ll never forget driving on the Autobahn, the network of highways that goes across Germany (half of which is unrestricted and doesn’t have a speed limit for cars).
When I first saw the “no speed limit” sign in my BMW’s heads-up display, I felt a sense of excitement and disbelief.
“Is the speed really unlimited?!” 🤩
I didn’t waste any time to find out. I floored it and within seconds we were going over a hundred miles an hour (160 km/h). Amaaazing!
And then, out of the corner of my eye, I saw a high-performance Porsche blast by us at probably 150 mph (240 km/h). Breathtaking!
👉 This is a good analogy for what it’s like to use AI and machine learning to automate invoice processing.
One day, you’re stuck in a traffic jam in downtown [pick a large city]. Stop, start, stop start…
And the next (after you’ve implemented AP Automation), you’re barreling down the Autobahn at 150 mph (240 km/h)!
For example, AP clerks and accountants typically process 4-5 invoices per hour (32-40 invoices per day, 640-800 monthly). Some reports state that 1,000 invoices per month is a reasonable benchmark.
In contrast, a highly-automated AP department can process 16x as many invoices per FTE as their peers with little to no automation. 🙌
That’s Autobahn fast!
🏁 Get into the “fast lane” with Contexture AP Automation.
Another example of how Contexture and AI are making life easier for Accounting departments and solving business problems.
Learn how AP teams in the construction industry are using AI-powered AP Automation solutions to automate invoice data entry and PO validation and free up time for higher-value accounting projects.
A flexible AP automation solution provides the flexibility of "planes, trains, and automobiles" to ensure you arrive at your destination.
Repetitive invoice entry tasks, document matching, and GL coding can all be automated, freeing up employees to focus on more creative and challenging aspects of their work.
