Data entry is the most commonly implemented method of utility bill processing. However, traditional data entry methods are incredibly inefficient. While there have been improvements over time, many businesses are still inefficiently entering utility bills by hand. This slow and redundant process has a higher likelihood for errors and a slower cycle time increases the chance of late payments. With the rise in automation technology, businesses have been finding solutions to utilize technologies impacting utility bill processing.
Top 5 technologies impacting utility bill processing:
1. Cloud-Based Software
In order to take advantage of security and flexibility, cloud-based software allows businesses to streamline the utility bill data management through increased efficiency of data collection, approval stage, and payment of utility bills while providing greater visibility.
2. Data Capture
Data capture technology enables all of your paper and electronic documents to be transformed into intelligent and usable data. Advanced algorithms create intelligent relationships between data in order to seamlessly map them into the correct corresponding fields for utility bill invoice management.
3. Artificial intelligence
Utilizing artificial intelligence allows businesses to perform tasks such as entering certain fields of data or validating total cost in a fraction of the time it would take to complete manually. Should a field be blank or missing, artificial intelligence technology will interpret and flag data to ensure speed, quality, and efficiency and improve utility bill management.
4. Machine learning
Machine learning algorithms optimize utility bill processing by minimizing error and maximizing efficiency and quality of data. As a subset of artificial intelligence, machine learning builds a framework that requires little to no human intervention to automate utility bill processing.
Bots can be highly customized based on a specific set of rules in order to consistently deliver accurate data. By programming bots to scrape and collect utility bill data, there is a large reduction in cost, cycle time, and does not require a huge IT overhaul.
Technologies Impacting Utility Bill Processing Through the ARDEM Platform
Technology has improved the efficiency of data capture, machine learning, RPA, and AI, but when considering costs, it becomes difficult to completely overhaul the utility bill processing department without meeting challenges. Rather than paying large overhead costs for equipment and IT support, businesses choose to outsource utility bill tasks to reduce cycle times and operational costs. Utility bill auditing is enhanced through the use of automation technology allowing utility bill data to be flagged for any discrepancies.
ARDEM’s Automation platform provides a variety of automation technologies that transform your current workflow. Our brilliant engineers and developers take their deep industry knowledge and our expertise to create intelligent automation solutions that are customized to reduce your operating costs.
Contact ARDEM today to find out more about our Utility Bill Processing and Utility Invoice Management solutions!