Espoo, Finland, 1 February 2018 – Basware, the leading provider of Purchase-to-Pay solutions, is helping companies prepare for the future with smart coding technology, a new functionality that pushes the boundaries of machine learning to automate the processing of non-PO invoices.
Smart coding eliminates the need for a human to manually code invoices when there is no purchase order (PO) created to match to that invoice. Using a new state-of-the-art machine learning algorithm, smart coding technology automatically searches and analyses historical data and invoice coding templates to recommend the proper general ledger (GL) coding of non-PO invoices. These invoices would otherwise get trapped in a time-consuming, manual workflow. By leveraging and learning from company financial data, the technology is able to continuously improve the accuracy of its recommendations – increasing efficiency, productivity and accuracy of invoice handling.
Smart coding also helps companies collect and aggregate more financial data for the future by automating processing across another invoice format.
“Emerging technologies like machine learning, artificial intelligence and blockchain feed on large datasets – it’s what these tools need to be effective,” said Sami Peltonen, vice president of Purchase-to-Pay, Basware. “Smart Coding prepares us for the future, by ensuring all of an organisation’s financial data is quickly and accurately captured – regardless of invoice type – underscoring the need to implement this technology today.”
Basware is the global leader in providing networked source-to-pay solutions, e-invoicing and innovative financing services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organisations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com.
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Read more on this topic here, where Sami Peltonen explains how the smart coding functionality takes invoice automation one step further.