In addition to offering the only true collaborative Accounts Payable solution on the market, Stampli also delivers cutting-edge technology in another area; Artificial Intelligence and Machine Learning.
If you’re not already familiar with how Accounts Payable can benefit from A.I., allow us to enlighten you. Here are a few examples of how this technology makes the Accounts Payable process faster, easier, and more enjoyable:
- Faster invoice field entry with smart suggestions. Machine learning capabilities allow the system to recognize patterns, such as when a certain General Ledger (GL) code or a certain dimension such as cost center is applied to a certain invoice. Over time, the machine learns these patterns through advanced data analysis. Artificial Intelligence will suggest these codes to the users that would typically code them, meaning AI not only recognizes the suggestion, but also knows whom to suggest it to, and when. As you can imagine, this greatly reduces the amount of time AP spends keying data.
- No implementation project. Automation solution implementation can take months to complete and endless hours to support the changes in the organization to be reflected in the system. Much of that time is spent constructing the logic for coding and workflows. This means a laborious, time-consuming “project” on the part of AP before they begin to see results. Artificially intelligent systems do not require this project because the logic is learned as AP works in the system. The system’s initial learning curve is quickly balanced out by smoother, faster invoice processing.
- Duplicate entry identification. Duplicate invoice payments are so common and so hard to capture as most systems rely only on invoice reference number. Some invoices have no reference number, some AP clerks code only part of the ref number and the sad result is duplicate payments. An artificially intelligent system will look for similar invoices and will warn the user that they seem like a duplicate even if the reference number is different. They will also show the suspected duplicate to make sure the correct decision is taken.
Now, it’s time to meet Stampli’s Artificial Intelligence Assistant, Billy the Bot!