Artificial intelligence enables software or machines to understand tasks by producing for itself the rules programmers cannot specify.
By analyzing data sets and patterns, artificial intelligence helps automate menial, time-consuming tasks such as invoice data capture and the matching of invoices to purchase orders and/or shipping receipts. The technology understands the tasks that must be performed for a business application.
Artificial intelligence also can mine information to provide contextual insights for decision-making and financial planning. For instance, the technology enables organizations to intelligently leverage data from millions of transactions stored in repositories or other systems to find invoice information.
What’s more, artificial intelligence employs so-called machine learning to achieve better results over time. Machine learning uses sophisticated algorithms to eliminate the complex, rigid and time-consuming process of programming all the steps required to automate a business process such as invoice data capture. The technology can “train” itself to recognize documents (e.g. invoices) and to capture the necessary data based on their characteristics (such as extracting the invoice amount).
More payables departments are deploying or planning to deploy artificial intelligence to automate costly, error-prone and inefficient processes, while improving corporate decision-making and agility.