Many people have assumptions about the similarities and differences in workflow automation vs. true automation technologies. There have been a lot of workflow tools claiming automation but in reality, have little influence in removing manual processes. The Business Dictionary defines workflow automation as the use of software technology to increase the efficiency of a workflow by improving the coordination of the activities of the people involved. Workflow automation helps to ensure that at the right time, the right person gets the right information about what needs to be done and in what order.
In contrast, true automation removes the human element by replacing defragmentation and manual processes that often result in errors, precious time, and money lost. True automation can think and understand complex business scenarios, provide incredible predictive insights, and empower executives/business owners to make decisions. The goal is to make workflow a byproduct and not a focus. Another benefit of true automation is giving employees who are responsible for manual data entry the opportunity to shift focus to more strategic roles within your organization. Allow them to focus more on areas that will continue to help your organization grow instead of repetitive data entry on a daily basis.
Netchain2 is the first end-to-end AP and AR automation technology, built on artificial intelligence, with built in B2B electronic payments. Predictive modeling is revolutionizing the process of both the order-to-cash (AP) and procure-to-pay (AR) processes. Our machine learning technology is continuously learning your processes and procedures through your day to day actions and evolves further everyday to help create the true automation aspect of the platform.
Jesse Haro, the Global Director of Finance for Google is quoted as saying “the technology that changes the industry will be the one that solves the technology fragmentation, is inclusive, and provides transparency on both sides. The problems go beyond the capability of the current work-flow tools. Financial technology professionals need to start looking outside of the industry and leveraging advancement in other industries. NetChain2 has done this and their solution is reshaping AP, AR, and overall B2B commerce.”
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