Speed and accuracy are two of the most fundamental attributes of any successful supply chain operation. Both are necessary to keep goods flowing and fulfill the contracts that underpin the economy. However, more immediately, companies in the supply chain must ensure that money reaches vendors on time. Proper accounts payable solutions are necessary to achieve positive outcomes in this sector.
What do accounts payable and invoice automation solutions look like in the supply chain? How do you identify the platforms that offer the most value and reliability? Here, we’ll review some core features businesses should consider when adopting solutions tailored to your industry.
What Should Your Supply Chain AP Solution Have?
The unique nature and deep complexity of global supply chain operations demand solutions that can function at scale. Your chosen solution should have four core elements.
- Deep integration with modern AI tools
There’s more data to deal with than ever before, and at high volumes, it can be challenging to keep up with everything. Leveraging the power of generative AI is at the heart of innovation in supply chain APS today. Supplementing that versatility is the speed of today’s natural language processing and the self-improving tools possible to create using machine learning. These technologies simplify analyzing invoices, extracting data, and making prudent decisions.
- Document intelligence capabilities
Don’t let your data stay locked away in your documents. Leave manual data extraction in the past. Document intelligence brings agility to fundamental workflows, such as onboarding vendors, analyzing invoices for potential fraud and more. Even essential document intelligence can put financial information into your business systems sooner and more accurately.
- Solutions for process automation
Automating individual steps, such as classifying a type of invoice based on vendor or amount, helps improve workflows. However, the real value lies in end-to-end process automation. Such wholesale improvements enable capabilities such as touchless invoice processing and lay the groundwork for future scaling.
- Broad integration with business systems
Even the most high-quality data isn’t worth much if it exists in a vacuum. Fragmented software systems create bottlenecks and opportunities for errors. From Microsoft Dynamics to Salesforce, SAP and more, all your systems should interface effortlessly with your automated processes. When they do, the resulting harmony delivers better results, deeper insights and fewer mistakes.
Notable Marketplace Solutions for Faster Deployment
Tungsten platforms provide broad functionality for streamlining supply chain AP. However, the Tungsten Marketplace can extend that functionality even further. With solutions designed to integrate with or work alongside Tungsten platforms, the Marketplace offers ways to save time and enhance the value of your investment. Some notable solutions for AP support include:
- The Supplier Self-Service Portal. Offer vendors a unified means of communicating with your business and streamline onboarding. See orders and invoices at a glance with detailed dashboards, and do it all while keeping security tight.
- The Goods Receipt Processing solution for ROO Mobile. Automate the capture and extraction of data from critical documents, such as packing slips and receipts, from any device in any location. Populate your ERP with relevant data immediately.
- AP Automation from Lojistic creates a pipeline to capture shipping invoices and transfer data directly into AP Agility and other Tungsten solutions.
With these and other Marketplace capabilities, you can equip your business to enhance and improve its AP workflows.
Reshape Your Approach to Supply Chain Management Today
An agile accounts payable department that can move swiftly and act on accurate data is essential for the supply chain process. Tungsten platforms, from AP Essentials to InvoiceAgility and beyond, deliver the functionality and reliability that today’s organizations demand. With the addition of the Tungsten Marketplace and its professionally developed solutions, you can achieve a short timeline for deploying improvements that enhance your ROI.
Discover more about today’s advanced workflow automation within accounts payable solutions when
you explore the Marketplace now.