Emerging technologies in AP
AI and machine learning are critical components of AP automation, and companies use them to detect errors and anomalies, intelligently match products across purchase documents, and learn invoice and supplier behaviors to optimize invoice collection and reduce human interaction.
The invoice receipt component of a sophisticated AP automation solution, for example, employs optical character recognition (OCR) combined with AI to automatically fill in missing information into suitable invoice fields. This ensures that invoicing grows more accurate over time and requires less human interaction.
The utilization of big data, combined with AP’s unique understanding of an organization’s working capital, provides enterprises with unmatched visibility – not only into the previous performance but also into future results. To put it another way, big data enables predictive reporting and analytics, which provides business leaders with actionable insights into their businesses.