How can RPA help reduce operational costs & make Procurement more efficient?
The development of #RPA and its application to Procurement and related functions provides multiple benefits. Below we explore a few which may be relevant to your business. #RPA provides tangible benefits such as reduced operations cost, increased accuracy and allows the utilisation of staff so they can focus on strategic value added activities.
It is a technology that can be implemented in an easy way and cost effective way and therefore avoids high integration costs and unnecessary workflows. It therefore can be explored when addressing:
Contract review process is often a manual and time consuming process. This can often slow down contract management process. RPA – Will utilise Bots to review contracts, compare against standardised templates, highlight and escalates issues with non standard terms and conditions.
RPA can track contract use over a define period, identify and collect rebates & proactively adjust payments.
Supplier scorecard reporting:
This process often requires large amounts of data (internally & externally) & a mix of qualitative and quantitative. In standardising and applying RPA data can capture can be quick, efficient and automated. #RPA can then analyse and produce meaningful summary reports.
A key benefit of #RPA when applied to Accounts Payable processing is it will reduce operational costs & increase accuracy. Utilising RPA will eliminate price discrepancies and therefore reduce invoice reconciliation errors.