The recent advancement of artificial intelligence (AI) has led to the development of innovative invoice processing solutions. These solutions can provide a number of benefits, including: time savings, accuracy, reduced processing costs, improved customer service, and increased efficiency. Some of the most common AI-based invoice processing solutions include bots, chatbots, and machine learning algorithms.
Here are 5 reasons why businesses should consider an invoice processing AI:
Automate accounts payable processes:
The word “automation” is thrown around a lot in the business world, but what does it actually mean? In its simplest form, automation is the use of technology to reduce or remove the need for human input in a given process. Automation can be used in a wide range of industries, from manufacturing to healthcare to finance.
Accounts payable processes can be tedious and time consuming. Automating these processes can save your business time and money. Automated systems can help you manage invoices, payments, and expenses. They can also help you track spending and budget more effectively.
Invoice data extraction accuracy:
Invoice OCR refers to the process of extracting relevant data from scanned or PDF invoices and converting it into a machine readable format. An AI-based invoice processing solution can help this process but increasing the accuracy of your data.
Faster Invoice Processing
In today’s business world, it is crucial to have efficient invoice processing. By invoicing customers as soon as possible after the products or services have been delivered, your business can improve cash flow and maintain a good relationship with customers.
Many firms have a manual OCR data extraction process because they require the data that is locked in tables. This manual process caused bottlenecks, was error-prone, and slow. AI based invoice solutions solve this problem, without the eneed for OCR templates.
One test showed that “manual data extraction took over three and a half minutes, while AI-enabled extraction took just under 27 seconds.” (source: aavenir.com)
How AI-Based Invoice Processing Saves You Money
Since the early days of business, invoices have been a necessary evil. However, with the advent of artificial intelligence (AI), invoice processing is becoming more efficient and cost effective than ever before.
Thanks to AI, businesses can now automate the entire invoice processing process. From receivables management to dispute resolution, AI-based invoice processing can save your business time and money.
For example, by automating the process of data entry and matching invoices to purchase orders, businesses can save on average 10 minutes per invoice processed. This may not seem like much, but when you consider that businesses process thousands of invoices each year, the savings quickly add up.
In addition to reducing processing times, AI-based invoice processing also helps businesses reduce costs associated with disputes.
How AI-Based Invoice Processing Improves Compliance:
Invoice processing is often a time-consuming and complex task that requires human interaction to ensure compliance with company policy and government regulations. However, invoice processing can be made much simpler and more efficient through the use of artificial intelligence (AI).
AI-based invoice processing can help to improve compliance by automating many of the tasks that are involved in the process. It can also help to identify potential issues early on so that they can be addressed before they become a problem. Additionally, AI-based invoice processing can provide detailed reports on how invoices are processed, which can help to improve transparency and accountability.
By now you’ve read about the many benefits to implementing an AI-based invoice processing solution. The next step is simply choosing your ideal software. There’s so many to choose from, so I recommend focusing on the ones that will help you quickly predict and correct errors for increased Straight-Through-Processing (STP).