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AI and Automation is a top trend in Purchase to Pay
In this blog series Purchase to Pay Top 5 trends in 2020 we discuss top trends related to purchase-to-pay and invoice processing for the coming decade. What P2P trends should a CFO know about in 2020? How can a company respond to these trends?
In our previous posts we have discussed:
- The importance of supplier relations
- Data and the ability to analyze large amounts of data
- Minimizing risks
- Implementing a global solution for purchase to pay
In this final article, we will focus on artificial intelligence (AI) and automation.
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Automated Accounts Payable
Automation of accounts payable and other financial processes is not a new phenomenon. However, the level of automation is continuously increasing. With modern technology many manual tasks have already been automated. But, with artificial intelligence, there is a possibility to also automate tasks where some thinking is required.
The use and capabilities of artificial intelligence will only increase, but it can already deliver some of improvements today. One of the key areas where it can already add significant value is in accounts payable (AP). Experts believe that AI will be used by used in every company in the future.
AI and Automation in supply chain
According to a Forrester study, 89% of organizations plan to deploy artificial intelligence in supply chain and procurement processes over the next two years.
It’s popular to see artificial intelligence as “the rise of the robots”, but in many ways artificial intelligence allows employees to spend more time and energy on tasks that are relevant to humans – tasks that require genuine human intelligence.
Artificial assistants in the finance department
Today, automation technology for the purchase-to-pay process can be seen as artificial assistants that streamline financial management processes and improve accuracy and data quality. Read more about how these artificial assistants improve and streamline the purchase to pay process in our whitepaper.
For 2020, make sure to get to know to at least these two terms: Robotic Process Automation and machine learning.
Robotic Process Automation
Robotic Process Automation (RPA) is the first step towards automation and is already familiar to many companies. When it comes to software robotics and automation, we mean standalone programs that perform tasks according to predefined rules that reduce manual work and human error. For this level of automation, purchase-to-pay solutions are excellent.
Machine learning is another widely used term when it comes to artificial intelligence and automation. Unlike the previously mentioned software robotics, artificial intelligence is a self-learning program. This level of technology is suitable for companies that handle a large number of similar invoices.
More about AI and Automation
If you really want to dive into the AI subject, make sure to join the world famous (and free!) online course: Elements of AI by Reaktor and University of Helsinki – if you haven’t already of course.
This was the last article in this blog series, where we have given our top 5 recommendations for the year 2020 in the world of purchase to pay. The essence of great process management lies in the big picture and making sure that the process serves a purpose and moves the organization forward.
It is also true that top trends change over time. To stay updated on new technology and automation in P2P and AP processes, it’s a good idea to follow our blog. Subscribe by completing the form below!
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