5 Ways AI Fast-Tracks ViDA Readiness
Description
The webinar explains how AI can expedite readiness for the Vida mandate, particularly in the context of electronic invoicing and accounts payable processes. Learn how to leverage AI to streamline operations, enhance data quality, manage dual invoice streams, and handle exceptions efficiently. We explore the importance of AI in automating compliance tasks, enriching supplier master data, and evaluating vendor technology. Hear practical steps for organizations to implement AI solutions, including running pilots, securing executive sponsorship, and engaging AP teams early. The session highlighted AI's potential to reduce costs, improve accuracy, and transform finance functions into strategic drivers of growth.
Key Takeaways
1. Cost Reduction: can reduce invoice processing costs by up to 90%, from €25 per invoice manually to €1-3 with automation.
2. Accuracy Enhancement: AI can enhance master data accuracy, reducing supply data errors from 23% to under 3% in 90 days.
3. Invoice Workflow: can streamline dual invoice processing, enabling a single intelligent workflow for both Vita compliant and legacy formats.
4. Exception Handling: can significantly improve exception handling, auto-resolving duplicates and VAT mismatches, saving up to €150,000 annually in mid-sized operations.
5. Vendor Evaluation: can assist in vendor evaluation, creating defensible shortlists and CFO-ready scorecards, reducing evaluation time from months to weeks.
AI can take on all of that repetitive validation, mapping, reporting work, which obviously frees up the finance teams and enriching the data quality is really, I think one of the big benefits of where Gen. AI is, right? So there's an enormous ROI in this. - James Larmer
Speakers
James Larmer
