Automation is ruling the accounts payable industry for years and this year, artificial intelligence and robotics will play a key role in AP.
Artificial Intelligence (AI)
The usage of artificial intelligence in accounts department may seem something like out of fiction, but that’s actually what going to happen in 2017. AI is nothing but implementing machine learning into the automated solutions. As finance is burdened by a lot of manual work, accounts payable is likely to be most impacted by artificial intelligence. The technology will use algorithms to achieve optimal efficiencies and provides contextual insights for decision making.
AI can leverage data from millions of transactions and the insights generated can help reduce operational costs. Also, it can help monitor business procedures to ensure compliance with regulations and corporate policies. In the coming years, AI can eliminate cumbersome processes such as bookkeeping & transaction coding, and enable staff to focus on capital management and business planning.
Robotic Process Automation
Using virtual technology to take on the work of humans when interacting with applications will transform the procure-to-pay function. Automating process through robotics will allow you to perform repetitive tasks continuously and flawlessly all the time with minimal set up. Technology ensures error-prone payable processes and eliminates much of the mundane and time-consuming tasks such as data-entry.
Also, robotics in AP will accelerate cycle times, easily manage tasks in volume, ensure consistency in operating procedures and streamlines audit & compliance activities. Human work can be combined with robotic process automation to streamline the supplier management and to tightly align accounts payable with other departments. This way accounts payable staff will be left with more time to manage revenue and cash flow and put their efforts in planning and forecasting.
Swapping human operation with robotic process will make inefficient accounts payable process into more efficient. Robotic process automation enables accounts payable departments to streamline business outcomes and spend time on more value-adding activities.