The future of work is shaped by an ever-increasing demand for innovative digital technologies, as these advances hold significant ability to elevate productivity and push for efficient growth. It is imperative that companies embrace technologies that help enhance the human experience and improve employee workflows. Artificial Intelligence (AI) is a key technology for all industries moving forward, as it offers vital solutions to enhance employee performance and boost effectiveness within their teams. The key is using a system that is smart enough to know when it requires human interaction. It’s not about AI taking over the job, it’s about developing a seamless Human-AI interface.
AI thrives on sorting and analyzing data as it becomes a partner in streamlining processes. SEM Rush reports that 20% of businesses say automating tasks such as invoicing and contract validation is the “second most crucial use of AI.” However, many businesses struggle with the first step of invoice intake because vendors deliver their own invoice format or file type. So, how is AI your friend?
1. Gone are the days of scanning or manually keying invoices
You’re still receiving paper invoices and invoices sent via email, in every format imaginable.
Why do you have to manually enter invoices into your system?
Why do you have to touch each one?
The truth is – you don’t have to. To better understand how AI systems help enterprise platforms, we must first understand what exactly AI is and how it’s shaping our world. AI is a broad term that refers to systems or machines that mimic human intelligence to perform tasks (like processing paper and email invoices). Different types of AI power different sectors of industry and culture and the business sector requires a distinct form of AI to maintain efficiency. The most important branch of AI driving enterprise today is machine learning (ML), which helps businesses process large amounts of raw data quickly to perform complex, data-rich tasks. AI can analyze, make choices, or deliver outputs — or all three, but it best serves business when it can analyze thousands of inputs to recognize patterns and improve workflow.
AI can work as an autonomous intake channel (send it any invoice format via email) and it will read, enrich, optimize, and validate it (with the supplier)…with no human interaction. The AI will learn these steps and then perform them automatically. It will learn the process and flag those invoices that do not meet the rules. Now, that is a good friend.
2. No More OCR Templates
OCR was a great technology and really helped alleviate some manual invoice processing, but the templates are limited and the set-up very time-consuming. AI is the next step in the evolution of OCR. AI watches and learns the human behavior associated with processing an invoice from a supplier. The next time this supplier sends an invoice, the AI remembers them and knows where to look to gather pertinent information and processes it accordingly.
How? Well, the ML reads and processes any type of document, accurately extracting text, handwriting, tables, and other data. This allows you to automate document processing and act on the information extracted. This happens in seconds instead of hours or days. Fast and without human effort.
3. Say Goodbye to Errors
One of the main reasons for adding AI processes to your enterprise solution is to gain an increase in productivity and operational efficiencies. An SEM Rush report shows that 54% of executives say that “implementing AI in their workplace has increased productivity.” This allows for less human error, especially in rote tasks. Machine learning can help improve accuracy and save time and money by automating and optimizing routine processes and tasks. AI and ML are transforming the way businesses are able to deliver more in a shorter amount of time (without human error).
By integrating artificial intelligence when processing invoices, you can expect to boost efficiency and profitability, and enhance current operations, instead of making a vast change in your business models. It’s all about trusting the system and allowing these AI tools to input and analyze where data is repeatable. By doing so, you can expect employee satisfaction as automation replaces rote, or unproductive tasks, which leads to efficient workflows. In short, train your team to be strategic with the data — AI can deliver insights we may not have had before.
Remember, it’s important to note that artificial intelligence is not intended to replace human intelligence, but rather to support and enhance it. Improved workflow gives human staff a new vantage point to be strategic and forward-thinking, contributing new value to their role in the business.
Leverage Conversational AI to interact with invoices using natural language. The Relish AI engine turns all invoices into digital invoices ready for your AP process. Your team doesn’t need to re-type them, worry about errors, or even teach our AI. We’ll do that!
Address invoice rejections and warnings to suppliers before submission, comparing the supplier’s invoice header and line details to the expectation in the Purchase Order, Contract, or Service Agreement. Invoice AI will highlight any validation issues for the supplier to resolve before officially submitting. Valid invoices generate fewer supplier rejections from your AP process.