Revolutionize Accounts Payable with Artificial Intelligence

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.

Conclusion:

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.

Rishika Banerjee

Share
Published by
Rishika Banerjee

Recent Posts

How to be a better procurement manager in 2022: The latest updates on procurement digitization

Over the past two years, we've seen how supply chains are constantly changing and facing…

2 weeks ago

Mastering Indirect Spend Six keys to success

In business, certain expenditures are unavoidable. The cost of raw materials and other direct costs…

1 month ago

e-invoice Exchange Framework: Standardization of Business Payments

Invoicing is one of the most critical aspects of doing business - how you get…

2 months ago

4 Challenges for Procurement in Launching New Products

Almost every business faces the challenge of launching new products at some point. For procurement…

2 months ago

How to Effectively Mitigate Supply Chain Risk in the Manufacturing Sector

The last two years have been turbulent for the manufacturing industry.  Broken supply chains, unavailability…

2 months ago

Experience the Game Changing Cognitive Procurement: Join Us at Procurement Summit 2022, Hamburg

Join us at Procurement Summit 2022 Zycus team is more than excited to meet all of…

3 months ago