Overview of Naviant’s Intelligent Accounts Payable Accelerator
Modernize your SMBs accounts payable processes with Naviant’s ready-to-use intelligent accounts payable platform, AP Accelerator. You’ll have all your information in one view so you can make better decisions, accelerate processes, and deliver a better invoice processing experience to internal customers and vendors.
Naviant AP Accelerator is available on-premises or in the cloud. Rather than a point solution that only supports a single business process, the Naviant AP Accelerator provides unparalleled value as an enterprise platform.
How Does Naviant AP Accelerator Work?
ABBYY Vantage uses artificial intelligence (AI)-based technologies to process documents of any type.
Hyland’s OnBase Content Services Platform
OnBase is a content services platform that allows you to manage all your content, processes, and cases in a single secure location. It also provides superior automated workflow processing and reporting capabilities.
Together, this duo’s sophisticated, high-volume, high-productivity AP solution platform modernizes and revitalizes your AP team.
Benefits of AP Accelerator
Naviant’s AP Accelerator is a ready-to-use solution instead of reinventing the wheel. It results from over 30 years of experience building sophisticated AP automation solutions for public and private organizations. Solution Accelerators achieve the same outcome as custom solutions, but faster and for less money.
- Accelerate Time to Deployment – Developing custom solutions from scratch is time-consuming. Solution Accelerators provide pre-built and pre-tested software components that provide immediate value.
- Address Common Business Value – Solution Accelerators provide a solution that’s tested, ready to go, and costs less than custom software development that’s built from scratch.
- Reduce Development Risks – Custom software development is time-consuming and costly, and a positive outcome isn’t guaranteed. Solution Accelerators ensure the reliability, scalability, and responsiveness of applications.
ABBYY FlexiCapture for Invoices provides the leading autonomous AI solution to modernize intelligent data extraction of unstructured data. Combined with the Hyland OnBase Platform for automated workflow processing of human-defined rules and exception management, the Naviant AP Accelerator combines the industry’s leading technologies to provide the best solution for Small and Midsize Business (SMB).
The Naviant AP Accelerator automatically ingests electronic invoices from an email box where the critical information from the document is autonomously extracted and then automatically routed for approval. In addition, the AP Accelerator includes automated workflow to increase the velocity of your process, allowing you to take advantage of early pay discounts while minimizing late payment penalties.
It's more than Automation - it's Autonomous!
Automation and autonomy sound similar. Yet, the terms are very different.
Automation capabilities provide rule-based controls to defined processes with or without human assistance.
Autonomous capabilities perform complex processing of unstructured information, taking action without human aid and templates. In addition, autonomous intelligent processing is flexible. It can react to changing data and circumstances. As a result, autonomous intelligence can make predictions and decisions. Autonomous intelligence requires machine learning and natural language processing – collectively known as artificial intelligence (AI).
Autonomous Intelligent Capture
The Naviant AP Accelerator provides AI to both structured and unstructured data – including information that is found in PDFs, emails, text documents, images, and more.
- Document Classification – Identifying invoices vs contracts vs expense forms
- Intelligent Data Extraction – Identifying information from paper without human definition or templates
- Validation of Data in Context – Cross checking vendor name, address, and PO against the ERP master data
The AP Accelerator increases the velocity of your process with automated workflows. As a result, you can take advantage of early-pay discounts while minimizing late payment penalties.
Hyland’s OnBase Content Services platform provides critical automation controls for GL approvals, human exceptions, and reporting analytics.
- GL Coding – Intuitive invoice approvals through email or mobile devices
- PO Exceptions – Automated purchasing and payables alerts based on defined business controls
Identify potential bottlenecks in your process and provide better visibility into total liabilities and accruals for the month. In addition, you’ll have access to highly visual, interactive dashboards with immediate process visibility.
Dashboards present data in a variety of graphical formats including charts, graphs, scorecards, gauges, maps, and more. Interactive features allow you to easily monitor performance and analyze trends in real-time.
It's an Enterprise Platform not a Point-Solution. What's the difference?
The significant difference between a platform and a point solution is scalability and flexibility. While point solutions address a single, specific problem, platform solutions offer a robust foundation that can handle many use cases and business areas.
The Naviant AP Accelerator is a solution platform that will give you a foundation to intelligently capture, store, retrieve, process, manage, and integrate business content throughout your organization.
For example, you can use these platforms for:
- Accounts Receivable
- Expense Reporting
- Contract Management
- Human Resource
- Policies & Procedures
- Requisition Approvals
- Quality Management
- Customer Services
Clay Lacy Aviation Boosts Efficiency by Automating 95% of Invoices with OnBase & ABBYY
As CLA continued to grow, the number of employees on their accounting team remained the same. It became difficult to keep up with the high volume of complex vendor invoices. CLA’s highly skilled employees were swimming in paperwork. Even worse, CLA’s manual invoice process was experiencing nearly a 10% error rate.
When we first considered a workflow solution, it needed to address the inherent inefficiencies of a paper-driven, labor-intensive process that was susceptible to repeated inaccuracies. Furthermore, any viable solution must have scalability and capacity to manage the significant increase in transaction volume that we envisioned. Integrating OnBase and ABBYY into our operation allowed us to realize the full potential of an automated workflow solution that has proved to be nothing short of a gamechanger for Clay Lacy Aviation."