CFO Tech Outlook has named Xerox one of the Top Accounts Payable Solutions Provider 2022 in its annual listing of solution providers equipped with the innovative technology and capabilities that are transforming the accounts payable landscape.
Banco Bradesco, a leading banking institutions in Latin America, took a new approach to handling their accounts payable operations. Bradesco needed a service partner who could streamline their invoice processing and reduce payment times from days or weeks to minutes, while reducing paper consumption.
Armed with a proven track record of working closely and cooperatively with its clients, Xerox (XRX: NASDAQ) responded to the challenge and accompanied Banco Bradesco through the digital transformation of their accounts payable operations. Xerox helped Bradesco automate the majority of their AP processes to make it efficient, reducing invoice processing time from 10 days to four hours, and created a centralized system for their dispersed data to obtain unprecedented visibility.
"We foster a consultative approach to engage our potential clients and provide them with bundled yet market-relevant solutions," said Tracey Koziol, Senior Vice President of Global Offering Solutions at Xerox.
Xerox focuses mainly on simplifying the migration to digital AP operations for clients. The capabilities of its workflow automation, content management, and digitization services empower users to transition away from paper and emails to a fully digitized AP process, improve the effectiveness of their AP procedures, and forge stronger relationships with suppliers. Xerox serves a wide range of clients globally, including government agencies and businesses in the healthcare, education, and financial sectors. It caters to their needs by developing tailored solutions that reduce the cost and time associated with data processing and securely storing their digital information.
Xerox developed a cutting-edge workflow engine to redefine how its users can automatically capture and validate information from digital or physical documents. The engine seamlessly integrates into users' ERP engine or other intricate workflow management platform and leverages sophisticated AI and ML technology to provide an end-to-end digital transformation and automation of their AP operations.
Xerox’s comprehensive capture features automatically capture, categorize, and archive key information from paper and digital documents from various sources, including fax, scanners, email, and other electronic means. Without the need for user intercession, it uses intelligent document processing to extract critical data and insights from unstructured documents and digital content and learns from the extracted data to find patterns, automate workflows, improve accuracy and produce predictive outputs. The OCR technology embedded in Xerox’s global platform provides users with a searchable invoice repository to enable swift and secure access to invoices and reduces their dependency on paper.
Xerox has invested substantial research and resources in its Capture & Content services to develop innovative and intuitive automated processing solutions. Its solutions eliminate time-consuming manual tasks from AP operations and empower users to achieve prolific results in reducing data processing errors and improving invoice processing time.
Xerox's smart solutions detect and safeguard against fraudulent, inaccurate, and duplicate invoices while protecting sensitive data and maintaining regulatory compliance. Its platform provides a unified content management ability through which users can achieve unprecedented visibility to review key process performance metrics.
Innovation at the core of its operations has empowered Xerox to assist clients in taking a leap toward digital migration. When properly implemented, Xerox's solutions provide a means of transforming workflows entangled in manual procedures for decades. Xerox leverages its experience in data extraction and classification to provide clients with cost-effective AP automation and invoice processing services to relieve their employees from tedious tasks, enhance their productivity, and redefine the way they work.
Learn More: http://xerox.com/accountspayable