Digital invoice validation includes the benefits of all the existing approaches while eliminating the challenges associated with each of them. It is based on a multi-stage approach starting with process simplification. Process simplification helps telecom companies re-engineer their existing auditing processes and introduce rule-based auditing, which streamlines a significant portion of a TSP’s invoice validation process and makes it suitable for automation. It helps TSP's create a detailed level process flow and simplify the verification of subscriber details like customer names, ‘bill to’ and ‘ship to’ addresses, bank details. It can also help verify financial information and all the other auditable aspect of invoices like Accounts Payable (AP) details, Purchase Order (PO) details.
Process simplification allows the creation of an active directory of prebuilt auditing parameters that can be customized to enhance existing invoice validation process. It also enables detailed auditing for proactive identification of mistakes and errors and sudden surges in call rates that result in bills shocks.
Post simplification, rule-based activities in the invoice validation process may be automated. This reduces human effort, which can be reallocated to making procedural changes and implementing design thinking that supports the organization’s business transformation initiatives to stay competitive in the current digital era. Besides, this results in less possibility of manual errors, higher yield, and significant time-saving.
Digital invoice validation also uses analytics and AI to generate alerts and notifications, which help TSP's identify and proactively manage the accuracy of bill charges. This helps the auditor validate the accuracy of the bill before invoicing the customer.
Further, real-time data visualization to generate invoice validation reports helps achieve optimum performance. Reporting when complimented by analytics and AI can help auditors validate invoices accurately as it helps identify the errors and course correct them.
There is no doubt that digitizing the invoice validation process helps TSP's optimize their in-house solutions to be more scalable and replicable. In fact, it promotes efficient customer/vendor portal integration that can work seamlessly with any of the organization’s existing off-the-shelf products, or those specially designed to do invoice validation.
Digitizing the invoice validation process also helps telecom companies weed out bottlenecks, speed up the process, curb errors that could have otherwise occurred, and liberate the workforce for more meaningful business development activities. Overall, it will surely make a significant contribution to an organization’s bottom line.