In today’s fast-paced business world, companies need to be efficient and cost-effective in their operations. One important aspect of running a business is the procurement process or purchase order system, which involves ordering and receiving goods and services.
This process can be time-consuming and prone to errors if done manually.
That’s why companies need to automate their procurement process. And today, artificial intelligence (AI) can do a lot of the heavy lifting in automating your PO system.
What Does an Automated Purchase Order System Include?
By automating the purchase order system, companies can streamline the entire process and make it more efficient.
An automated PO system can handle the generation of POs, vendor management, and tracking of deliveries.
Upon delivery it can automatically capture all of the data on the PO invoice using a verified data capture system. Then, AI called robotic process automation will then apply GL codes and descriptions to the invoice.
And now purchase order automation software can even match POs to invoices. And not just header data.
SmartMatch uses a combination of OCR and an advanced AI algorithm to match line items from purchase orders to line items on invoices. And because it uses math to do the matching it works even on non-inventory and non-SKU based POs and invoices! SmartMatch makes PO matching virtually touchless!
This brief video explains how:
The Benefits of Automating the PO Process
In addition to saving massive amounts of time (and money!), automated purchase order systems reduce the risk of human error. For example, manual purchase orders can be prone to typos, incorrect quantities, and prices.
But an automated system ensures accuracy and consistency in the data. This helps to prevent any misunderstandings or disputes with vendors. It also prevents duplicate payments.
Another benefit of automated PO systems is the ability to track and monitor the procurement process in real-time.
Companies can use AP dashboards to get a clear view of the status of their purchase orders, delivery dates, and invoices. This allows them to make informed decisions and quickly resolve any issues that arise.
An automated purchase order system also helps companies to improve their supplier relationships. With accurate and timely communication, companies can work closely with suppliers to ensure that the right products are delivered on time and at the right price.
Finally, automation solutions like CoreIntegrator integrate with your enterprise resource planning (ERP) or accounting systems, to provide a seamless and efficient purchase order process. This integration ensures that data is accurate, up-to-date, and accessible from a single source, reducing the risk of errors and saving time.
Bottom Line: AI can Automate Your Purchase Order System!
In conclusion, companies need to automate their purchase order systems to improve efficiency, reduce the risk of human error, and improve supplier relationships.
By implementing a software solution like CoreIntegrator’s A/P One, companies can streamline the procurement process and gain a competitive edge in the market.
And today, state of the art AI is exists that automates every part of the procurement process, including the hardest part of all: PO matching.
If you haven’t taken a look at procurement automation lately, NOW is the time!