Rossum Newsletter - Wrapping up for 2024
Hi Fat Fingers fans ??
Ready for your last Fat Fingers newsletter of 2024? It's a goodie.
Look out for our next edition at the end of January, which if you prefer, you can receive as an email. We're off to spend time chillaxing, partying with friends, catching up with family, eating too much food, and wearing dodgy sweaters.
Enough with the chit-chat...
Editorial
The Hidden Document Surge of Black Friday
Over the Black Friday weekend, businesses celebrated record-breaking sales. Stripe* processed 465 million transactions totaling $31 billion. Peaking at 137,000 transactions per minute. But behind the numbers lies a hidden crisis. The overwhelming surge in documents generated by these transactions.
Receipts, invoices, shipping manifests, and compliance forms flood businesses. As global commerce becomes increasingly borderless, the gap between transaction speed and document processing is creating a bottleneck. Businesses that continue to use outdated methods to process paperwork are failing to address this imbalance. This gap risks creating inefficiencies that could stifle growth and customer satisfaction.
Why is this a growing concern, given that events like Black Friday, Mother's Day, and Valentine's Day happen annually? Scale. The volume of transactions has exploded, driven by the rise of e-commerce and global marketplaces. More transactions mean more documents - and the traditional ways of managing them don’t cut it anymore. Businesses need solutions that scale as fast as their sales.
Consider FloraLink, a US-based cut-flower importer regularly hit with documents during its peak seasons. Turning to Rossum, the company cut processing times from 90 seconds to 5 seconds per document. Showcasing the impact for smarter workflows.
To keep pace with borderless commerce, businesses must prioritize document processing with the same urgency as payments. Otherwise, they're building a digital freeway without considering the traffic it generates.
* Stripe provides tools that help businesses accept payments, manage subscriptions, and handle online financial transactions securely. If you've ever bought something online, chances are Stripe handled the payment.
AI OCR Invoice Processing
Speaking of peak seasons…
It’s that time of year, folks. Gifts to buy. Food to order. Parcels to send. Documents to process.
If you’re a company that gets hit hard during peak shopping periods and you’re still using manual data entry, you might want to go the AI invoice processing route.?
Hidden costs such as late payment penalties, physical storage, and missed early payment discounts all add up to revenue loss, and trust and customer satisfaction taking a hit. AI brings intelligence beyond character recognition - contextual understanding, ongoing learning and improvement, scalability, and more.?
OCR was revolutionary when first introduced. Now, it’s feeling its age. Time to power it up with artificial intelligence.
Delivering E-invoicing Solutions with a Unified Platform
Governments around the world are launching new e-invoicing regulations to combat fraud, improve tax compliance, and streamline operations. Some countries already comply - Brazil, Italy, Indonesia - with others following. Germany’s set to kick off in January 2025.
With each country having its own document type, go-live date, rules, etc., it’s complicated. For businesses operating in multiple countries? Well… they need to choose between using a vendor per country or a unified platform.
Following feedback from our German customers, we launched our e-invoicing Germany plugin. Hey! Don’t worry. It’s the first on our roadmap and we plan on rolling out other country plugins as they’re needed. Got your back!
Scammers! Have you met my Granny?
Meet the O2 fraud squad’s new team member. Daisy. The role involves having long, rambling chats with fraudsters. The intention being to waste their time and keep them from contacting other people.
What makes Daisy perfect for the job? She’s been “trained using cutting-edge AI technology and real scambaiter content, lifelike ‘Daisy’ is indistinguishable from a real person, fooling scammers into thinking they’ve found a perfect target when really, she’s beating them at their own horrible game.“
Go get ‘em. Daisy!
Docusign account holders spread ‘strikingly authentic’ invoices
“It looks so real, because it is real.”
Even trusted platforms can be exploited by cybercriminals. A report by API security platform Wallarm highlights a growing threat. Scammers using Docusign’s legitimate services to send fake invoices that look authentic. By copying genuine documents and using real Docusign APIs, these fraudsters have found ways to bypass traditional security measures and deceive unsuspecting victims.
The scams often involve e-signed documents copying well-known brands, such as Norton Antivirus, complete with realistic pricing and fees.?
Justin Safa - cybersecurity consultant for digital forensics and incident response at Optiv - said he’s seen an increase over the last two years in legitimate document-sharing services being abused to send more effective phishing messages.?
With business email compromise (BEC) ranking among the most expensive cybercrimes in 2023, staying informed is critical.?
Brain Rot
领英推荐
2024 Oxford Word of the Year
According to Oxford University Press, “Our experts noticed that brain rot gained new prominence this year as a term used to capture concerns about the impact of consuming excessive amounts of low-quality online content, especially on social media."?
The term had a 230% increase in usage frequency from 2023 to 2024.?
Now, we could get into a serious debate about the negative impact of overconsuming online content, but it’s nearly the holiday season. A quiz seems more fitting.
Document Automation Trends 2025
GenAI podcast
Hard to believe you missed it, but with all of us racing to end the year with a bang, it makes sense.
We recently published our Document Automation Trends 2025 report. A look at the current state of finance automation, existing solutions, and directions for the future. It features survey results from 470+ finance leaders across the UK, US, and Germany. Alongside analysis from 20 industry leaders, including Deliveroo, 8Quanta, DeepAnalysis, Qiado, and MaxLogic.
But… who’s got time to read a 40+ page report? So, we asked AI to create a short DAT25 podcast highlighting the key findings.?
Obvs, you can download the full report with all the pretty pictures and additional resources...?
Altman says AGI Coming Faster than we Think
The AI Daily Brief Podcast
First up! What’s AGI? Artificial general intelligence is a hypothetical AI that can understand, learn, and apply knowledge across a wide range of tasks at a level comparable to the human brain.?
According to an early OpenAI charter, AGI will “automate the great majority of intellectual labor.” In The AI Daily Brief podcast, Sam Altman - CEO of OpenAI - now predicts that AGI will arrive sooner than anticipated. But, with less impact.?
Tune in to hear Sam’s thoughts on AGI, the evolving relationship with Microsoft, and Elon Musk.
The Next Frontier in AP Automation
Leveraging AI for Strategic Financial Leadership Not Just Efficiency
"66% of finance leaders believe automation will augment, not replace, their workforce, enabling professionals to focus on strategic, high-impact tasks." Rossum's Document Automation Trends 2025 report
Advanced AI is impacting accounts payable by automating complex, non-standard processes, minimizing manual effort, and enabling strategic decision-making. Simplifying global compliance, providing real-time cash flow insights, and turning AP data into a strategic advantage.
Jan 23 | 15:00 CET | 9:00 ET | 22:00 SGT
Join our exclusive webinar, featuring guest speaker Meng Liu Senior Analyst with Forrester, who'll provide Forrester’s expert perspective on industry trends, AI maturity for AP use cases, and actionable strategies to future-proof your finance function
You Make Us Smile!
Before we wrap up another amazing year, and in the spirit of the festive season, we'd like to say to all our awesome customers, partners, Fat Finger subscribers, and team members around the world...
"You've been incredible. Absolutely incredible."
Throughout the year, your support, enthusiasm, and positive vibes have helped us achieve remarkable things together. Thank you. You've believed in us, and we couldn't be more grateful. The energy is contagious.
Looking forward to 2025, we have ambitious plans and exciting developments in the pipeline that we can't wait to share with you. Stay tuned!
Whatever the coming weeks mean for you, we hope you enjoy quality time and well-deserved rest with friends, family, and loved ones.
See you next year!
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