Many companies today rely on “post-transaction recovery” to audit, reconcile and recover mistaken vendor payments. However, this blunt-force, after-the-fact approach to invoice reconciliation is extraordinarily costly and wasteful.
Due to process inadequacies in their accounts payable (AP) departments, they are cutting checks that are not owed, paying phantom bills and contributing to various forms of “profit leakage.”
Best-in-class companies, however, have discovered that these operational mistakes are preventable. Leveraging Intelligent Invoice Reconciliation (IIR) solutions, they are engaging in the “pre-transaction retention” of mishandled payables—taking action before dollars erroneously fly out the door. By analyzing their transaction data in real-time and reconciling invoices with payables, they are pre-empting AP leakage, enhancing operational processes and protecting their profits.
This position paper explains how these advanced companies are rethinking their approaches to invoice reconciliation and establishing a stronger foundation for accounts payable.
In the case of , most businesses don’t handle high-value invoices differently than routine payables—mainly because they don’t recognize what invoices are high-value or don’t have a process to treat them with priority.
The conventional thinking in accounts payable processing is that an invoice is just an invoice, regardless of its possible impact on the bottom line. Many companies don’t focus on invoices that matter most, and handle all AP the same—creating a cascading effect that leads to inadequate operational control, inefficient business processes, and excessive transaction costs.
There is a better way. Accounts Payable Segmentation is an approach that involves separating and prioritizing invoices based on their type, characteristics and level of importance. AP Segmentation is also the process by which companies consistently identify “Critical AP”—the 20 percent of payables that are most strategic or problematic to the operation of the business.
This paper explores how organizations that focus available resources on the most troublesome and essential segments of accounts payable stand the most to gain from automation and overall process improvement.
Direct Insite (“DIRI”) provides cloud-based, ERP-agnostic solutions that automate Accounts Payable (AP) and Accounts Receivable (AR) invoice processes for Global 3000 companies. Their solutions include invoice validation, order matching, consolidation, dispute handling and e-payment processing. DIRI helps clients eliminate manual processes and costs associated with doing everything on paper. By migrating from paper to electronic, DIRI can reduce transactions costs 50-70% and reduce time by 80%. Current clients include Siemens, HP, IBM, Saint-Gobain, Shell Oil, and Hyatt with a Global vendor network of 350,000+ suppliers.
Automating Payables for the SME Market: Diving Head First into AP AutomationAnybill
This Technology Insight report is for small and mid-sized enterprises with an interest in payables automation. The report includes the latest adoption statistics, current thinking, best practices, strategies, and key performance indicators for evaluating and selecting the solution that meets your needs.
B2B Payments in the Networked Age: How to Reduce Risk, Improve Communication,...SAP Ariba
"While innovation abounds in the consumer world, the most recent true innovation in B2B payment was introduced the same year as the Betamax videotape (1975) using the same IBM patented technology as the 1960's Bat-computer. With more than 50 percent of U.S. payments being made by check, and electronic B2B payment methods that contain too little information, businesses struggle with the consequences of a payment system that is opaque, complex, risky, and disconnected from their core payables and P2P processes. In the Networked Economy of the 21st century, this should not be so and B2B payments are ripe for needed change.
In this session, you will hear from industry experts and Ariba customers about how AribaPay (Ariba's groundbreaking B2B payment solution) is changing the game by:
• Removing the need for companies to capture, manage, and maintain vendor bank information inside their ERP
• Integrating payment directly into the P2P process
• Delivering rich remittance and track and trace payment visibility to suppliers
• Virtually eliminating payment risk and the need to field supplier inquiries
• Supercharging P2P supplier enablement efforts"
It has been 34 years since the first online B2B transaction was completed – and much has changed since then. In a time when payment companies are under tremendous pressure to produce more with fewer resources, many are jumping the traditional payments ship and switching over to electronic payments. This slideshare will take you on a journey from paper checks to automation in the B2B space, and unveil the power of AvidXchange's solutions on a company’s bottom line.
In the case of , most businesses don’t handle high-value invoices differently than routine payables—mainly because they don’t recognize what invoices are high-value or don’t have a process to treat them with priority.
The conventional thinking in accounts payable processing is that an invoice is just an invoice, regardless of its possible impact on the bottom line. Many companies don’t focus on invoices that matter most, and handle all AP the same—creating a cascading effect that leads to inadequate operational control, inefficient business processes, and excessive transaction costs.
There is a better way. Accounts Payable Segmentation is an approach that involves separating and prioritizing invoices based on their type, characteristics and level of importance. AP Segmentation is also the process by which companies consistently identify “Critical AP”—the 20 percent of payables that are most strategic or problematic to the operation of the business.
This paper explores how organizations that focus available resources on the most troublesome and essential segments of accounts payable stand the most to gain from automation and overall process improvement.
Direct Insite (“DIRI”) provides cloud-based, ERP-agnostic solutions that automate Accounts Payable (AP) and Accounts Receivable (AR) invoice processes for Global 3000 companies. Their solutions include invoice validation, order matching, consolidation, dispute handling and e-payment processing. DIRI helps clients eliminate manual processes and costs associated with doing everything on paper. By migrating from paper to electronic, DIRI can reduce transactions costs 50-70% and reduce time by 80%. Current clients include Siemens, HP, IBM, Saint-Gobain, Shell Oil, and Hyatt with a Global vendor network of 350,000+ suppliers.
Automating Payables for the SME Market: Diving Head First into AP AutomationAnybill
This Technology Insight report is for small and mid-sized enterprises with an interest in payables automation. The report includes the latest adoption statistics, current thinking, best practices, strategies, and key performance indicators for evaluating and selecting the solution that meets your needs.
B2B Payments in the Networked Age: How to Reduce Risk, Improve Communication,...SAP Ariba
"While innovation abounds in the consumer world, the most recent true innovation in B2B payment was introduced the same year as the Betamax videotape (1975) using the same IBM patented technology as the 1960's Bat-computer. With more than 50 percent of U.S. payments being made by check, and electronic B2B payment methods that contain too little information, businesses struggle with the consequences of a payment system that is opaque, complex, risky, and disconnected from their core payables and P2P processes. In the Networked Economy of the 21st century, this should not be so and B2B payments are ripe for needed change.
In this session, you will hear from industry experts and Ariba customers about how AribaPay (Ariba's groundbreaking B2B payment solution) is changing the game by:
• Removing the need for companies to capture, manage, and maintain vendor bank information inside their ERP
• Integrating payment directly into the P2P process
• Delivering rich remittance and track and trace payment visibility to suppliers
• Virtually eliminating payment risk and the need to field supplier inquiries
• Supercharging P2P supplier enablement efforts"
It has been 34 years since the first online B2B transaction was completed – and much has changed since then. In a time when payment companies are under tremendous pressure to produce more with fewer resources, many are jumping the traditional payments ship and switching over to electronic payments. This slideshare will take you on a journey from paper checks to automation in the B2B space, and unveil the power of AvidXchange's solutions on a company’s bottom line.
Consumer technology and the need to reduce both transaction costs and time to close are driving electronic signatures as well as customer demand. E-signature adoption is gaining traction, but there are still some hurdles to overcome.
Everything You Need to Know About Virtual Credit CardsRon Griswold
Once seen as a banking commodity, e-payables continues leaning toward tech-minded companies for stronger results.
One provider in particular continues to out-pace all others by focusing on integrating with any software and enrolling 3x more vendors than the rest of the market.
Life sciences companies can avoid unnecessary risks and common sources of cost escalation by optimizing and centralizing the management of their promotional material references.
Property & Casualty Commercial Lines Underwriting: The New PlaybookCognizant
P&C commercial lines carriers are experiencing a global transformation that will compel them to reexamine their operating models, implement direct-to-consumer strategies, reengineer their processes and technologies, and achieve and sustain profitable growth in the age of digital.
[Article] The Accounts Payable Function: Are There Cracks in Your Foundation?Anybill
Rarely do people think about the foundation for their accounts payable function. This is unfortunate, for just like a building built on swamp land, an accounts payable function without a strong foundation will not be able to support a robust accounts payment process. With all the change affecting the account payable function in recent years as well as expected change in upcoming years, a strong foundation is critical. Let’s take a look the implications of a robust underpinning as well as five issues every professional should consider when evaluation their accounts payable function.
Leveraging Analytics to Combat Digital Fraud in Financial OrganizationsRicardo Ponce
Digitization creates major opportunities for financial services – automating operations, expanding channels, delivering engaging customer experiences. There are corresponding
challenges – unprecedented data and transaction volumes, channel control in electronic marketplaces, and preventing fraud when the fraudsters are technologically adept. To discuss the opportunities, challenges, and solutions around financial fraud in the digital age, IIA spoke with David Stewart, Director, Security Intelligence Practice-Banking at SAS Institute Inc.
The OLB Group is a FinTech company offering a suite of product
solutions in the merchant services and payment facilitator verticals,
including a cloud-based omni-channel commerce platform for SMBs,
electronic payment processing, and crowd funding services for
issuers and broker/dealers.
Written marketing plan for the BUS 200: Principles of Marketing final project. Along with a presentation, groups submitted a full marketing plan to introduce a new product to a 2016 Top 100 brand. We chose PayPal, and created a donation round-up service in order to leverage large market share for increased donations and marketable activities.
As team leader, I was responsible for organizing team meetings, deliverables, editing, and final submission of the project.
Automation and Analytics: Two Levers to Revitalize Retail Debt RecoveryCognizant
As retail banks strive to revive, they can deploy predictive analytics and other process automation tools to add efficiency and effectiveness to the debt recovery process, thereby increasing recovery rates, reducing costs and enhancing debt salability.
Consumer technology and the need to reduce both transaction costs and time to close are driving electronic signatures as well as customer demand. E-signature adoption is gaining traction, but there are still some hurdles to overcome.
Everything You Need to Know About Virtual Credit CardsRon Griswold
Once seen as a banking commodity, e-payables continues leaning toward tech-minded companies for stronger results.
One provider in particular continues to out-pace all others by focusing on integrating with any software and enrolling 3x more vendors than the rest of the market.
Life sciences companies can avoid unnecessary risks and common sources of cost escalation by optimizing and centralizing the management of their promotional material references.
Property & Casualty Commercial Lines Underwriting: The New PlaybookCognizant
P&C commercial lines carriers are experiencing a global transformation that will compel them to reexamine their operating models, implement direct-to-consumer strategies, reengineer their processes and technologies, and achieve and sustain profitable growth in the age of digital.
[Article] The Accounts Payable Function: Are There Cracks in Your Foundation?Anybill
Rarely do people think about the foundation for their accounts payable function. This is unfortunate, for just like a building built on swamp land, an accounts payable function without a strong foundation will not be able to support a robust accounts payment process. With all the change affecting the account payable function in recent years as well as expected change in upcoming years, a strong foundation is critical. Let’s take a look the implications of a robust underpinning as well as five issues every professional should consider when evaluation their accounts payable function.
Leveraging Analytics to Combat Digital Fraud in Financial OrganizationsRicardo Ponce
Digitization creates major opportunities for financial services – automating operations, expanding channels, delivering engaging customer experiences. There are corresponding
challenges – unprecedented data and transaction volumes, channel control in electronic marketplaces, and preventing fraud when the fraudsters are technologically adept. To discuss the opportunities, challenges, and solutions around financial fraud in the digital age, IIA spoke with David Stewart, Director, Security Intelligence Practice-Banking at SAS Institute Inc.
The OLB Group is a FinTech company offering a suite of product
solutions in the merchant services and payment facilitator verticals,
including a cloud-based omni-channel commerce platform for SMBs,
electronic payment processing, and crowd funding services for
issuers and broker/dealers.
Written marketing plan for the BUS 200: Principles of Marketing final project. Along with a presentation, groups submitted a full marketing plan to introduce a new product to a 2016 Top 100 brand. We chose PayPal, and created a donation round-up service in order to leverage large market share for increased donations and marketable activities.
As team leader, I was responsible for organizing team meetings, deliverables, editing, and final submission of the project.
Automation and Analytics: Two Levers to Revitalize Retail Debt RecoveryCognizant
As retail banks strive to revive, they can deploy predictive analytics and other process automation tools to add efficiency and effectiveness to the debt recovery process, thereby increasing recovery rates, reducing costs and enhancing debt salability.
AI for Accounts Payable (AP) automation employs machine learning and computer vision to streamline invoice processing, enhance accuracy, reduce manual intervention, and expedite payment cycles, revolutionizing financial operations for businesses.
Working Capital Management: The Missing Link in Payables and P2PSarah Fane
While automation is widely adopted across the Procure-to-Pay (P2P) process, many companies are not leveraging technology to the full extent, and therefore not capturing the full range of benefits.
There is one area in particular where organizations are missing important opportunities. When it comes to working capital management, many still follow traditional approaches that don’t leverage digital innovation for business advantage.
This report will examine where companies are falling short and how to make the most of your investment in your P2P process.
How a Predictive Analytics-based Framework Helps Reduce Bad Debts in Utilities WNS Global Services
The utilities industry has been riddled with payment delinquencies for the past several years, forcing utility companies to trade off profits for survival, and give up on their rightful revenue by taking the ‘write-off’ route. An ‘integrated three-pronged revenue protection strategy’ aids utility companies in effectively minimizing bad debt write-offs. Predictive analytics lays the foundation for this strategy by enabling customer segmentation, revising collections tactics and enhancing customer satisfaction interventions.
Move Beyond Billing | Transform Your Business with MonetizationBluLogix
If you are in the market for billing software, you know it’s an environment full of different terminology used to describe related ideas. Billing. Invoicing. Subscription Management. Recurring Revenue Management. And, our personal favorite - Monetization. All this terminology confusion can make it difficult to sort through what vendors are trying to sell you and, more importantly, what a particular solution will deliver.
Did you know that firms using online payment solutions saw up to 6% year-over-year revenue growth in 2020 and collected nearly 40% more revenue per lawyer, according to the 2021 Legal Trends Report?
Offering the option to pay online makes it easy for your clients to pay—and that enables your firm to collect more revenue each month with less effort.
The best part is, securely automating billing and collections at your law firm is much simpler than you think—it’s all about choosing the right tools and having a proper system in place.
Join Joshua Lenon, Lawyer in Residence at Clio, to find out how you can leverage legal technology to maintain cash flow and improve revenue at your firm.
In this free webinar, you’ll learn:
- The benefits of offering online payment options and more ways to pay at your law firm
- How to comply with your ethical obligations and IOLTA trust accounting requirements
- Steps for creating an automated billing and payment process at your firm
Adapting a Consumer Payment Program to Fit Commercial RequirementsElizabeth Benditt
In a billing and payment program, the mystery of how to maximize B2B profitability is often a simple question of functionality. This paper addresses the common pitfalls of a consumer payment program that hinder commercial growth and goes on to identify value opportunities that can make B2B relationships more profitable.
Adapting a Consumer Payment Program to Fit Commercial RequirementsJoe San Nicolas
In a billing and payment program, the mystery of how to maximize B2B profitability is often a simple question of functionality. This paper addresses the common pitfalls of a consumer payment program that hinder commercial growth and goes on to identify value opportunities that can make B2B relationships more profitable.
Adapting a Consumer Payment Program to Fit Commercial Customer RequirementsPatricia Waguespack
In a billing and payment program, the mystery of how to maximize B2B profitability is often a simple question of functionality. This paper addresses the common pitfalls of a consumer payment program that hinder commercial growth and goes on to identify value opportunities that can make B2B relationships more profitable.
leewayhertz.com-Automated invoice processing Leveraging AI for Accounts Payab...KristiLBurns
AI unlocks even greater possibilities. AI streamlines invoice processes by automatically routing them for approval based on pre-defined rules, flagging disparities against purchase orders before they impact your bottom line.
Organisations spend heavily on technology, people skills and consulting to understand billions of bits of data, but they still lack clear visibility and insight.....
This report examines options for procure-to-pay operations with a focus on improving Procure-to-Pay (P2P) process through a transformational approach that meets an organization’s procure-to-pay operations objectives. Authored by the Account Payables Network and sponsored by Datamatics Global Services. Visit http://www.datamatics.com
Similar to [Whitepaper] From Profit Recovery To Retention (20)
Have you been thinking about automating your AP process but time slipped away from you in 2013? Don't let another year go by—take action and automate your AP in 2014.
Join us, along with The Institute of Financial Operations, to learn the latest trends in AP and how you can begin a shift to AP automation. With a move to AP automation, there is no more losing invoices, chasing approvals, and updating endless spreadsheets. AP automation gives you a smoother and faster AP process with increased control and visibility, improved efficiency, and reduced fraud.
Presenters:
Craig Simpkins, CAPP, CFE, and Director of Global Process Organization at Johnson Controls Inc.
Peter Bepler, Co-founder and President at Anybill
With the fresh start of a new year, there is no better time to kick off your AP automation project. What are you waiting for?
[Webinar] A More Efficient Accounts Payable Function: Implement These Simple ...Anybill
Best practices are all in the details. Ignore those details at the expense of the profitability of the entire organization. It's that important.
In this webinar, Mary Schaeffer of AP Now and Tomorrow discusses:
- The true bottom line cost of ignoring best practices
- Changing best practices and the importance of identifying changes
- Best practices along the entire procure-to-pay process
- The role technology is playing in the best practice arena
- The future of best practices in accounts payable
[Webinar] Unveiling the Benefits of Accounts Payable with The Institute of Fi...Anybill
The benefits of incorporating automation technology into the accounts payable process include more than efficient receipt of supplier invoices, improved visibility, enhanced audit processes, and lower costs. There is another level of benefits that the accounts payable process can add to the organization.
The Institute of Financial Operations joins Anybill in discussing the major benefits of invoice automation and will focus on the best practices that can be incorporated into the people, processes, and additional technology outside of the invoice automation process, and will discuss how they add value to an organization.
Mary Schaeffer from AP Now identifies 25 ways crooks use to get their hands on your organization's hard earned money.
Mary's discussion will include:
There’s no such thing as too big or too small.
Every company is a potential target.The risk is both internal and external.
New types of fraud – some directly affecting accounts payable – are evolving almost daily.
View a full recording of the webinar to learn what’s going on and what you should do to protect your company against a group of increasingly sophisticated fraudsters.
[Webinar] Little Mistakes that Cause Big Problems in Accounts PayableAnybill
It’s often the little things that if left unresolved, end up causing the biggest headaches. What’s even more hellish is that these nightmares have a way of popping up at precisely the wrong time. Typically, the solutions aren’t elaborate or expensive; they simply involve identifying the mistake and rectifying it.
Hear Mary Schaeffer, Editor of AP Now as she:
•Identifies 25 AP mistakes that on the face seem minor but could result in major headaches
•Addresses why these issues can cause complications and what you can do to avoid these in the future
•Discusses some strategic tools that you can implement to avoid this all together!
[Webinar] AP Improvements that Repay: Planning for the New YearAnybill
AP Now Webinar Series: Part 4
Presenter: Mary Schaeffer, AP Now & Tomorrow
Fine-tuning the accounts payable function is something every organization should do on a regular basis. While it would be nice if we could set up the procedures and then use them for the next ten years, that is not practical if you wish to run a best practice operation. On the other hand, we can’t continuously change. The trick is to identify those changes we can make that will provide the biggest payback. The payback can be in efficiency, cost reduction or better regulatory compliance.
Join us for an informative hour as Mary Schaeffer examines some of the changes that will provide your organization the biggest payback for the time and money it invests in them.
[Webinar] Stop Thinking About It and Automate Your AP ProcessesAnybill
Recording: https://www.dropbox.com/s/p62hekx2tnkea13/2013-10-10%2014.01%20Stop%20Thinking%20About%20it%20and%20Automate%20Your%20AP%20Processes.wmv
Speakers:
Henry Ijams, Managing Director of PayStream Advisors
Peter Bepler, President and Co-Founder of Anybill
You think about automating. You might even have meetings about automating. Well, the time has come to stop thinking about it and to make it happen. If you think your company might be too small to automate, think again.
So, how do you get started? Attend our 50 minute webinar to get your burning questions answered about how to begin the automation process. Off the heels of PayStream's recently published report on Automating Payables for the Small to Medium Enterprise Market, we're here to offer you valuable tools and ideas to help get your project kicked off.
Join us as the presenters discuss:
-Current landscape of AP departments in the US
-How to create an effective business plan with realistic ROI
-Challenges and barriers to your automation goals
-What the innovators are doing
[Webinar] AP Function: Does Yours Have a Strong Foundation?Anybill
All the high technology and hifalutin best practices don’t mean much, if your accounts payable does not have a strong foundation. This means setting up your invoice processing to incorporate strong controls, best practices as well as regulatory compliant practices. Does your accounts payable function have a strong foundation?
Mary Schaeffer covers a checklist of strong foundation practices every organization should use. Layer by layer, she’ll show you how to build a best practice accounts payable organization.
The Institute of Financial Operations' new report covers the key trends in AP automation and allows you to get a glimpse into how your peers and competitors are reshaping their operations using emerging technologies.
[Webinar] Benefits of AP Automation: Why Companies of All Sizes Should Be Tak...Anybill
Why Companies of All Sizes Should Be Taking Advantage
Speaker: David Hay, Consultant
Listen to the webinar recording here: https://www2.gotomeeting.com/register/834071794
The Accounts Payable Network reveals how accounts payable can go beyond just paying invoices accurately and on time and contribute to the organization’s success by:
- Implementing automation technology in AP to provide a complete real-time view of the
company’s financial condition;
- Delivering visibility to allow for faster, more accurate financial reporting and audits;
- Enhancing controls and adherence to corporate policies
-And much more!
[Whitepaper] Aberdeen Research Report: AP Invoice Management in a Networked E...Anybill
The Aberdeen Group just released their newest research report, "AP Invoice Management in a Networked Economy." The report discovered how Best-in-Class companies are leading the way toward improving both the internal and external facets of their financial operations.
[Webinar] Unveiling the Benefits of AP with the Institute of Financial Operat...Anybill
What You'll Learn:
The benefits of incorporating automation technology into the accounts payable process include more than efficient receipt of supplier invoices, improved visibility, enhanced audit processes, and lower costs. There is another level of benefits that the accounts payable process can add to the organization.
The Institute of Financial Operations joins Anybill in discussing the major benefits of invoice automation and will focus on the best practices that can be incorporated into the people, processes, and additional technology outside of the invoice automation process, and will discuss how they add value to an organization.
[Webinar] AP Efficiency: It's All In The ControlsAnybill
Not only is the accounts payable department responsible for paying an organization’s bills, it is charged with only paying them correctly. This means guarding against duplicate payments as well as fraud. As those who work in or manage accounts payable are painfully aware, this is easier said than done. The cornerstone to an efficient, effective department is in the controls. Recognizing the importance of this topic to the accounting and accounts payable community, Anybill invited Mary Schaeffer, a nationally recognized accounts payable expert, to discuss this topic in detail.
Ms. Schaeffer covered the following issues:
Why every organization needs to concerned about controls
Common control problems and weaknesses many organizations experience
Solutions that will strengthen your controls.
[Webinar] Implement Simple Best Practices with AP Now & TomorrowAnybill
Mary Schaeffer, Editor of AP Now and Tomorrow presents - A More Efficient Accounts Payable Function: Implement These Simple Best Practices. Best practices are all in the details. Ignore those details at the expense of the profitability of the entire organization. It’s that important.
In this session, Mary Schaeffer will discuss:
The true bottom line cost of ignoring best practices;
Changing best practices and the importance of identifying these changes;
Best practices along the entire procure-to-pay process;
The role technology is playing in the best practice arena; and
The future of best practices in accounts payable
[Webinar] Invoice Processing in Accounts Payable: Start the Year StrongAnybill
Let’s face it; no matter how advanced your accounts payable function is, at the end of the day, its primary responsibility is to process invoices, and to process them efficiently in a cost-effective manner. This means making as few mistakes as possible.
In this session, Mary S. Schaeffer, a nationally recognized accounts payable expert, will tear apart the invoice processing function and identify common mistakes made repeatedly by many organizations.
She’ll share solutions (including low and no-cost options) any organization can use to strengthen its processes so the same mistakes are not made over and over again – eating voraciously into the bottom line. While we hope no organization will have all the problems identified, we’re fairly confident most will have at least one or two.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
Securing your Kubernetes cluster_ a step-by-step guide to success !KatiaHIMEUR1
Today, after several years of existence, an extremely active community and an ultra-dynamic ecosystem, Kubernetes has established itself as the de facto standard in container orchestration. Thanks to a wide range of managed services, it has never been so easy to set up a ready-to-use Kubernetes cluster.
However, this ease of use means that the subject of security in Kubernetes is often left for later, or even neglected. This exposes companies to significant risks.
In this talk, I'll show you step-by-step how to secure your Kubernetes cluster for greater peace of mind and reliability.
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
Essentials of Automations: Optimizing FME Workflows with ParametersSafe Software
Are you looking to streamline your workflows and boost your projects’ efficiency? Do you find yourself searching for ways to add flexibility and control over your FME workflows? If so, you’re in the right place.
Join us for an insightful dive into the world of FME parameters, a critical element in optimizing workflow efficiency. This webinar marks the beginning of our three-part “Essentials of Automation” series. This first webinar is designed to equip you with the knowledge and skills to utilize parameters effectively: enhancing the flexibility, maintainability, and user control of your FME projects.
Here’s what you’ll gain:
- Essentials of FME Parameters: Understand the pivotal role of parameters, including Reader/Writer, Transformer, User, and FME Flow categories. Discover how they are the key to unlocking automation and optimization within your workflows.
- Practical Applications in FME Form: Delve into key user parameter types including choice, connections, and file URLs. Allow users to control how a workflow runs, making your workflows more reusable. Learn to import values and deliver the best user experience for your workflows while enhancing accuracy.
- Optimization Strategies in FME Flow: Explore the creation and strategic deployment of parameters in FME Flow, including the use of deployment and geometry parameters, to maximize workflow efficiency.
- Pro Tips for Success: Gain insights on parameterizing connections and leveraging new features like Conditional Visibility for clarity and simplicity.
We’ll wrap up with a glimpse into future webinars, followed by a Q&A session to address your specific questions surrounding this topic.
Don’t miss this opportunity to elevate your FME expertise and drive your projects to new heights of efficiency.
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
1. 1
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1801 Pennsylvania Avenue, NW, Suite 700 | Washington, DC 20006 | W 202-682-6300 | F 202-833-2141
Many companies today rely on “post-transaction
recovery” to audit, reconcile and recover mistaken
vendor payments. However, this blunt-force,
after-the-fact approach to invoice reconciliation is
extraordinarily costly and wasteful.
Due to process inadequacies in their accounts payable (AP) departments, they are
cutting checks that are not owed, paying phantom bills and contributing to various
forms of “profit leakage.”
Indeed, they are missing prompt payment discounts, encouraging maverick spending
and leaving themselves vulnerable to fraud. In some cases, they are creating an
embarrassing image problem with their suppliers by handling their AP processes
in an unprofessional manner. Most significantly, they are absorbing the opportunity
costs of recovering their escaped capital.
Best-in-class companies, however, have discovered that these operational mistakes
are preventable. Leveraging Intelligent Invoice Reconciliation (IIR) solutions, they are
engaging in the “pre-transaction retention” of mishandled payables—taking action
before dollars erroneously fly out the door.
They are, quite simply, getting it right the first time. By analyzing their transaction
data in real-time and reconciling invoices with payables, they are pre-empting AP
leakage, enhancing operational processes and protecting their profits. In this position
paper, you’ll find out how these advanced companies are rethinking their approaches
to invoice reconciliation and establishing a stronger foundation for accounts payable.
You’ll learn how they are contributing to their firms’ bottom lines by ensuring that
earned profits are retained in the first place.
Market Drivers: Why are Companies Rethinking Payables?
In recent years, there has been a steady shift in the management of supplier
interactions and transactions. As new digital technology proliferates and new
services emerge, companies are beginning to gain a stronger handle on their invoice
and purchasing data.
From Profit Recovery to
Profit Retention:
How Best-in-Class Firms Increase Control,
Strengthen Accounts Payable Through Intelligent
Invoice Reconciliation
Due to process
inadequacies in their
accounts payable
departments, they are
cutting checks that are
not owed, paying phantom
bills and contributing
to various forms of “
profit leakage.”
2. 2
Anybill.com | info@anybill.com
1801 Pennsylvania Avenue, NW, Suite 700 | Washington, DC 20006 | W 202-682-6300 | F 202-833-2141
From Profit Retention
to Profit Recovery
No longer must they re-key data and run down endless paper trails. Foundational
technologies such as digital archiving, imaging, optical character recognition and
a host of other document management tools have contributed to this movement.
And new and incremental advancements emerge every day. Data that once was
widely dispersed is now easier to access and manage. Such trends are changing
the way many companies think about accounts payable in general and invoice
reconciliation in particular.
Consider some of the trends that are now encouraging companies to rethink their
management of vendors and handling of payables:
++ Transition to E-Billing and Supply Chain Integration—We are increasingly
witnessing the move toward electronic invoice presentment and bill paying. As a
result, invoice data, purchase order data and proof of delivery data is becoming
available in electronic form. This makes this information easier to access,
manipulate and analyze. At the same time, many companies are deepening their
relationships with suppliers, standardizing on data sharing methodologies and
approaches. Wal-Mart, Home Depot and other large retailers have played a leading
role in this movement in order to streamline supply chains and facilitate just-in-
time manufacturing and fulfillment. And, again, this contributes to the digitization
of AP data and sets the stage for greater process automation. Having data in an
electronic format makes it possible to run reconciliations earlier, faster and more
effectively than companies ever have in the past.
++ Growing Investment in Reconciliation Systems—Due to the growing volume
of exceptions and expanding efforts to keep them under control, companies
increasingly are investing in new reconciliation systems and other exception-
generating applications. According to the Aite Group, companies are now spending
more than $25 billion per year on reconciliation systems.1
“Transaction volumes
which were unimaginable then are now commonplace, and processing times
which would have sounded impossible are now de facto standards,” says Phillip
Silitschanu, senior analyst with Aite Group and author of this report. “Add to these
new demands being placed on older systems—notably reconciliation systems—and
the remarkably inexpensive cost of hardware, and it becomes clear why spending
on reconciliation systems is on the rise.”
++ Emergence of Outsourcing Providers—Organizations are beginning to
embrace outsourcing as a cost effective path to AP automation. Due to the
challenges associated with accounts payable (such as ensuring all relevant data is
available in a common form), companies increasingly are delegating to outsourcers
AP activities that they consider overly taxing and non-strategic. Outsourcers
generally are able to leverage both professional specialization and economies
of scale to offer a lower cost of ownership for such business processes. While a
significant portion of companies that outsource do so for AP audit and recovery
purposes, still others outsource invoice receipt and processing as well as payment
and disbursement.
Given the growing volume
of exceptions and expand-
ing efforts to keep them
under control, companies
increasingly are investing
in new reconciliation sys-
tems and other exception-
generating applications.
1
Aite Grou p, Impact Report, April 23, 2008.
3. 3
Anybill.com | info@anybill.com
1801 Pennsylvania Avenue, NW, Suite 700 | Washington, DC 20006 | W 202-682-6300 | F 202-833-2141
From Profit Retention
to Profit Recovery
++ Recognition of AP Underperformance—Having witnessed the successful
redesign of processes such as procurement and supply chain management,
companies are recognizing AP as an area that also is ripe for process improvement.
They intend to increase the productivity of AP by automating manual activities,
reducing transaction costs and reducing departmental headcount. And in the post-
Sarbanes-Oxley era, companies expect increasing visibility into their operational
processes, particularly those that pertain to the finance of the enterprise.
Given these trends, enablers and drivers, companies now face an environment in
which AP data is more readily accessible and affordably analyzed. That increases the
potential for enhancing invoice reconciliations and avoiding the mismanagement of
payables. But expectations have changed, too. Now, such behavior is becoming ever
more unacceptable—even intolerable.
While best-in-class companies now lead the way in terms of AP performance,
companies that lag behind will soon have their poor performance exposed and
challenged. Board members and executive leaders will be shining a light on the
issue of invoice reconciliation if they haven’t already. They will be asking why so much
money is lost to recovery audits and activities. What problems might they expect to
find in organizations that are still considered AP laggards?
Business Challenges: Profit Leakage and the Unending Recovery
AP departments are now challenged to rethink their approaches to invoice
reconciliation. Due to process inadequacies, they are paying bills they do not owe and
cutting into the profitability of their companies. They are relying on “post transaction”
audits and recovery processes to get their money back. But this is costly and slow.
This is the first element of the problem:
++ High Expenses Associated with Post-Audit Recovery. Companies can end
up paying millions or even tens of millions of dollars to recover money that has
erroneously been paid to their vendors. Conventional solutions, which often rely on
consultants to audit payables and service providers to recover them, are generally
designed to treat symptoms as opposed to root causes. Indeed, recovery audit
specialists, who often work on a contingency fee basis, arguably have no incentive
in seeing the reconciliation problem solved. The more dysfunctional the AP
organization, the more money they make.
Under this approach, the problem never gets solved. So-called “solution providers”
perpetually drain profit from the host in a truly parasitic fashion. But consider the
larger scope of this problem. The hidden factors of “AP leakage” wreak further havoc
on the companies that struggle with invoice reconciliation issues. Among them:
++ Missed Payment Discounts. Many vendors provide an incentive—or discount—to
encourage early payment on bills. However, companies will simply miss these
opportunities if they are slow to handle their payables. While companies that
take extra time to reconcile their payables may avoid overpayments or duplicate
payments, they will nevertheless miss the discounts that are offered to them.
These are costs that must be deducted from the bottom line.
While best-in-class com-
panies now lead the way in
terms of AP performance,
companies that lag behind
will soon have their poor
performance exposed
and challenged.
Many vendors provide an
incentive—or discount—
to encourage early pay-
ment on bills. However,
companies will simply
miss these opportunities
if they are slow to handle
their payables.
4. 4
Anybill.com | info@anybill.com
1801 Pennsylvania Avenue, NW, Suite 700 | Washington, DC 20006 | W 202-682-6300 | F 202-833-2141
From Profit Retention
to Profit Recovery
++ Unchecked Maverick Spending. In the absence of rigorous management
over payables, companies are also unlikely to prevent maverick—or undisciplined
—procurement activities. Aberdeen Research, for instance, found that
e-procurement users reduced off-contract/maverick spenders by 64%, saving 7.3%
for each dollar brought back on contract.2
This suggests companies that fail to get
a grip on their payables will bear the significant added costs associated with off-
contract spending activity.
++ Vulnerability to Fraud. Notoriously damaging acts of organizational fraud
are perpetually making the news. The city of Washington D.C., for instance,
recently experienced a case of fraud in which governmental employees set up
shell companies that some reports claim granted nearly $50 million worth of
property tax rebates.3
The absence of proper oversight set the stage for such an
action. Similar corporate scams are not uncommon. However, companies leave
themselves vulnerable to such embarrassing—and potentially devastating—acts of
fraudulence if they lack proper AP oversight.
++ Diminished Credibility. In an era of dynamic collaboration, it is essential that
companies establish credibility and build tight relationships with their partners.
Competition no longer merely revolves around companies, but rather, value
chains. But companies that fail to pay their partners and suppliers accurately set
themselves up for damaging image problems. Companies look unprofessional
when they put themselves in the position of “clawing back” monies they have
already paid out to vendors. They undermine the confidence of other companies in
their supplier ecosystem.
++ Opportunity Costs. Finance executives, who are the stewards of corporate
capital, should be especially concerned about a situation in which corporate
profits are unwittingly eroded. But that’s the reality with poorly managed payables.
Corporate capital, which would otherwise be invested in profit-generating
activities, slips away into the hands of outside parties. Whether or not the capital
is eventually recovered, its absence alone is costly. Considering the time value
of money, the time spent engaged in its recovery is time lost—not to mention the
costs of recovery and collection.
Post-transaction recovery is expensive, time-consuming and there’s no guarantee
one will get their money back. Moreover, there’s a whole array of AP leakage issues
that undermine the performance of companies.
Finance executives should be asking themselves what alternatives exist to address
this painful status quo. Clearly, there’s a whole industry of post-transaction auditors
and recovery houses that stand to benefit from the continued dysfunction of
AP departments.
But is this state of affairs inevitable? Not according to the best-in-class companies
that have sought an alternative. These companies have gone beyond treating
the symptoms. They have addressed the root causes of the invoice reconciliation
problem—moving from profit recovery to profit retention.
2
Aberdeen Research, The Strategic Response
of Payables and Post Audit Recovery to
Corporate Challenges, March 2005.
3
Carol Leonnig, Washington Post, “Tab in
Scam at Tax Office in DC Nears $50 Million,”
Feb. 20, 2008.
Finance executives should
be asking themselves
what alternatives exist to
address this painful status
quo. Clearly, there’s a
whole industry of post
transaction auditors and
recovery houses that
stand to benefit from the
continued dysfunction
of AP departments.
5. 5
Anybill.com | info@anybill.com
1801 Pennsylvania Avenue, NW, Suite 700 | Washington, DC 20006 | W 202-682-6300 | F 202-833-2141
From Profit Retention
to Profit Recovery
The Solution: Intelligent Invoice Reconciliation
In order to ensure that mistaken vendor payments don’t drain profitability and
introduce an array of other liabilities, best-in-class companies are embracing a
new approach: Intelligent Invoice Reconciliation. Unlike the common practice of
post-transaction audit and recovery, these smart companies are committed to pre-
transaction audit and reconciliation. They are leveraging today’s real-time, analytical
technologies to get a lock on payables and ensure profits are retained.
Whereas invoice reconciliation has traditionally been a manual, after-the-
fact process in most corporations, best-in-class firms now leverage analytical
technologies to rapidly identify and evaluate exceptions and other high priority
payables. Today’s most advanced solutions are non-intrusive and executed outside
the context of existing financial systems—avoiding the necessity for complex
integration projects.
One hotel chain that already has adopted this approach is a recognized leader in
the hospitality services industry. The company was facing a situation in which one
business unit had turned unprofitable and had vendors that were threatening to
deprive them of necessary services. The company faced high transaction volumes
and complexity as well as brief timetables for paying vendors. It decided to sell off
several of its properties to franchisees to address the profitability problems that
had emerged.
However, a pre-transaction profit retention audit demonstrated that the properties were
not inherently unprofitable. They merely needed greater budget discipline and spending
control. The approach enabled the hotel chain to retain profits from mishandled
payables that otherwise would have to be recovered by third-party specialists.
Having brought discipline back to the invoice reconciliation process for this particular
business unit, this particular company realized it was in a strong position to
reacquire the properties that had been sold off to franchisees. The initiative saved the
company more than $250,000 a year in post-transaction lost profits alone. These are
dollars that went straight to the bottom line.
Such approaches result in a host of compelling benefits. You can:
++ Increase Intelligence and Transparency. By drawing on technologies that
provide deeper insight and visibility into the AP process, companies gain a stronger
grip on payables. They know exactly what monies are flowing out to vendors and
can accurately and rapidly match those payments to invoices.
++ Preempt AP Leakage. Leveraging today’s technology, companies now have the
ability to meet payment discount deadlines, gain control over maverick spending
and reduce the risk of fraud. Indirect benefits of this kind ensure that AP
departments are performing at a high level and protecting the reputation of
the enterprise.
In order to ensure that
mistaken vendor payments
don’t drain profitability and
introduce an array of other
liabilities, best-in-class
companies are embracing
a new approach: Intelligent
Invoice Reconciliation.
6. About Anybill
Built on the premise that all payments are critical, Anybill was created in 2001 to transition any AP transaction to an automated solution.
We combine our proprietary technology with unmatched customer service to deliver a complete Software-as-a-Service solution. Clients retain
efficient workflows while gaining greater visibility and control, better cash flow management, streamlined approval processes, 24/7 accessibility,
and increased auditor confidence. Anybill works with clients ranging from non-profit associations to some of the largest multinationals. We are
headquartered in Washington, DC, and are SSAE 16 SOC compliant.
6
Anybill.com | info@anybill.com
1801 Pennsylvania Avenue, NW, Suite 700 | Washington, DC 20006 | W 202-682-6300 | F 202-833-2141
From Profit Retention
to Profit Recovery
++ Cut Transaction Costs. When organizations no longer have to slow down
operations and throw human resources at AP reconciliation, they can smartly and
effectively execute transactions at a lower cost. Much of the cost of AP transactions
now—often reaching as much as $30 per invoice among “laggards”—is related to
process inefficiencies that can be addressed by applying today’s best practices.4
++ Enhance Profitability. Companies now have the ability to go from profit recovery
to profit retention. By ensuring that corporate capital is not erroneously paid out in
the first place in the form of mistaken payables, companies avoid the considerable
costs associated with recovery and ensure their profits are protected.
As such benefits suggest, Intelligent Invoice Reconciliation can be expected to
overturn the status quo in accounts payable in the coming years. Enterprises will no
longer be given the leeway to clean up the mess associated with sloppy payables on
a post-transaction basis. They will be expected to handle invoice reconciliation in a
real-time fashion—taking accounts payable to a new level of proficiency, discipline
and effectiveness.
Intelligent Invoice
Reconciliation can be
expected to overturn the
status quo in accounts
payable in the coming
years.