Medius squashes invoice lead times with efficient AI tech
Experts talk about Medius’ state-of-the-art data capture software that uses clever AI to extract invoice data automatically.
STOCKHOLM, August 17, 2021 – Medius, a leading provider of spend management solutions, is transforming its customer’s electronic invoice management processing with revolutionary patent pending design – ‘touchless capture technology’ – part of the Medius Accounts Payable (AP) Automation suite.
Utilizing Microsoft Azure Machine Learning and Artificial Intelligence (AI), with a user-friendly interface, Medius has developed an e-invoicing solution that captures and converts data dynamically, and dramatically reduces processing time to mere moments.
This is significant, because on average, it can still take up to 50 days for invoices to be processed due to inconsistent supplier standards, erroneous communications and human error.
As invoice data issues are discovered by accounts payable individuals, the AI-enabled solution learns and applies those discoveries to subsequent e-invoices, getting smarter after each use.
Medius VP of Capture Product, Katarina Andersson, said: “Touchless invoice processing eliminates errors and inconsistencies, helping to improve an organization’s efficiency.
“Companies that pay on time enjoy the best discounts from suppliers and can pass these advantages on to their customers.”
Bharat Sandhu, senior director, Azure AI and Mixed Reality at Microsoft, said: “Microsoft Azure helps Medius deliver a next generation, cloud e-invoicing solution that streamlines the accounts payable process for its customers. In today’s fast-paced and remote business environment, eliminating manual work and increasing collaborative visibility within an organization are real-world outcomes that Medius’ and our mutual customers are experiencing.”
One client went from 47% touchless to 97% touchless in just a few days, yielding significant benefits, including increased productivity and improved supplier relationships.
Transitioning to a touchless e-invoicing solution is simple with Medius’ plug-and-play system, which ensures minimal interruptions of operations during implementation. This allows organizations to save time and money instantly.
Renate Mortier, Medius customer and Finance Project and Support Manager at TVH, commented: “I was afraid receiving e-invoices would be complicated, but this will allow us to be more automated without much work at all!”
Medius is a leading provider of cloud-based spend management solutions, helping organizations drive their business forward by enabling best-in-class process efficiency, cost saving opportunities and greater financial control.
Nearly 4,000 customers and 500,000 unique users worldwide use Medius spend management solutions, managing transactions worth more than $160 billion annually.
Medius was founded in 2001 and acquired procurement solution provider Wax Digital in 2019. Today, the company has over 400 employees and offices in Sweden (HQ), the United States, United Kingdom, Australia, Denmark, Norway, the Netherlands and Poland. For more information, please visit medius.com.
For more information, please contact:
Erica England, Arketi Group, PR & Marketing (for Medius)