Artificial intelligence – moving towards touchless accounts payable?
In the future, artificial intelligence (AI) will be used in every company. Organizations from all sectors will automate a vast range of tasks using machine learning algorithms. AI chatbots will be on hand to respond to queries and speed up processes. According to recent research conducted by Forrester, 89% of organizations plan to implement AI in supply chain and procurement processes over the next two years.
Artificial intelligence in the Finance department
One area in which AI is expected to deliver significant value is in the finance department. The Institute of Chartered Accountants in England and Wales has said that AI will bring improvements in three areas:
- Providing better and cheaper data to support decision-making
- Generating new insights from data analysis
- Freeing up time to focus on more valuable tasks such as decision-making, strategy development, relationship building and leadership
Can AI already add value to your business?
The use and capabilities of artificial intelligence will only increase, but it can already deliver some of these improvements today. One of the key areas where it can already add significant value is in accounts payable (AP).
In this paper, we will show the value that AI can bring to the AP department today, and why organizations must embrace its use to enjoy these gains. We will explain different levels of automation such as Robotic Process Automation (RPA) and machine learning, as well as future possibilities with this new technology.
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Artificial intelligence: download the guide
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