The impact of ever evolving technology on Accounts Payable
Let’s face it! We have come a long way since paper-based processes – most notably in finance and, more specifically, the Accounts Payable function. For many years, if not decades, organizations were filled with the harrowing tales of missing or duplicate invoices, human error and inaccurate data capture, lengthy manual processes. There was an inevitable knock-on effect of all of this, and more, on supplier relationships.
Those days are long gone! Over the years, the introduction of technology has increasingly transformed the Accounts Payable function. It has served to automate, streamline, and deliver enhanced capabilities to this vital process. This, in turn, has setup businesses up for greater efficiencies and accuracy, improved productivity and, most essential of all – improved relationships!
Entering a New Age of AI-powered Accounts Payable
Recently, it has just gotten a whole lot smarter! Artificial Intelligence (AI) is changing the world as we know it and Accounts Payable is no exception! But, before we delve a bit deeper into this game changing aspect of AI, let us look at some of the other technology milestones along the way.
What Technology has Delivered to Date
Advancements in technology has been revolutionizing what had been a very traditional and paper-based process for many years. Computerized accounting systems began to change the way employees engaged with financial data. The introduction of Enterprise Resource Planning (ERP) systems allowing businesses to integrate and manage several key business processes holistically.
Optical Character Recognition (OCR) delivered the ability to convert scanned images of text into searchable digital documents. It has also provided companies with the functionality to capture inbound invoice data far more effortlessly.
The dawn of internet and digital technologies further accelerated the transformation of Accounts Payable such as SaaS (Software as a Service) and cloud technologies. Further, ERP connectors and Application Programming Interfaces (API – a software intermediary that allows two applications to talk to each other) made it possible to integrate directly into existing AP processes. The result, the delivery of inbound invoices directly into your Accounts Payable system.
The automation of Accounts Payable most definitely heralded a new era – undoubtedly one of the biggest benefits of technology across this function. Automated Accounts Payable solutions have become increasingly critical to ensure businesses are able to compete in a constantly changing and evolving world. The benefits are numerous and well documented:
- full integration across the business
- increased efficiencies and speed
- reduced costs
- reduced errors
- greater visibility
- enhanced reporting and analytics enabling real-time strategic decision making
- easier compliance
- enhanced security
AI Provides an even Brighter Future
Enter Artificial Intelligence! The advent of which, together with machine learning, is heralding even greater transformation across the Accounts Payable function than probably ever deemed possible. It is securing and automating the processing of supplier invoices even faster, both its collection and entry. It is outperforming OCR when it comes to reading scanned images of text (for e.g., .pdfs).
Further, automation backed by an intelligent process can prompt consecutive processing steps based on scenarios and variables. This is coupled with the use of algorithms able to identify patterns that aid in the decision-making process. It is also able to, quickly and effectively, both validate and reconcile invoice data against purchase orders and goods receipt notes. The result – an almost immediate alert regarding potential discrepancies very early on in the accounts payable process.
These enhanced capabilities and efficiencies, amongst several others, can and will revolutionize the Accounts Payable function in its entirety. In addition to which, the resulting increase in security and control measures should render fraudulent activity synonymous with yesteryear.
Why the emergence of AI is different and Why you Need to Act
Historically, many of these technologies that led to visible and tangible AP benefits may have taken years to be developed or become fully integrated into organizations. The same, however, is not true of AI. It has arrived and it is fast – and it is revolutionizing Accounts Payable as we know it!
Artificial Intelligence is here to stay! Whilst there may be arguments both for and against, it is upping the ante and the level at which organizations are able to operate. It is time to take the next step!
At Symtrax, we help businesses accelerate their transition towards the digital future they envision and need!
We realize that digital transformation is about so much more than simply upgrading a single piece of technology for one process. The combined effort of multiple technologies able to work together, albeit on disparate systems, is what truly contributes towards effective (and holistic) digital transformation.
Our collaborative approach empowers organizations to harvest the most out of their resources, improving efficiencies without comprising security. Using automation, our document management services help reduce manual dependencies, making data management easier (cloud and on-premises).
Further, our direct integration with ERPs (API-based) ensures a direct communication channel with the system, delivering automated data conversion that allows you to toggle between the data formats best suited to your business processes. As your business grows, scale your initiatives to match your changing requirements – maximising the value of digital document transformation.
