If you search the Internet, don’t be surprised to find that artificial intelligence (AI) and its potential capacity to truly disrupt the professional environment is a constant within companies that want to develop.
Although this concept is not entirely new, the availability of it and the saturation that exists in the financial services sector are accelerating.
AI is no longer restricted to tech giants and entertainment companies, although these structures tend to be first movers in integrating AI into products they have just launched on the market.
The relatively low cost of creating and deploying it in software applications has widened the range of its possible uses, especially in daily business processes. Within your company, when the question arises of the adoption of AI, or any other technology for that matter, your first instinct must be to ask yourself to what extent this will promote your growth, reduce your costs and improve your cash flow.
One of the examples studied here concerns the automation thanks to AI of the processes of a company in the finance sector. The solution was thus deployed in order to automate the processing of invoicesa monotonous task that proved to be time-consuming for employees who had to enter large amounts of data by hand before reconciling them with a large number of archives. The use of an automatic invoice processing solution using AI has made it possible to significantly reduce data entry errors and processing times.
In another example, a company managed to reduce manual data extraction processes. On average, reading and entering data on an invoice takes 3 minutes per invoice. Automating this process for processing nearly 500 invoices each month saves over 25 hours of time. This reduction is attributable to the ability of the AI to read, extract and transpose:
- the supplier’s name
- the payment deadline
- the date of the invoice
- the invoice number
- the reference and description of each item
- the amount
- price and taxes
As a bonus, the AI reduces the number of input errors made compared to the manual processes the client was using.
The AI that supports invoice automation “learns” and evolves day by day. When dealing with large amounts of data, it puts information into context and understands multiple languages. More importantly, employees who were previously in charge of these tasks can now focus on missions that are essential to the growth of the company.
It’s hard to imagine a market that wouldn’t benefit from automating invoices with AI. If your business purchases products or services, paying invoices as soon as possible should be a priority. For anyone in any finance function, using software to process invoices (known as accounts payable) with AI should be a simple formality.
To learn more about automating invoices with AI, watch the replay webinar “Automating invoice processing: Going further with artificial intelligence” with Julien Nadaud, Senior Vice President of Innovation at Corcentric.