Artificial Intelligence (AI) aligned with Accounts Payable Process

With the emerging tough and competitive business environment, the adoption of the hottest buzzword of the century Artificial Intelligence (AI) can be seen permeating with different departments of different sectors and one of them is accounts payables that is the crux of the finance department which controls all the received invoices. Alignment of such processes with AI may make us hesitant at first, the idea of losing control over something so vital to a business. However, in reality automation of such processes can reap long term benefits to the organization. Few of the benefits are stated below:

With the emerging tough and competitive business environment, the adoption of the hottest buzzword of the century Artificial Intelligence (AI) can be seen permeating with different departments of different sectors and one of them is accounts payables that is the crux of the finance department which controls all the received invoices. Alignment of such processes with AI may make us hesitant at first, the idea of losing control over something so vital to a business. However, in reality automation of such processes can reap long term benefits to the organization. Few of the benefits are stated below:

With the emerging tough and competitive business environment, the adoption of the hottest buzzword of the century Artificial Intelligence (AI) can be seen permeating with different departments of different sectors and one of them is accounts payables that is the crux of the finance department which controls all the received invoices. Alignment of such processes with AI may make us hesitant at first, the idea of losing control over something so vital to a business. However, in reality automation of such processes can reap long term benefits to the organization. Few of the benefits are stated below:

Better Fraud Detection: AI can automatically detect errors and subsequently make intelligent decisions related to the process. The chances of non-detection of errors via automated process are reduced when compared with the process conducted manually. This also helps in improving approval workflow.

Cost Reductions: The adoptions of automated process can be costly in the beginning but it can save the cost considering the long-term perspective as the cost of automation has been on a downward trend in comparison with labor costs that have been rising over the years. The organizations can save cost of hiring employees in future, training costs, contributions to employees etc.

Time Saving & Productivity: Unlike more traditional data capture systems, AI automated AP process can greatly save the most precious resource time. With automated process greater number of invoices can be processed in the same time allowing us to devote more time to other prioritized tasks.

Reduced Dependency on IT Manpower: The latest AI enables accounts payable personnel to facilitate learning via easy to use interfaces. AP staff members can go through the one-time process of training their systems on the business needs and logistics via a user-friendly interface. This will help in reducing the dependency of the IT personnel complications.

-Rahul Sharma, Associate, ShineWing India