How Useful is Machine Learning In Automated Invoice Processing?
The most successful companies are now using artificial intelligence (AI) to improve productivity and streamline time-consuming processes. It’s time you did, too! One of the AI-based solutions you can try is machine learning invoice processing, an automated solution for your accounts payable (AP) team.
In this blog :
How can machine learning invoice processing grow your organization?
Machine learning is an AI technology that uses data to teach itself over time, continually finding patterns and improving. So, how will this work for your accounts payable (AP) processes?
Machine learning invoice processing can quickly ‘learn’ your organization’s invoice processes and automatically apply the rules to new vendors. As a result, it delivers the following benefits:
- Faster data processing
AI technology can automatically code your invoices according to historical patterns, ultimately eliminating manual invoicing processes. This automation can reduce a five-minute task to as little as 20 seconds, helping your organization save up to 77 hours each week.
In extreme cases, you can customize the process to work 24 hours a day, preventing backlogs. In addition, your data will be stored on the cloud, allowing authorized users to access it regardless of time and location.
- Improved data accuracy
Machine learning uses optical character recognition (OCR) technology to capture data, distinguish text in scanned paper documents, and translate it into code. This technology detects patterns and character features, minimizing the risk of human errors in your AP process.
In addition, machine learning can recognize duplicate invoices and signs of fraud, preventing data breaches and operational risks.
- Increased productivity
As your manual processing tasks shift into automation, your AP team will be able to focus more on financial planning, strengthening customer relationships, and tracking company expenditures. As a result, your organization’s productivity can increase by up to 65%.
Additionally, machine learning invoice processing improves your bottom-line with timely invoice approval resulting in early payment discounts and an increased profit margin!