For IT teams and increasingly multiple other business functions, ServiceNow platform is becoming a one-stop platform for addressing their business needs. In that list of business functions, Procurement function is also at the forefront. In order To play a strategic role in digital transformation, procurement team needs to modernize and adopt newer platforms. Their needs are primarily defined by automatic invoice data extraction, intelligent 2-way and 3-way match along with heavy collaboration.
Specifically, extracting data from thousands of invoices across thousands of vendors is challenging and semi-automatic, at best. The majority of the organizations use manual, outsourced BPO services to extract invoice data. However, all manual data extraction is plagued with manual errors and delays.