AI, machine learning and digital transformation are all concepts poised to transform the future of business – but can they really have a direct and meaningful effect on the day to day experience of Accounts Payable (AP) and Finance professionals? Here are just a couple of ways that they can make a huge difference.
Account payable departments are still heavily reliant on manual tools such as spreadsheets, or legacy systems that need to be augmented with complex workarounds or manual processes. All of these are susceptible to human error as information is carried from one format to another. New technologies such as image recognition robotics and neural networking can replace these disparate tools and processes, reducing both the likelihood of human errors and opportunities for fraud potential and shrinking the likelihood of financial loss.
Seamless document capture
Financial documentation now arrives in a vast array of different formats – and many accounts payable departments are struggling with inefficient, error-prone manual processes while they search for a way to catch up. Automated tools can empower you to handle document streams from multiple sources and in multiple formats effectively, leaving staff free to create value for the business are essential to creating a competitive operation.
While robotics and AI may sound slightly out of reach, the positive effects of automation are anything but. Cloud-based technology is already helping businesses eliminate inefficient, manual approaches and streamline their invoicing in ways that reduce costs and increase value. And these examples represent just a selection of the ways in which your accounts payable function could benefit from automation and AI.