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Artificial Intelligence is improving processes in multiple departments and industries, including the accounts payable department. Accounts payable has seen the application of artificial intelligence in automated workflows and matching that use software to determine how to route and match invoices based on the data in the invoice. This is similar to writing down the rules used in accounts payable and having software that follows those rules. But it means you still have to write down the rules somehow that the program understands it (routing paths, approval limits, etc.). The next level of automation comes with a subset of artificial intelligence, Machine Learning. Machine Learning is where the software uses historic data to determine what the rules are. Instead of telling the software, for this scenario do this, the software looks at historical data for scenarios that it can mimic with present transactions. Basically, it automates the configuration of rules. So instead of defining rules on a configuration screen telling the system what to do in certain scenarios, the system looks at historical data to determine what to do in certain scenarios.
Though machine learning and artificial intelligence are relatively new, it doesn’t change the levels of efficiency and productivity they provide for the AP department. These advancements allow the department to focus less on tedious tasks, such as manual data entry, and more on things like fraud prevention and taking advantage of early-pay discounts.
iPayables is using broad applications of Artificial Intelligence including Machine Learning to reach high levels of straight through processing with minimal configuration effort. Talk to a representative to find out more about how Machine Learning makes your job easier!
Why Switch to E-Invoicing?For among other things, better accounts payable efficiency and easier cash flow management. There are numerous other reasons to switch to electronic invoicing with iPayables, contact one of our implementation specialists and find out more.Would you be willing to provide us with a cost analysis? Yes. Please fill out our request form for more information and we will respond to your request promptly.
How much will I save by switching to iPayables? Probably a bunch! A recent study suggested that most organizations pay anywhere from $3 – 13 per invoice for traditional paper invoicing. With electronic invoicing with iPayables, your invoicing cost can be reduced to $1- 3 per invoice. With the larger organizations processing tens of thousand of invoices per month, the potential savings per year can sometime be hundreds of thousands of dollars!
Can I receive invoices through iPayables from all of my suppliers? For a supplier to participate, submit a request to your company’s iPayables administrator. Or, send the request to us and we will forward it on,[email protected]. Be sure to include your name, phone number and the vendor/supplier company name, contact and phone number, and vendor number (if known).
Do I need to install anything on my computer? You should not need to install anything on your computer. If you are having technical difficulties using iPayables, contact your technical support group or call us at the number at the top of the screen.
