The State of ePayables and AI
07/14/2023 by Andy Birkey
Ardent Partners has released its report, The State of ePayables 2023: Paving the Way for a Smarter Future, and it has some insights into what the future holds for AI and AP Automation.
“The emergence of new technologies such as artificial intelligence (AI) and predictive analytics, has created a new wave of opportunities for AP professionals to streamline processes, reduce costs, and provide greater strategic value to their organizations,” the report authors note.
The report identified four key areas of how AI is being used to revolutionize the AP Automation industry.
Invoice capture and Data Extraction: AI-powered capture technology allows invoices to be extracted into the system where AI-powered algorithms learn from the data. This speeds up processing times and improves accuracy.
Invoice routing and approval: AI-powered AP systems can approve invoices, and for exceptions, AI-powered solutions can identify issues and rectify them. This reduces the number of invoices that need to be manually reviewed for exceptions.
Fraud Detection and Prevention: Adding AI to existing AP automation systems can enable analysis of historical data and behaviors to detect anomalies and flag suspicious activity.
Data Driven Insights and Reporting: AI paired with AP Automation means that a wealth of data can be analyzed and shared across an enterprise. This can help with financial forecasting and vendor savings.
As the speed of innovation accelerates in the AI space, the report authors note that organizations will need to be aware of the ethical concerns associated with AI. But the advantages are worth any risks as long as they are addressed!