Deloitte published a report at the beginning of the year on the predicted trends for the Retail Industry in 2025. Two of these trends highlighted the importance of automation, Tackling risk and Unleashing breakthrough efficiency. On a more granular level, retail finance teams also face a set of challenges that are unique to the industry. Large amounts of stock invoices with a high priority for fast supplier payments to maximise discounts, ensuring good margins on products for sale and managing invoices across diverse procurement channels, multiple entities, and varying finance systems. With high volumes of both stock and non-stock invoices, manual intervention not only slows down processing but introduces risk and inconsistency. The importance of having an Invoice Management solution, especially one that is developed to address complexities such as efficiency and risk head-on, delivering intelligent, scalable automation for Retailers is essential. But, even better, having ONE Invoice Management solution that can integrate with procurement systems for both stock and non stock invoices in one platform is a game changer for AP teams.
AI Data Capture: Precision at the Point of Entry for all!
The start of the invoice workflow is invoice receipt. An invoice management solution that has AI-powered data capture that extracts and validates invoice data with high accuracy, which rejects duplicates or non-compliant invoices, protects the organisation from fraud at the outset. Automatically identifying whether an invoice relates to stock or non-stock procurement and applying the appropriate logic for processing means AP teams have one solution to view the status of ALL invoices.
Matching, coding and approvals, assisted by AI agents for Retail Finance Teams
Add in the features and benefits of an AP Automation solution that uses agentic AI to identify, categorise and route PO and Non PO invoices from multiple entities, integrating with 2 or more procurement systems to match, code and approve, and/or route to exception workflows. AI tracks responses, updates invoice status, and resolves issues without AP team involvement. And the agents are always learning, using historical resolutions to improve future query handling. This level of automation enables the AP team to achieve a touchless process for ALL invoices.
Multiple Entity/County/Currency/Language – no Problem!
Retail organisations often operate across multiple countries and legal entities, each potentially using different finance systems with associated currencies and languages. Being able to use ‘one instance’ solution that can offer a unified approach eliminating the need for siloed solutions and provides centralised control with decentralised flexibility.
Visibility: Just to be Clear!
Reporting features allow accurate data to be available in real time, essential for cashflow forecasting, identifying bottlenecks and ensuring that the automation is a continuously improving processes. Invoice data can be viewed by Days Outstanding, by Supplier, Approver, GRNI, and more. Finance teams can use the reporting functionality for KPIs, Government mandated reports have the all information required dramatically reducing the workload on AP teams and accelerating invoice throughput.
Retail Finance Teams achieving 100% Straight-Through Processing (STP)
With accurate data in both the invoice and procurement systems, 100% STP is achievable. This occurs when invoices are captured, verified, matched, coded, and posted without human intervention. Benefits include:
- Reduced processing time and cost.
- Improved supplier relationships through faster payments.
- Enhanced data accuracy and audit readiness.
- Scalability across entities and systems.
Conclusion: Intelligent Automation for Retail Finance Teams
Invoice Management and AP Automation solutions are ideal for Retailers’ unique challenges, offering deep integration, AI intelligence, and end-to-end automation. Whether you’re managing stock or non-stock invoices, across one or many entities, get in touch with the listening team at Documation.
We understand your challenges. We have complex solutions with leading retailers live in production NOW! And we know we can provide the tools to streamline your operations, reduce your risk, and unlock strategic value. Find out more – Book a session with our Listening Team.
