EASY TO USE, COLLABORATIVE TECHNOLOGY
Automation and AI
Save Time and Money
Automate minor tasks, leading to faster cycle times, fewer touches, and a lower cost per invoice.
Improve Productivity
Decrease labor-intensive manual processes resulting in more streamlined operations and increased productivity.
Reduce Errors
Reduce human errors by taking over small tasks that can easily be done incorrectly to ensure more accurate results.
Automation and AI in the Back Office, Visualized
Functionality
Non-PO Processing
AI-driven GL coding followed by automated approval routing helps improve invoice cycle times and enforces GL coding standardization.
PO Invoice Processing
Systematically compare invoice data against POs and Receivers to automatically identify discrepancies and route for exception handling either internally or externally based on the nature of the issue.
Intelligent Approval Routing
Use AI and workflows to automatically route invoices based on specific rules. Additionally, approve invoices from anywhere at any time.
Payment Automation and Reconciliation
Integrated payment execution capabilities so that approved invoices can be paid through the system, along with automated reconciliation of payments.
Disputes
Systematically facilitate collaboration with your vendors to resolve disputes quickly. AI can facilitate Dispute triage and help automate resolution based on historic trends and backup documentation.
Reporting and Search
AI-enabled searching allows for more complex queries to answer critical questions quickly. In addition, reports, search results, and usage patterns can be automatically delivered to the user via email.
PCard and Out of Pocket
Automatically perform receipt audits against submitted charges to ensure compliance with company audit requirements.
2, 3, and 4 Way Matching
Use intelligent matching and exception handling workflows to automate the process of determining the accuracy of an invoice.
Onboarding Workflows
Automate gathering contact and banking information, payment terms, and setting up a vendor profile. Set standards to automatically verify legitimacy and ensure compliance.
Expiration Tracking
Automatically send reminder notifications as your vendor gets close to the expiration date instead of manually ensuring your vendors maintain compliance.
Why ICG for Automation & AI?
Standard Benefits
Reduced Cycle Times
Process cycle times can be significantly reduced through automations and notification escalations, helping your team know which transactions or exceptions to focus on.
Standardization
AI and Automation help enforce standardization by leaning on historical trends to guide the process on current items. Users no longer need to go searching through “cheat sheets” or perform queries on last transactions to make sure processing is consistent over time.
Process Tracking, Analytics, and Reporting
All actions, validations, and events are recorded and available for reporting and analytics as well as to indicate trends of current versus historic transactions.
Take Over Repetitive Back-Office Processes
ICG offers both fixed and dynamic workflows. Data entry, invoice approvals, report generation, and other repetitive tasks can be completely automated in many cases. With manual repetitive tasks off their plate, your team can focus on activities that add more value to the company such as interacting with vendors and/or internal constituents on disputes and discrepancy resolution, identifying cash flow management opportunities, payment method optimization opportunities, and more.
ICG really understands our business and processes. Their team established a level of automation for us far beyond our original goals. Between that and their ongoing support, we were able to achieve ongoing savings after the initial implementation and even as our business model changed over the years.
Responsible AI
At ICG, we believe that trustworthy outcomes are of utmost importance. That’s why ICG is committed to using only responsible AI in all of our solutions. Using guardrails and rules, we create secure, reliable software that utilizes AI to stay on the leading edge of technology.
Relevant Blog Posts
How IDP Transforms the Financial Back Office
In the financial sector, efficiency is an incredibly competitive metric. When financial institutions look at Intelligent Document Processing or IDP, they often view it through a narrow lens: How much time will this save us on invoice processing? How much faster can we...
How to Build a Strong AP Approvals Process
What is an AP approvals process? An Accounts Payable approvals process is a rules-based workflow that determines how a vendor invoice is reviewed, verified, and finally authorized for payment. Building an effective AP approval workflow for your organization requires...
AP Automation Implementation Challenges
The promise of accounts payable automation is undeniable: lower processing costs, fewer manual errors, faster cycle times, and the ability to turn a traditional cost center into a strategic, data-driven asset. However, deciding to automate is only the first step. The...
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