Accounts payable automation benefits can be realized through AI today. AI solutions have already become a reality, and they are considered the game-changer in the market. Essentially, AI software can solve complex problems more effectively using smart computer algorithms.
Artificial intelligence has been a field of academic study for the last several years. But only recently, it found its place in procurement functions. Now, one can embed AI in almost all the software solutions, from contract management to spend management and strategic sourcing.
Accounts payable is one such back-office function that has been picking up pace in utilizing artificial intelligence and machine learning. AP departments can essentially use AI to process hundreds of thousands of invoices. It will involve training on how to recognize patterns and draft responses without human interference.
AP automation solutions with AI and ML also make forecasting fast and accurate.
Accounts payable software can scan and analyze unlimited amounts of data from any source or system and for any defined time to forecast cash, spending, and other critical data based on historical patterns and trends.
The account payable automation benefits are as follows:
- Increased capture of early payment discounts.
- Better regulatory compliance and reduced invoice and payments.
- Detects fraud attempts to get payments over fake invoices based on email detection & identification if the transaction is a valid one.
- Detects duplicate invoices based not just on invoice number but also on the invoice contents, such as the items/services bought.
- Predicts every transaction’s cost so that the effort and time required by the user to fill a requisition, purchase order, an invoice can be reduced.
- Replaces cumbersome and inaccurate OCR solutions.
- Efficient invoice data capture.
The use of AI in the AP process removes the complexity, risk, and payment errors when processing an invoice and facilitates greater accountability and visibility into supplier data. It also helps in realizing account payable automation benefits
Read Transforming AP into a Value Engine with AI to get deeper insights into how AI can revolutionize the Accounts payable function.