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!