BancTec will be heading to Nashville this weekend to talk business process outsourcing (BPO) at the Fusion 2012 conference that opens Sunday at the Gaylord Opryland Resort and Convention Center.
A BancTec team will be at Booth #927 to discuss BPO services specifically designed for financial transaction processing and document management. During the conference, BancTec will present three educational sessions:
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Lies My P2P Automation Vendor Told Me
- Presented by BancTec’s Lori Messana and Tami Kight, AP Manager with BMW,
- Tuesday, May 15, 3 – 4 p.m.
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A 360 Degree Perspective of AR
- Presented by Michael Alfonsi, BancTec
- Tuesday, May 15, 4:15 – 5:15 p.m.
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The Challenges of Inbound Mail Processing, Are You Ready?
- Presented by Pamela Wu, BancTec
- Thursday, May 17, 9:15 – 10:15 a.m.
These sessions will lead conference attendees through the common struggles businesses face when managing P2P automation, accounts receivables and inbound mail services.
In the face of these challenges, BancTec’s Intelligent BPO (iBPO) services can enhance a variety of business processes, including invoice processing, AP automation, remittance processing, inbound mail services and image archive.
BancTec sponsored a new report from PayStream Advisors that provides benchmark data and analysis of critical trends facing the AP automation industry.
Titled “2012 Invoice Workflow Automation Technology Insight,” the report describes how the number of paper invoices has been declining by 5 percent annually for a number of years. In line with this trend, BancTec and its technology partner, Palette, have developed an end-to-end AP automation solution, coined AP Master.
Highlighted in the report, the hybrid AP Master automation solution begins with Palette Arena’s multitenant, web-based application for accounts payable and purchasing automation. Palette is headquartered in Sweden and is a market leader in enterprise purchase-to-pay and invoice processing solutions. Palette Arena handles multiple languages, currencies and tax calculations, and it supports all the capture solutions from BancTec.
BancTec uses its data extraction process to convert invoices to electronic images for accurate capture and routing. Invoices are automatically released into their corresponding workflow for routing and matching.
BancTec’s IntelliScan XDS speeds the process by scanning images at up to 550 pages per minute. When AP automation is outsourced, BancTec BPO Centers of Excellence use IntelliScan scanners to ensure an efficient, accurate and validated data capture process.
At BancTec, we value technological leadership. We distinguish ourselves from most BPO providers by powering our state-of-the-art Centers of Excellence with our own proprietary hardware and software. And when we extend our capabilities through technology partnerships, we leverage these relationships to ensure the best possible service to our clients.
That’s why we’re pleased to have been named “Partner of the Year” by Palette, a market leader in solutions for enterprise purchase-to-pay and automated processing of Accounts Payable invoices.
Our partnership with Palette began in 2009, with the Swedish company’s expansion into North America. It has benefited businesses across the United States and Europe in managing the complete accounts payable cycle. BancTec’s AP automation solution is powered by PaletteArena, which offers the most automated approach to supplier invoice matching and straight-through processing. The combination results in invoice processing with reduced costs, improved productivity and cycle times, and greater visibility.
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About 80 percent of invoices are still on paper, and it’s estimated that U.S. companies spend tens of billions of dollars every year on paper-based invoice processing.
By automating AP invoice processing, businesses can enjoy reduced cycle times, increased visibility into the process, improved vendor relationships and more.
Here are six reasons to consider automating your AP invoice processing:
1. Accelerate Cash Flow
The average Accounts Payable department makes 19 copies of each document, spends $20 in labor to file each document, loses one out of every 20 documents, spends $120 in labor searching for each misfiled document and spends 25 hours recreating each host document, according to a recent PricewaterhouseCoopers study.
With AP automation, you can reduce document storage and transmission costs, and take advantage of early payment discounts when your invoice processing is streamlined and automatic.
2. Improve Visibility and Planning
Visibility is a critical issue, especially with paper-based invoices. Replacing manual processes with automation prevents delays and unnecessary rush invoices. Lost or misplaced invoices become a thing of the past when you have easily accessible digital archives. Greater visibility also improves planning by allowing for more accurate budgeting and forecasting.
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BancTec will be heading to Nashville this weekend to talk business process outsourcing (BPO) at the Fusion 2012 conference that opens Sunday at the Gaylord Opryland Resort and Convention Center.
