Streamline your AP process with AI-powered automation

Table of Contents

1. Introduction
2. Company Overview
3. What is Insight
4. Key Features of Insight
5. Process Flow of Insight
6. Challenges Faced in AP Process
7. Benefits of Using Insight
8. Case Study: Insight Implementation at a Major U.S. Grocer
9. Conclusion
10. Resources

📗 Article

Introduction

In today's fast-paced business world, automation has become a necessity for organizations to streamline their processes and reduce manual effort. Plexus Technologies, a premier consulting and co-innovation partner with SAP, introduces "Insight", a next-generation AP management solution powered by artificial intelligence (AI). In this article, we will explore the features, benefits, and implementation of Insight.

Company Overview

Plexus Technologies, founded in 2005, is a global co-innovation partner with SAP. With a presence in five countries, they offer various lines of service, including business transformation, implementation, and support for SAP S4 and other innovative software products like Insight. Their commitment is always to the customer, as evidenced by their global customer base and partnerships with renowned brands.

What is Insight?

Insight, which stands for Intelligent Supplier Invoice Transformation and Enablement, is a software solution that automates the manual processes of invoice matching in most companies today. Built on SAP ERP (either S4 or ECC) and utilizing SAP's Fiori user interface, Insight offers a high accuracy rate of matching invoices. It continuously learns and improves its accuracy over time, making it a reliable and efficient tool for AP management.

Key Features of Insight

Insight offers a range of features that simplify and optimize the AP process:

1. Touchless Processing: With Insight, there is no more manual keying in of invoices. The software automates the entire process, eliminating the need for manual data entry.

2. Automated Line-Level Invoice Matching: Insight enables automated line-level matching of invoices, reducing errors and ensuring accurate processing.

3. Exception Handling: The software comes with embedded configurable workflows, allowing for efficient exception handling. This minimizes delays and ensures Timely invoice processing.

4. Accessibility and User-Friendliness: Insight is designed to be simple and easy to use for users of all levels, from data entry professionals to directors and managers. It can be accessed from anywhere, on any device, such as a computer, smartphone, or tablet.

5. Fraud Prevention and Detection: Insight includes built-in fraud prevention and detection mechanisms. It provides visibility into key performance indicators (KPIs) throughout the invoice lifecycle, effectively tracking red flags of invoice fraud.

Process Flow of Insight

The process flow of Insight involves the following stages:

1. Supplier Invoices Intake: Supplier invoices are received from various sources, including paper, emails, faxes, EDI portals, and Ariba.

2. Intelligent Data Extraction: Insight utilizes intelligent data extraction techniques to capture Relevant information from the invoices.

3. Invoice Validation: The extracted data is validated against the existing SAP ERP system, ensuring accuracy and consistency.

4. Exception Handling: Insight provides dashboards for exception handling, allowing users to efficiently resolve any discrepancies or issues that arise during the validation process.

5. Invoice Posting and Payment: Once validated, the invoices are posted and queued for payment to the suppliers. Insight provides users with dashboards and KPIs to monitor the entire process.

Challenges Faced in AP Process

Traditionally, the AP process has been plagued by manual errors, inefficiencies, and lack of visibility. Organizations often face challenges such as:

1. Manual Data Entry Errors: Keying in invoice details manually is time-consuming and error-prone. This leads to payment inaccuracies and delays.

2. Duplicate Invoices: In a manual process, the chances of receiving and processing duplicate invoices are higher, resulting in overpayments.

3. Invoice Fraud: Lack of visibility and control in the AP process makes organizations vulnerable to invoice fraud. Fraudulent invoices can go undetected, leading to financial losses.

Benefits of Using Insight

By adopting Insight, organizations can leverage the following benefits:

1. Decreased Labor Costs: Insight automates manual tasks, reducing the need for extensive manual labor. This decreases labor costs and allows employees to focus on higher-value activities.

2. Improved Efficiency: Insight speeds up the invoice processing time significantly. By eliminating manual tasks and automating workflows, organizations can process invoices quickly and efficiently.

3. Better Visibility: Insight provides real-time dashboards and KPIs, offering comprehensive visibility into the entire AP process. This allows organizations to identify bottlenecks, track performance, and make data-driven decisions.

4. Fraud Prevention: With built-in fraud prevention and detection mechanisms, Insight helps organizations identify and prevent invoice fraud. This mitigates financial risks and protects the organization's assets.

5. Auditing and Compliance: Insight simplifies the auditing process by providing accurate and detailed records of invoice processing. This decreases auditing times and minimizes non-compliance fees.

Case Study: Insight Implementation at a Major U.S. Grocer

A major U.S. grocer and its subsidiary, Ingalls, faced significant challenges in their fully manual invoice process. The time consumed by data entry alone resulted in missed discounts and delayed processing. However, after implementing Insight, the organization experienced remarkable improvements. The benefits included:

1. Full Automation: Insight provided a fully automated invoice processing solution, eliminating the need for manual intervention.

2. Reduced Processing Time: The processing time, including invoice response time, decreased by over a factor of 10. This enabled faster payment cycles and better cash flow management.

3. Duplicate Invoice Reduction: Insight's visibility and validation mechanisms minimized the occurrence of duplicate invoices, reducing overpayments.

4. Increased Fraud Detection: By leveraging Insight's enhanced visibility, the organization gained better control over the AP process and experienced a considerable reduction in supplier invoice fraud.

Conclusion

Insight is a powerful and intelligent AP management solution offered by Plexus Technologies. By automating manual processes, improving efficiency, and providing better visibility, Insight enables organizations to optimize their AP processes effectively. With its user-friendly interface, fraud prevention features, and seamless integration with SAP systems, Insight is a valuable tool for organizations looking to enhance their invoicing operations.

Resources

• Plexus Technologies
• Insight Product Information