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In today's fast-paced business landscape, companies strive for seamless and error-free procurement and invoicing processes. A game-changer is the increased use of artificial intelligence (AI).
AI is fast becoming the enabler for automating procurement and procure-to-pay processes. AI replaces manual, data-checking tasks and transitions businesses to digitalised ways of working.
And how does AI do this? AI detects trends and automates tasks based on a business’ defined rules. Processes become more efficient over time, and businesses begin to work much smarter.
How did businesses operate before AI?
Before AI, business transactions and connections were possible using Electronic Data Interchange (EDI).
EDI enables cross-business electronic transactions, but only possible when both businesses agree on the structured data type. The EDI process is reliable, but can be complex, high maintenance and costly. This is why businesses tend to use EDI to process just a small number of transactions, and then PDF and email for remaining documents.
It is easy to see why businesses aren’t using PDF and email for all documents. PDFs can be in various formats, therefore requiring a great deal of manual effort from both the customer and supplier. From reading, checking, validating and document matching.
Error-free connection of suppliers
To work smarter, businesses must welcome the high degree of automation that doesn't come with PDF and EDI processes. By welcoming automation, businesses create error-free supplier connections which enable more efficient processes.
This is where AI comes into play.
AI reads documents with high accuracy without manual work required. Already, businesses no longer need to read, process or validate documents, as AI does this for them. For example, AI can detect that “zero” and “0” are the same - a match not usually possible without human intervention. AI can also match similar information e.g. one document stating “4x 25kg” and one document stating “1x 100kg”.
How AI benefits business processes
When a business welcomes AI, the benefits are quick and clear:
Time savings through more efficient working methods
Significant improvement in process quality and speed
Cost optimisation, faster ROI
Simple and quick connection of suppliers
Secure, certified data processing
Profiling of purchasing as an innovation driver for digitalisation
Higher attractiveness for specialists
Of course, the right AI technology comes when choosing the right solutions provider.
Banqup Group’s AI solutions
With Banqup Group, your business can welcome AI and start enjoying automated, data-led, digital workflows in no time at all.
Using our solution, say Goodbye to expensive EDI and manual extraction. Say Hello to streamlined processes and defined workstreams, tailored to your business’ needs. Explore our procure-to-pay solution today.