Intelligent Automation News #13
I hope everyone enjoyed their Thanksgiving.
As the year winds down and we begin to reflect on the past year and plan for the future, I am thankful to all of you for subscribing. I would love to hear any thoughts, suggestions, ideas, critiques, etc. regarding this newsletter.
5 Value Levers to Pull for Optimizing the Procurement Process
How can Procurement go from a cost center to a function that creates value?
It’s not only about cutting costs; it’s also about removing tedious work from employee workloads, empowering them for higher-value work. It’s also about helping to ensure the company’s supply chain is robust and delivering the inputs you need on-time. In addition, there are also various cost-cutting techniques to increase your working capital.
Johnson & Johnson’s Big Bet on Intelligent Automation
This article does a great job of explaining how starting slowly, collecting data, and showing value can lead to gigantic impact – half a billion in this case. There’s practical advice in the piece for companies of any size too use. Plus, there’s also a great list of additional RPA resources within this article.
“Robotic process automation (RPA)?was already gaining traction as organizations sought to apply software “robots” to automate rules-based business processes. But organizations like J&J wanted to take automation further. By combining RPA with machine learning (ML) and artificial intelligence (AI), they sought to automate more complex tasks. The opportunity led J&J’s Ajay Anand and Stephen Sorenson to place a very big bet in 2021.”
Intelligent Automation – The Key to Digital Transformation Success
While this piece defines intelligent automation only in the context of AI (IA contains other technologies, IDP, smart workflows, and RPA), it’s a good overview of the value of digital workers.
“There is a growing realization in boardrooms worldwide that it is time to begin digitizing work in this challenging environment seriously. Additionally, it is clear that companies that fail to act will struggle to address shifting stakeholder and market needs adequately. Instead, they will be forced to rely on legacy IT systems, restrictive structures, and limited resources.
This workforce is an AI-powered, dynamic resource that can be trained by humans to perform ever-more sophisticated tasks in the front, middle, and back offices of any industry.”
6 Accounts Payable KPIs You Should Know About
Digitizing and automating accounts payable departments has been the low-hanging fruit of the intelligent document processing industry for decades. In this post, Celonis spotlights how any business will save money from automating AP.
“If you’re in the habit of treating Accounts Payable as just a cost center, chances are you’re focusing primarily on processing invoices as fast and as cheaply as possible. But if that’s all you’re optimizing for, then you’re missing out. As Celonis CFO Guido Torrini puts it, ‘Accounts Payable is a free source of cash, and should be treated as such.’ That means looking beyond cost per invoice to KPIs that can actually impact your strategic objectives, like DPO, on-time payments and cash discount realization. These are the KPIs that can affect your liquidity and your profitability — not to mention your ability to preserve cash during a pandemic. When you know that companies can improve their cash positions by up to $358B simply by improving their payment behavior, shaving cents off your invoice processing costs starts to look like small fry.”
The Different Types of Artificial Intelligence You Should Know
This is the 5th in a series on all aspects of artificial intelligence. While for Medium subscribers, anyone can read a few posts there for free each month. To get the most out of AI, you need to understand the limits as well as the possibilities of the technology.
“Self-aware, corrupt AI-powered entities with tremendous knowledge that are hell-bent on wiping out humanity in order to save humanity from itself as we’ve seen multiple times in sci-fi novel and film plots is even further away than a remote possibility.
But, yeah,?AI is here, and it’s doing a very good job of assisting mankind in accomplishing goals that previously seemed impossible or impracticable. Today, we have various examples of artificial intelligence in action, such as: chatbots, self-driving cars, intelligent virtual assistants (like Alexa), and spam filters.
Accountant Staff Shortages Causing Burn-Out and Accounting Errors
I’ve shared articles about the IT staffing shortage, but the staffing shortage isn’t limited to IT. This article by Jeff Ernst makes a good argument for automating accounts payable.
“Bloomberg Tax calculates that the number of accountants and auditors employed fell by 17% between 2019 and 2021.
According to the Washington Post: "Fewer than 100,000 people take the Certified Public Accountant (CPA) exam each year — the sine qua non for entry into the profession — and about half of them fail.?The number of CPA exam candidates decreased by 7% between 2017 and 2018 while the number of candidates who passed all four sections of the exam decreased by 6%?(paradoxically, the available numbers on accountants are rather old).”
领英推荐
Artificial Intelligence and Workflow
The November issue of Workflow is focused on AI and its impact on workflows. Articles include Next-Generation Content Automation: Intelligent and Context-Aware, Can AI Solve Our Workplace Woes, Artificial Intelligence Goes Mainstream, and more.
EVENTS
State of Information Governance: Key Findings From the Annual Industry Survey
Nov 30
1 pm ET
With the volume of digital transactions and data growing rapidly, information governance (IG) programs are on the priority list of many organizations.
Join Hyland and Robert Smallwood, founder and CEO of InfoGov World Media, as we discuss the recent global survey of information governance practitioners.
Hear about their top IG program opportunities and priorities for 2022 and 2023.
Webinar: Stop Chasing Signatures and Streamline Your AP Workflow?
We’re excited to partner with Quadient AP to host this event!?
December 7?
1 pm ET?
Quadient Accounts Payable Automation by Beanworks has met with thousands of AP teams and discovered a few things they all share in common:?
Join this webinar hosted by Doculabs and Quadient AP, and we'll show you how to free your team from inefficient processes such as data entry while increasing control and visibility from purchase to payment.?
Document Strategy Forum 2023?
May 22 -24?
Charlotte, NC?
Start planning your travel now. Doculabs is a conference partner. We hope to see you there!?
Registration isn’t open just yet for the event for content management, customer communications, and CX strategies, but you can sign up for alerts now.?
MER Conference?
May 22-24?
Chicago, IL?
We are excited to be speaking at MER again this year. It’s shaping up to be another great event in our home city. This is THE event to attend for cutting-edge insights and best practices for information governance.?