Receivable Savvy is launching a new blog series titled 5 Questions With… This additional format allows us to pose some of the most challenging questions we receive across multiple platforms such as webinars and conferences and receive answers from some of the industry’s most knowledgable subject matter experts.
5 Questions With…Sid Chakrabarty, Director of Solution Engineering – HighRadius: Part 2
4. Are all Artificial Intelligence and Robotic Process Automation solutions the same and equal – regardless of the provider – or are there nuances that may be different from one provider to the next?
To the unaware, AI and RPA are just buzzwords being pushed by technology vendors to close the next deal. To evaluate different solutions, all of which claim to be based on supposedly intelligent technology, an apples-to-apples comparison needs to be done for the actual process automation delivered. Artificial Intelligence and Robotic Process Automation focus on the elimination of ‘human input’ from a process or operation. Hence the best metric to differentiate between solutions is the actual automation that is achieved. This requires more than just a simple look at a marketing brochure or feature list. Decision makers should evaluate the ‘as-is’ and ‘to-be’ processes and compare whether human work is getting eliminated. A solution might claim that it is able to process 90% of all your remittance information. But does that information require further manual processing? If yes, then that 90% is not ‘real automation’ and definitely not ‘full automation.’
5. A number of supplier organizations may never incorporate a full, electronic-based invoice-to-cash system. For those organizations that want to keep one hand in manual processes but may be interested in dipping their toe into one or two electronic solutions, how might they implement some technology solutions in order to enhance some processes that are traditionally handled?
This is nothing new with this paradigm. It happens whenever new technology options become available to an industry or function. No one likes disrupting things as usual. For most supplier organizations, it is the customer that drives the choice between paper and electronic. Of late, a lot of buyers have shown eagerness in adopting electronic transactions for making payments, sharing remittance data and accepting invoices. I answered about Robotic Process Automation and Artificial Intelligence, saying that it all boils down to the degree of ‘automation’ that can be achieved. Well it applies across both paper and electronic formats. Companies can today adopt a single technology solution that caters to both check remittance processing while enabling straight-through automation for all electronic remittance formats. Similarly, hybrid invoicing solutions are available to take care of invoicing depending on customer preference across formats including email, websites & portals, print & mail or even fax! So yes, with ‘real automation’ it is possible to have a foot in both boats and optimize for each and every customer.
Part 1 of 5 Questions With… Sid Chakrabarty, published on Tuesday, October 4, can be found here.