Iron Mountain introduces new digital invoice processing solution to revolutionize accounts payable (AP) workflows

Sept 26th, 2024

Highlights:

• Iron Mountain launches an AI-driven Invoice Processing solution built on the company's newly released Iron Mountain InSight® Digital Experience Platform (DXP) to streamline AP operations.
• The solution reduces manual tasks and enables better supplier relationships and cost savings through automated data extraction, validation, and matching.
• Invoice Processing integrates seamlessly with enterprise resource planning (ERP) systems for centralizing invoice management onto a secure platform, enhancing overall compliance.

Iron Mountain is excited to announce the launch of our new Invoice Processing solution, designed to eliminate manual, slow, error-prone tasks associated with the receipt and processing of supplier invoices. Powered by the Iron Mountain InSight® Digital Experience Platform (DXP), this low-code software as a service (SaaS) solution addresses the critical challenges that AP departments encounter today.

Accounts payable departments often face inefficiencies with paper and PDF invoices received via email or in physical format, which make up 48% and 55% of all invoices, respectively. Processing these formats requires a long time for manual data entry, leading to late charges, errors, duplicate payments, and unnecessary costs—estimated at $20 to $40 per invoice. These inefficiencies also strain supplier relationships, affecting a business’s ability to negotiate discounts and fulfill customer orders.

"We have been an Iron Mountain customer for over ten years. We are incredibly excited to expand our partnership with Iron Mountain by leveraging their Invoice Processing solution to consolidate AP processes in a single content management system”, said a company spokesperson at Hydro One Networks Inc., Ontario’s largest electricity transmission and distribution service provider. “Through the solution's dashboards, AI chat capabilities, and workflows, we will have clear visibility into data that will drive efficiency and allow us to maintain positive relationships with our suppliers."

Iron Mountain's Invoice Processing solution offers a customizable solution with pre-built connectors, automated workflows, document types, metadata, and AI prompts all specifically designed for invoice processing contributing to:

• Enhanced operational efficiency: Digitizes physical mail, ingests attachments sent to AP inboxes, automates data extraction and indexing, and facilitates two-way matching.
• Seamless integration: Connects with existing customer ERP solutions, centralizing all procurement data and invoice records.
• Automation of manual processes: Automates digitization, classification, data extraction, exception handling, approvals, and validation through AI and robust workflows.
• Secure access: Provides a centralized and secure repository for authorized users to access digitized invoices anytime, anywhere.
• Cost reduction: Reduces document management costs, errant payments, invoice coding errors, and time spent on manual tasks.

Saving time, improving customer service, and simplifying compliance

Iron Mountain InSight customers report:

• 40% faster time to documents and information–reducing lead time for AP operators to access digitized invoice copies and metadata
• Increased collaboration, leading to 26,000 hours saved annually
• Faster, simpler compliance through pre-built exception rules and standardized approvals workflows
• Better visibility into recurring exceptions to help resolve issues at their source

Iron Mountain's Invoice Processing solution is a testament to our company’s 70+ year reputation for securing and protecting information. By addressing the complexities of legacy point solutions and service providers, Iron Mountain offers end-to-end managed services and software capabilities that streamline AP operations from digitization of paper invoices to posting of invoice data to customer’s ERP systems.

Additional resources

• Invoice Processing solution web page
• InSight DXP web page
• Total Economic Impact™ of Iron Mountain InSight