In Part 1 of this three-part blog series, we began to explore the positive impact of AI on finance teams. We were reminded about how AI is already present and making things easier in our daily personal lives and in our business environments. And we became aware that when it comes to automating finance processes, we can address and eliminate many pain points, such as replacing tedious and mundane tasks with more value added work, and having clearer insight into the finance workflows.
In Part 2, we get a little more technical.
The use of AI in accounts payable solutions makes a significant positive impact on the finance department. Even better news, because of the maturity, reliability and industrialization of today’s intelligent AP automation solutions that are leveraging AI, business models have been created that are now accessible to and affordable for the small and mid-sized markets—exciting, because previously these solutions were only available to enterprise firms on-premise.
- Algorithms have become more and more reliable, flexible, and adaptable, permitting solutions to automatically manage a variety of document types, such as invoices. As a result, data is automatically recognized in an exhaustive and reliable way, with no prior configuration.
- SaaS (software-as-a-service) cloud solutions are available to millions of users, which results in constant technological enhancements. This contrasts to older on-premise solutions that limited usage.
- The self-learning—machine learning—capabilities of cloud-based software solutions are constantly improving. These solutions essentially “learn” from their mistakes and do not make them again once humans correct them.
Here at Yooz, we’re leveraging all of these technological advancements powered by AI. And we’ve made our motto: Easy. Powerful. Smart.
In Part 3 of this three-part blog series, you’ll learn how the use of AI in financial and accounting systems is leading to real profits.
The content for this three-part blog series is extracted from the Yooz whitepaper of the same name. For a comprehensive report on the impact of AI on finance teams, download the complete whitepaper.