IPS, a leading provider of solutions that digitally transform the accounts payable process end-to-end, announced today that its Productivity Wrx℠ platform is helping the world's leading media and advertising agencies eliminate more than two-thirds of the manual effort associated with processing invoices received via e-mail and other electronic channels. Be alert to read related news.
IPS Productivity Wrx℠ processes more invoices received electronically from Facebook, Google and other digital media companies than any other automated media payables solution in the world. The IPS Productivity Wrx℠ platform not only supports Google and Facebook, but all digital invoices from any publisher or content provider.
Most media and advertising agencies require human operators to manually handle all the invoices they receive from suppliers via e-mail, file transfer protocol (FTP) upload or an online portal. Some media and advertising agencies use e-mail to receive and approve invoices and reconciliation. Relying on e-mail for invoice approval, exceptions resolution and reconciliation provides poor control over the routing of invoices, offers no tracking or visibility into the status of invoices, and requires suppliers to re-submit and revise problematic invoices, such as those with incomplete or inaccurate data.
Posting invoices electronically, without human operator intervention, enables media and advertising agencies to reduce invoice approval costs by more than 50 percent and dramatically accelerate their cycle times. IPS also provides complete transparency across the invoice approval cycle, enabling media and advertising agencies to better monitor and control their working capital and corporate spend.
"Supplier invoices received via e-mail and other electronic channels shouldn't have to be treated as exceptions that require a significant amount of manual effort," said IPS Founder and CEO Greg Bartels. "IPS Productivity Wrx℠ for Media enables media and advertising agencies to post electronic invoices directly to their media, accounting and enterprise resource planning (ERP) platform, without human operator intervention." Read this here.
IPS uses software "bots" that it developed to automatically retrieve invoices from a supplier portal, e-mail box or FTP site. All physical and electronic invoices are centralized onto the Productivity Wrx℠ platform. Once an invoice is received, IPS Productivity Wrx℠ uses intelligent data capture technology to extract invoice data. Extracted data is validated to guarantee invoice data accuracy of 99.95 percent. Defective invoices – such as those with missing information or an incorrect total – are automatically identified prior to the approval process and digitally routed based on pre-set business rules. An automated process enables suppliers to add or revise invoice data via a collaborative online portal without having to re-submit the invoice. Alternatively, the platform supports an automated revision process for the resubmission of defective and/or revised invoices. All required invoice data as well as the approved invoice is digitally uploaded to the advertising agency's systems. IPS Productivity Wrx℠ tracks all invoices and provides authorized users with real-time visibility into the end-to-end status of each invoice.
About IPS
IPS provides digital solutions that transform business applications such as accounts payable, media and advertising and business process automation. IPS' flagship Productivity Wrx℠ platform makes digital transformation a reality for media and advertising agencies by supporting all media types and combining technologies such as intelligent data capture, robotic process automation, machine learning, business intelligence and mobile with IPS' unmatched expertise and experience in business process automation. Each year, IPS processes more than $100 billion in accounts payable spend and has created over 1 billion digital records over the past decade. IPS enables its clients to reduce costs, significantly accelerate cycle times, improve transparency and enhance customer service.
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