Where AI Works in e-Invoicing: 5 Sub Processes

We are heading to touchless. Automation has taken us far, but not far enough. The new rocket fuel is AI.

 AI-powered automation drives down manual effort and errors, and speeds up cycle times in a way some traditional technology finds challenging.

 During this webinar, we will be exploring where AI and Machine Learning help your e-invoicing program and AP process.

In this webinar with Tradeshift we explore the 5 sub processes that lend themselves to AI automation, and what results to expect.

•  Understand the 5 areas that are ready for AI
• See how applying AI will speed up your e-invoicing deliverables
• Be able to improve your supplier relationships
• Set your AP up for better KPIs including improved:
• Cost Per Invoice
• Payment on Time
• % of invoices electronic
• % of invoices Matching First Time
• % of Touchless Invoices
• Productivity per FTE

Key takeaways from this webinar

• Despite the potential of automation, currently, only 32% of companies achieve average straight-through processing, indicating that most workflows still require human intervention. AI can significantly improve this by completing or assisting in transaction processing.
• One of the main challenges in leveraging AI is ensuring high-quality data. High-quality datasets are essential for both generative AI and machine learning to function effectively.
• AI should be integrated both internally and externally in business processes. For Software as a Service (SaaS) providers, this means enhancing business processes with AI. Internally, AI can assist various departments, including engineering, product teams, sales, and customer success management (CSM).
• Companies not adopting AI risk falling behind competitors. AI accelerates transformation towards paperless and touchless processes, significantly reducing the cost of processing invoices by up to 50%. This leads to substantial savings, particularly with high invoice volumes.
• Top-performing departments leverage AI for end-to-end automation, achieving high straight-through processing rates and significant cost savings. Successful automation leads to better seller satisfaction and fewer disputes. Companies can use these metrics to demonstrate their efficiency improvements to leadership.

How AI can improve the efficiency and accuracy of digital accounts payable processes.

1. Supplier Onboarding: AI can help match supplier data from various sources, ensuring clean and unique master data.
2. Invoice Processing: AI can identify the right people to resolve issues and facilitate collaboration between buyers and suppliers.
3. Information Linking: AI can link invoices to the correct transactions even if the information is missing or incomplete.
4. Invoice Coding: Coding invoices with the correct chart of accounts is typically manual and prone to errors. AI can automate this by training models on specific company data, ensuring accurate and efficient coding.
5. Spend Analysis: AI can categorize and annotate unstructured invoice data, providing detailed insights into spending patterns.

View the webinar below: