Managing the day to day cash flows can impact a business in significant ways. Take accounts payable, for example. This part of working capital management can be managed more efficiently to save thousands of dollars every year. One area of growth has been the use of artificial intelligence in managing accounts payable.
From TG Daily (17 Nov 2017):
There’s no doubt that automation has had a strong impact on the Accounts Payable process. Regimented approval workflows, Optical Character Recognition (OCR) technology, and automated invoice processing have removed many manual aspects of the job. However, due to the nature of their implementation, they are essentially static solutions. Once implementation is complete, the workflows are in place, and AP staff are trained on the process, the solution has reached its highest potential for improving business operations. And for many companies, that is just not good enough.
Accounts Payable software that incorporates machine learning is capable of learning the structure of your invoices, and the patterns of manual data entry. The beauty of machine learning is that the logic and suggestions improve as you go. This eliminates the lengthy implementation project required by automation solutions.
In what other ways can machine learning help a business?
Source: Infographic archive