Konica Minolta Business Solutions (UK) Ltd is proud to announce the launch of its new intelligent invoice processing cloud service which achieves new levels of efficiency, performance and accuracy in accounts payable automation through a combination of human and artificial intelligence (AI).
Francis Thornhill, Konica Minolta’s Marketing Director – Intelligent Information Management & Managed IT Services, commented: “Accounts payable remains a world of part-automation with 85% of an average accounts payable professional’s time still spent on transaction processing. Despite a huge number of AP automation solutions on the market, real world automation levels in many cases remain too low and exceptions too high.”
Konica Minolta’s intelligent invoice processing service addresses this key challenge and achieves new levels of automation, efficiency and accuracy using artificial intelligence and human intelligence.
“Around two-thirds of invoices require some level of human intervention and five percent have errors. Standard OCR and automation will fail to address these issues. Our combination of artificial and human intelligence, which is included in the basic service, ensures even poor-quality invoices are captured and automated correctly without burdening the customer with exceptions and manual entry.”
The service also leverages secure cloud-based services to remove capital investments and infrastructure burdens. This, combined with Konica Minolta’s integration and development capabilities, allows it to on-board, integrate and transition a customer to the new service in as little as 30 days. Francis added: “Our new platform sets new standards for performance and efficiency and we are making this available to customers through a simple and transparent subscription fee.”
Charles Mason – Software Development Manager commented: “This next generation invoice processing platform and service is the culmination of nearly five years of research and software development. It is a scalable and flexible solution that incorporates powerful capabilities such as three-way line item matching and is now available via a new Software as a Service delivery model.” Charles added; “We are excited about the revolutionary potential for our customers.”
Francis concluded: “An efficient AP process is absolutely vital for cash flow management and control. Today, we are offering an innovative, fast and agile AP alternative with all the reassurance, backing and support of a major and highly trusted brand, which has been providing and leading AP services for over 30 years. Our aim is to evolve market expectations and to demonstrate a far more intelligent approach to AP that delivers better service and enhanced ROI.”
Konica Minolta will be unveiling its intelligent invoice processing solution and service to the market on its stand at The Accounts Payable Association’s Annual Conference & Expo on Tuesday 15th October 2019. The event takes place at The Birmingham Conference & Events Centre, hosts between 300-400 visitors and features the latest innovations in the sector. With around 50,000 members, the Accounts Payable Association is the UK’s leading accounts payable organisation.