Iron Mountain Invoice Processing solution

Elevate Accounts Payable with AI-powered automation

Challenge

The role of Accounts Payable (AP) is rapidly shifting from a transactional back-office function to a strategic imperative for optimizing profitability and cash flow. However, inefficiencies continue to hinder AP teams. 82% of AP teams still manually input invoices, with 56% spending over 10 hours weekly on manual tasks.¹ Excessive paper handling, repetitive data entry, and siloed systems consume valuable time, limiting strategic engagement. These manual processes lead to human errors, payment inaccuracies, and strained supplier relationships, with 39% of invoices containing errors due to manual processes.²

Additionally, frequent exceptions, prolonged approvals, and limited data visibility prevent AP teams from making timely, informed financial decisions and capturing strategic opportunities. Only 36% of invoices in the U.S. are paid on time, while 55% are paid late, negatively impacting supplier trust.²

What if you could

Use a scalable, centralized, and AI-powered system to:

1. Gain comprehensive oversight and control over your invoice lifecycle so that all digital and physical documents are easily accessible and managed
2. Dramatically reduce manual errors and discrepancies by intelligently validating and reconciling invoice data against purchasing and receiving information
3. Streamline and accelerate invoice approvals, freeing up your team from tedious administrative tasks to focus on more strategic financial initiatives

Iron Mountain Invoice Processing solution

Our Invoice Processing Solution is built on Iron Mountain InSight^® Digital Experience Platform (DXP), a scalable, end-to-end software-as-a-service (SaaS) platform that transforms physical invoices into actionable digital assets and automates document-centric workflows. Invoice Processing automates key AP functions, including data entry, approvals, reconciliation, and document-centric workflows. This solution strengthens the information management capabilities lacking or missing in your existing AP ecosystem via pre-built connectors, workflows, document types, metadata, retention rules, and AI prompts.

Invoice Processing helps you:

• Make invoice processing more transparent: Gain control over your invoice processing by managing digital and physical documents in a single, user- friendly portal. This centralized hub provides easy, role-based access for authorized users, streamlining invoice retrieval and eliminating delays from disparate systems. Seamless integration with existing accounting systems breaks down information silos, providing a centralized view of all relevant data for efficient processing. Workflows and approval processes can be customized precisely to your business rules for accurate routing and prompt approvals. Effortlessly track invoice handling and payment flow, gaining a clear audit trail and improving accountability.
• Enhance accuracy and financial control: Achieve superior data integrity with AI-driven intelligent document processing (IDP), which automatically extracts invoice information and seamlessly feeds it into workflows, virtually eliminating manual data entry errors. Leverage automated three-way matching to validate invoice data against your purchasing and receiving data so that only valid and correctly fulfilled orders are paid, minimizing discrepancies and potential overpayments. For non-purchase order (PO) invoices, AI agents automate the assignment of relevant accounting dimensions to line items, greatly reducing time- consuming exceptions. Generate fast insights to optimize cash flow, prioritize work, and improve supplier relationships.
• Boost efficiency and reduce costs: Authorized users can easily access and search invoices via a single cloud-based portal on InSight DXP. Through digitization and workflow automation, invoices are sorted and organized with minimal effort, leading to streamlined approvals. Our robust business rules automatically flag and route exceptions to appropriate users, allowing AP staff to focus on only the tasks that require human intervention. Iron Mountain InSight DXP enables compliance with industry standards and systematically applies retention and data privacy policies, helping you manage and enforce obligations for relevant content.

The Iron Mountain Advantage

The Iron Mountain advantage lies in our unparalleled scale and robust InSight DXP platform, providing a complete end-to-end solution to transform your AP processes and unlock the value from your invoice data. Our global scanning capabilities and infrastructure, encompassing 141 imaging sites in 45 countries with capacity for 2.6 billion images annually, provide a single point of entry for all invoice receipts.

Leveraging AI-powered intelligent document processing, our solution extracts valuable data with an average of 97% accuracy and automates workflows, reducing manual errors and accelerating financial transactions.

Built on InSight DXP, our platform provides secure, 24/7 role-based access and systematically applies retention and data privacy policies, enabling continuous compliance and minimizing security risks. As a trusted global partner with over 70 years of experience, Iron Mountain helps optimize AP processes for efficiency, accuracy, and scalability.