Key AI and Machine Learning Trends in the World of Procure-to-Pay
Leading AP and P2P automation technologies enable businesses to create direct connections with each of their suppliers.
FREMONT, CA: As enterprises attempted to keep distant employees linked and automate operations while moving forward in their digital transformation journeys, the Coronavirus disease (COVID-19) drove them to expedite technology expenditures.
Companies were obliged to quickly establish ways to improve their accounts payable (AP) and procure-to-pay (P2P) procedures to ensure operations could continue humming along when staff started working from home overnight because cash flow is the lifeblood for all the businesses.
During this period of change, astute businesses invested in sophisticated AP/P2P automation technology that uses artificial intelligence (AI) and machine learning (ML) to turn AP from a tactical to a strategic business role.
Let's see a few of the reasons why supply chain managers are increasingly turning to P2P and AP automation to create smarter systems that boost productivity, cut costs, and position their company to succeed as it grows.
- Eliminating invoice exceptions
Even the finest AP teams typically spend more than half of their time resolving invoice exceptions or errors on invoices that require manual intervention.
P2P and AP automation allow a company to remove invoice exceptions altogether and assist AP teams in achieving 100percent straight-through invoice processing.Businesses can handle more transactions with less human participation now that there are no more invoice exceptions to address, allowing AP and other internal stakeholders to focus on other mission-critical areas of operations.
- Optimizing cash flow
Cash flow is a concern for every supply chain manager.
On the one hand, managers want to take advantage of any potential early payment discount. On the other hand, however, when suppliers do not give discounts, managers prefer to pay them due date, not a day early.
Hand-doing, these cash flow exercises, is a time-consuming process.AP and P2P automation give supply chain managers the peace of mind that comes with knowing vendors will be paid at the proper times, thanks to rapid invoice processing cycle times and comprehensive analytics.
- Preventing supply chain disruptions
Leading AP and P2P automation technologies enable businesses to create direct connections with each of their suppliers. As a result, suppliers can monitor payment status at a glance and, as a result, know when they may anticipate funds to arrive in their accounts.
- Detecting fraud automatically
Organizations can detect fraud automatically using AI and machine learning in AP automation, significantly reducing the chances of someone getting paid more than they owed.
New sender names, aberrant rates, and unknown products or services, among other things, can all be flagged by the technology.
- Bringing suppliers onto the network faster at a significant scale
Supplier onboarding is quick and straightforward with the correct AP and P2P automation solution. Regardless of the file format sent by the supplier, the technology can remap it to the form required by the enterprise resource planning system and the organization's preferences.
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