With increased digitization, the way companies handle financial transactions has also undergone significant change. Particularly in the purchase-to-pay industry, where electronic invoice processing is at the core, the need to streamline and automate processes has become more important than ever. Companies are making efforts to standardize their procedures, automate invoice processing and move to electronic invoices to reduce both costs and paper consumption. However, despite this progress, there is one crucial factor that can undermine all these efforts: the quality of the data used.
In this post, we explain the importance of quality data for effective invoice management and how data gaps can affect the automation of processes. We also explore how Conrab helps companies address these challenges with innovative solutions.
The importance of updated registers
A sophisticated system to automate invoice processing or implemented standardized processes is not enough if the underlying data is flawed. A system is only as reliable as the information it is fed. As the old saying goes, "shit in, shit out" - a principle that many companies encounter when they realize their data needs improvement.
An accurate and up-to-date item register is fundamental to effective invoice matching automation. When an invoice arrives, the system must be able to verify each item against a set of reliable data to authorize payment. Without accurate and up-to-date data, the process breaks down and the company risks paying for goods at the wrong price or for goods they haven't even received.
Similarly, an up-to-date supplier register is essential for a smooth process. It ensures that the right supplier is identified for processing, matching and paying the invoice.
Next steps
Keeping basic data in order is not only a prerequisite for efficient invoice processing, it is the very foundation. Accurate, timely and complete data is essential, no matter how sophisticated your processes or systems are. Companies need to prioritize data care as much as they invest in technology solutions to not only stay competitive but also excel in the digital economy.
To truly succeed in digital transformation of invoice management, companies need to start with the most basic - ensuring access to and use of quality data.
How Conrab Opto contributes
We understand these challenges and offer solutions that meet our customers' demands for efficiency and accuracy. One example is our order confirmation module, which ensures compliance with the original order already upon arrival of the order confirmation. This proactive control minimizes the risk of errors and disagreements later in the process.
We also offer a supplier approval module, which is a critical step to ensure that all necessary information is accurate and available before a supplier is added to the system. This helps provide a solid foundation for all future transactions and interactions.
In addition, our system is equipped with functionality that enables users to address and correct their data deficiencies. Users can add information, perform translations and clarify data for the system, which improves the quality of the data over time and ensures efficient processes.
Ready to improve your invoice management with high-quality data? Contact Conrab today to explore how our solutions can streamline your business.