Businesses, especially ones that operate multiple buildings and facilities, know that utility expenses account for a fair amount of their overall operating costs. In addition, manually processing these utility bills is time-consuming and runs the risk of errors which can end up adding additional fees. Automating utility bill processing streamlines your process for efficient utility invoice management across multiple locations to improve visibility and reporting. By reducing the cycle time, accuracy, and efficiency, businesses gain a competitive edge while maintaining a lean team.
What Are the Challenges of Automating Utility Bill Processing?
With short pay periods and long cycle times, utility bill processing easily becomes one of the most inefficient processes that require checks and balances to ensure accuracy. Processing utility bills for multiple utility accounts such as water, electricity, and waste is time-consuming especially when the data comes in different units of measurement.
One of the biggest challenges of utility data collection is due to the manual effort driven to collect utility bills and to scrape the data into a useable format. With hundreds of different utility providers, each utility bill has a unique format summarizing the consumption usage and total cost per cycle. Additionally, utility bills may require approval from multiple approvers or perhaps it has been flagged due irregularities in cost which requires additional processing time.
ARDEM Decreases Processing Cost While Improving Value
Utilizing machine learning and artificial intelligence, ARDEM streamlines utility data collection in order to automate utility bill processing. With a large utility vendor database, ARDEM can quickly normalize and standardize utility bill data. Using a cloud-based platform, ARDEM’s Utility Manager allows for increased accessibility and database centralization to provide visibility for all utility bills. Dashboards can be customized to provide valuable insight into utility bill data management to easily generate reports. In order to ensure data accuracy, each utility bill will undergo utility bill auditing against historical bills to ensure that there are no errors in the billing charges. Once the initial data has been extracted it will be run through several layers of quality assurance to ensure 100% data accuracy.