Doculabs' Insights #34
Discover Intelligent Automation Month, leadership lessons from Tom Brady, preventing document fraud with IDP, and thoughts on how AI amplifies small workgroups.
Will you join us for Intelligent Automation Month starting next week?
What’s Intelligent Automation Month?
We’re excited to be participating for a second year with our partner, ABBYY, and other IA experts to share tips and strategies you can use and apply to the business processes you need to automate.
Which is nearly any business process these days – the tools are available and they work. There’s no reason to continue hampering your organization’s productivity and ability to grow by settling for manual or poorly operated processes today.
With that said, we are excited to invite you to participate in Intelligent Automation Month 2024!
This collaborative industry-wide initiative aims to educate forward-thinking business leaders on the transformative benefits of AI-powered automation.
You can sign up for one or more of these engaging sessions:
The inevitable wave of AI regulations - balancing utility and harms (September 5)
E-invoicing is coming! Is your organization ready? (September 12)
Panel with innovation leaders (September 19)
Take the guess work out of your intelligent automation initiatives using process intelligence (September 26) (our own Marty Pavlik will take the lead on this event.)
Each session will feature expert insights from leading voices in the intelligent automation industry, providing valuable perspectives that can inform your innovation strategies and improve your business.
Ready to join us for the second annual Intelligent Automation Month? Register today.
Thanks for reading.
-The Doculabs Team
How AI in Accounts Payable Is Transforming AP Automation to Achieve Best-in-Class Results
IT Spending Pulse: As GenAI Investment Grows, Other IT Projects Get Squeezed
Tom Brady on the Art of Leading Teammates
How AI Brings Corporate Might to Small Teams, Reshaping Business for All
Automation Isn't Set It and Forget It. Don't Forget the Maintenance
Combating Document Fraud With IDP
How AI in Accounts Payable Is Transforming AP Automation to Achieve Best-in-Class Results
Despite the widespread availability of AP automation tools, 84 percent of the typical AP practitioner’s workday is spent keying invoice data, shuffling paper and emails, fixing mistakes, and responding to telephone calls and emails from suppliers about the status of invoices and payments. For their part, accounts payable managers spend more time on transaction processing than on staff recruitment and the other managerial tasks they were hired to perform.
All the time that accounts payable teams waste on manual, repetitive tasks is time that they cannot spend on higher-order activities such as analyzing data and collaborating with procurement and other stakeholders. Read more.
IT Spending Pulse: As GenAI Investment Grows, Other IT Projects Get Squeezed
The Boston Consulting Group has research of large companies (over $1 billion in revenue) and IT spending. Here’s the high-level overview.
Overall IT budgets are expanding but spending remains uneven, with a focus on security and driving digital transformation.
Leaders plan to consolidate vendors across virtually all products, with GenAI the notable exception.
GenAI budgets are expected to grow ~60% over the next three years; by 2027, it’s estimated that these budgets will be 7.6% of IT budgets on average.
The leading barrier to GenAI adoption is the immaturity of GenAI technology, with data and legal risks also major concerns.
Tom Brady on the Art of Leading Teammates
Even if you aren’t a football fan or fan of the Patriots, Tom Brady is one of the greats in sports. This article in the Harvard Business Review is a fantastic overview of leadership. There’s even a process angle; writes Brady, “As a team, we talked about ‘people, processes, and protocols’.”
Click on the image to subscribe for our Tip of the Week for tips and tricks to get the most from your process mining initiative.
How AI Brings Corporate Might to Small Teams, Reshaping Business for All
This is an interesting look into how AI is a force multiplier for individuals and small groups. From the article, “While this shift distinctly enables startups, paving the way for the “one-person unicorn,” it can also help large corporations achieve levels of speed and innovation never possible before, as it empowers teams and individuals in an unprecedented way.”
Automation Isn't Set It and Forget It. Don't Forget the Maintenance
While not specifically speaking to process automation technology, this article is a great reminder that the work isn’t done on any IT/automation project once you finish the initial implementation. While the cost of maintenance is ongoing, that cost is offset by keeping the system functioning as it should.
Combating Document Fraud With IDP
Document fraud is an age-old problem that is becoming more complicated as technology becomes more sophisticated. Emerging technologies like artificial intelligence (AI) are creating better forgeries that are more difficult to detect. Plus, the move to automated, paperless processes makes detecting forgeries more difficult. Less human inspection means more opportunities to introduce forgeries into paperless processes.
Just for Fun
For those fortunate enough to hit the beach one last time this long weekend, here’s something to try!
