15 Mar How does artificial intelligence affect AP automation?
Automating certain aspects of the accounts payable function entered the business mainstream long before artificial intelligence became a vital component of efficient AP processing. As artificial intelligence increases in scope and usefulness, it is enhancing AP automation in numerous ways.
Savings in Time
AI data capture scans incoming invoices, intelligently identifying the relevant portions of the document or file, and inserting the obtained information into the appropriate locations in the accounting system database. While processing an invoice by hand requires an average of over 3 minutes, artificial intelligence completes the task in under 30 seconds. This speed increase allows for work to be accomplished approximately six times faster.
Increases in Accuracy
On their best days, extremely competent employees perform well for 8 hours, with a few breaks during that time, and achieve 95% accuracy. Automation changes that formula completely, allowing for 99% accuracy, 24 hours per day, 365 days per year. Adding artificial intelligence to the equation allows for unparalleled accuracy, nearing perfect, as the system learns more and more with each pass. The more invoices processed, the greater the accuracy.
Artificial intelligence augments human productivity rather than replaces it. AI allows employees to work smarter, not harder. Even the most fine-tuned automated accounts payable processes encounter ambiguities and edge cases which require human interaction to resolve. AI eliminates the mundane rote repetitive routine instances, enabling employees to engage strategically when required.
Reductions in Cost
With a significant productivity multiplier due to radical speed and accuracy increases, organizations are able to scale further and faster without expanding their headcount. Recruitment and retention is every organization’s highest cost. Minimizing additional recruitment needs results in direct control over cost expansion. allowing for growth without the usual accompanying expenses.
Learn more about the benefits of automating AP by contacting simplifiAP today.