In today's digital age, businesses are under increasing pressure to streamline their operations and reduce costs while also delivering better customer experiences. For AP departments, this means finding ways to automate processes, reduce errors, and increase efficiency. That's where AI and ML technologies come in.
So, what are AI and ML, and how are they used in Basware's solutions?
AI stands for artificial intelligence, which refers to the ability of machines to perform tasks that typically require human intelligence, such as understanding natural language, recognizing images, or making decisions. ML, on the other hand, stands for machine learning, which is a subset of AI that involves training machines to learn from data without being explicitly programmed. In other words, ML algorithms can automatically improve their performance as they process more data, making them ideal for tasks such as pattern recognition, anomaly detection, and prediction.
In Basware's solutions, AI and ML technologies are used in a variety of ways, including:
Intelligent invoice capture: Our AI-powered invoice capture solution can automatically extract data from invoices, such as supplier name, invoice date, and total amount, without the need for manual data entry. This not only saves time but also reduces errors and ensures compliance with tax and accounting regulations.
SmartCoding: Basware's ML-powered smart-coding feature can automatically assign the correct general ledger code to invoices based on past transactions and other data. This not only reduces the need for manual coding but also improves the accuracy of coding and reduces the risk of errors and fraud.
Predictive analytics: Our AI and ML algorithms can analyze financial data to identify patterns and trends, such as supplier performance, spending patterns, and risk factors. This enables businesses to make more informed decisions and optimize their processes to reduce costs and improve efficiency.
SmartPDF: This solution allows businesses to automatically extract invoice data from PDF documents and transforms it into a real e-invoice. This feature saves time and provides better data quality to AP systems and eliminates the need for manual work.
SmartPDF with Self-Validation: This newest solution provides businesses with enhanced benefits compared to the standard SmartPDF feature. Even exception invoices can ow be automated by training the AI to recognize them.
The benefits of Basware's AI and ML solutions
Increased efficiency and productivity: By automating manual tasks and reducing errors, businesses can free up time and resources to focus on more strategic activities.
Improved accuracy and compliance: By using AI and ML to automate processes and reduce errors, businesses can improve the accuracy and compliance of their financial data.
Better decision-making: By analyzing financial data and identifying patterns and trends, businesses can make more informed decisions and optimize their processes to reduce costs and improve efficiency.
Enhanced customer experiences: By streamlining processes and reducing errors, businesses can provide a better customer experience and improve their reputation in the marketplace.
What makes Basware’s AI and ML stand out?
Firstly, we’ve got a long history of innovation and expertise in the AP space. We were one of the first companies to introduce e-invoicing to the market and have continued to develop cutting-edge solutions that leverage the latest advancements in technology. This deeper expertise, combined with a commitment to delivering value to customers, has enabled us to develop solutions that are highly effective at automating AP processes.
Secondly, Basware's AI and ML technologies are highly accurate and reliable. We’ve made significant investments in developing advanced AI and ML algorithms that we have trained on vast amounts of data. This has enabled them to achieve high levels of accuracy in invoice capture, coding, and payment processing, which reduces the risk of errors and fraud.
Thirdly, our solutions are highly configurable and customizable, which means that they can be tailored to meet the specific needs of different businesses. This flexibility is important, as businesses have different processes and requirements when it comes to AP automation. Basware's solutions can be configured to match these needs, which helps to improve overall efficiency and effectiveness.
Overall, our use of AI and ML technologies has enabled us to develop highly effective solutions that are accurate, reliable, flexible, and scalable. These capabilities set them apart from competitors in the market and position them as a leader in the AP automation space.
Technology to transform traditional business
In conclusion, Basware's use of AI and ML technologies is a prime example of how technology can be used to transform traditional business processes and achieve greater efficiency, accuracy, and compliance. With our focus on delivering value to customers and our deep expertise in the industry, we’re well-positioned to help businesses of all sizes to achieve their finance automation goals and drive innovation in their respective industries.
To learn how you can push the boundaries of automation with AI and ML technologies, check out this factsheet.
If you want to see how you can use these intelligent tools to reach a state of touchless invoice processing and true automation, listen to this on-demand webinar.