What if your accounts payable (AP) team could spend more of its time on the things that matter most, and less time on manual, repetitive tasks such as keying invoice data, matching purchase orders and shuffling paper and emails?
That’s the promise of artificial intelligence (AI), adaptive, algorithm-based technology that automates tasks that used to require human involvement, freeing staff to focus on higher value tasks.
AI mimics human thinking and intelligence, extracts and analyzes vast amounts of data, and learns how to make decisions, without intervention. And the technology delivers better results over time.
No wonder that AI’s potential has been likened to the introduction of electricity and the microchip.
Investment in AI and human-machine collaboration could increase revenues by 38 percent over the next five years.
The increasingly accessible technology is pervasive in our consumer lives – from smart homes to telemedicine services – and is quickly gaining traction in the back-offices of businesses.
Automating menial tasks not only is better business, but it also makes for a better workplace. Freed from the drudgery of manual tasks, AP staff can pursue new skills to advance their careers.
This white paper shows five ways that AI is revolutionizing AP.
5 ways AI is revolutionizing AP
- Automated data capture
- General ledger coding
- Intelligence gathering.
- Predictive analytics
- Payment fraud detection and prevention.
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