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EInvoicing & Automation

From Artificial Intelligence to Financial Intelligence: Can AI really form part of a strategic finance team?

Guest article by Magali Michel, Director, Yooz

AI fascinates us, excites us, even scares us a little (I’m still not sure I want to be on the same roads as self-driving cars!) But there is no denying that AI makes our daily lives so much easier than it was just a few years ago, and much more than imagined.

The positive impact of AI on finance teams

When we talk about AI, we immediately think about virtual assistants or chatbots, like Siri or Alexa, smartphones that identify us through fingerprint or facial recognition, cars that are able to detect pedestrians and to park themselves (often better than humans do). We also think about computers that recognise and analyse documents automatically.

Invoice Automation – It’s a Tool not an Answer….

Guest article by Marie Simpson, AP Project Manager, Dairy Crest

Let’s be honest about this and have a look at the bigger picture

Having implemented invoice automation systems, along with ERP systems, there is absolutely no doubt that there is time saving in Invoice Automation (IA) versus processing manually.invoice automation3 However – do not believe all the spiel that this is going to be the saviour of the business and that you can reduce your AP team drastically. At least not before you have processes and policies embedded!

E-Invoicing - Some organisations just don't get it

Some organisations get it. They fully recognise the potential e-invoicing has to transform their business. Others, quite simply, don’t. Those in the second camp see e-invoicing only as a potentially faster way of paying suppliers, but with added implementation and process change costs, and anyway they're quite happy the way things are – so push it to one side.

In AP automation - one size does not fit all

Accounts Payable automation solutions come in a variety of shapes and sizes, ranging from raw technology (capture, workflow) to purpose-built solutions, applied to sub-processes or the end-to-end process, including purchasing. During the adoption process, companies typically identify the focus of their automation initiative (what is slow and cumbersome, error-prone, or costly), research vendors of proven technologies, including delivery and support. Once the solution is selected, next is the implementation process, deployed according to organisation’s specifications. Beyond insuring that the solution is appropriate for a modest increase in the volume of invoices processed, there is little focus on how the solution will need to evolve in the future.

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