Accounts Payable AI: A New Competitive Edge
capitalmarketsciooutlook

Accounts Payable AI: A New Competitive Edge

By Capital Markets CIO Outlook | Monday, June 17, 2019

FREMONT, CA: AI has been becoming increasingly more interesting in the accounts payable (AP) realm. It has been altering the prospects of AP with some outstanding results like improved efficiency, smooth account processing, and additional data insights. Large enterprises with global creditors can deploy AI to interpret thousands of contracts, excavate and analyze crucial clauses, and carry out risk assessments. The enormous amount of data where AI can be applied to analyze is altering the face of AP as well as other businesses.

Battling Fraud:

AI within AP can help in protection against fraudulent activities and attacks. Cyber-criminals are becoming sophisticated with their upgraded activities, and big enterprises and financial organizations are not safe anymore. AI can analyze an enormous amount of data from breaches around the world and detect even the smallest resemblances between earlier cases of fraud to avoid them in the future. In such circumstances, AI will raise a red flag whereas human analysis might miss the similarity in the first place

Automation:

Automation is already providing organizations with better security within their AP departments and capitalizing efficiency in the combat of fraud. AI will not replace these automation techniques, but it will balance and empower them.

AI-Driven Tasks:

• Clearance of invoice payments
• Upgradation of invoice automation
• Audit of expense reports
• Risk assessments
• Month-end closures
• Data analytics
• Learning from patterned data-sets and suggestion of general ledger codes

Check out: Top Banking AI Companies

Benefits:

A significant advantage of the digital transformation in AP is the elimination of paper. Automation and AI work in tandem to reduce the stress from IT support daily. With AI inside AP, systems can be calibrated accordingly, and the staff member can invest their efforts in other sectors of AP. Graphical dashboards present within AI systems will enable managers to observe vital metrics in real-time, ultimately leading to an AP department with full operational capability.

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