Accounts Payable (AP) and the Benefits of Artificial Intelligence (AI)
By Katie Foley
Artificial Intelligence (AI) is no longer this wondrous hypothetical area of technology. It is here and it's permeating all facets of the manufacturing industry. The most recent advances can be found in Accounts Payable (AP). Visionary companies see properly employed AI gives their companies distinct advantages over their competitors.
Incorporating artificial intelligence into accounts payable enables computers to make data-based decisions in microseconds. AI will enhance a company's analytical ability and increase productivity. Multi-lingual human machine voice interaction is another overlooked area in which an AI/AP marriage can catapult savvy manufacturers above their contemporaries.
BENEFITS OF AI-AP INTEGRATION:
- Compatible with Enterprise Resource Planning (ERP) Systems - Utilizing data extraction software, AP departments enhanced with AI can easily communicate with the company's ERP. Internal processes are streamlined resulting in increased production and cost reduction.
- Hyper Accelerated Invoice Automation – Manufacturers deal with invoices of varying types and even varying languages. AI integration provides for constant monitoring of accounts payable and can immediately act on all types of invoices, regardless of format. The need to physically process invoices is virtually eliminated. Furthermore, AP Managers have access to real time data.
- Reduced IT Manpower – The latest AI enables accounts payable personnel to facilitate learning via easy to use interfaces. This reduces the need for IT personnel to wrestle with complicated algorithms and code writing.
- Fraud Reduction - AI can also reduce fraud by rapidly identifying patterns gleaned from accumulated data associated with previous fraudulent transactions.
The integration of artificial intelligence with accounts payable will yield great benefits, regardless of company size. However, AI integration as with other types of machine learning is not a plug and play panacea. Please contact us for a consultation. We serve a multitude of businesses in all types of manufacturing areas. We can show you how to get the most immediate results from AI integration, as well as laying out the long-term logistics associated with incorporating artificial intelligence.
Sources:
https://www.journalofaccountancy.com/newsletters/2017/oct/artificial-intelligence-changing-accounting.html
https://www.accountingtoday.com/opinion/transforming-ap-with-ai
https://www.mediusflow.com/en/untapped/articles/people/artificial-intelligence-and-future-of-accounts-payable
