How AI is changing the game in accounts payable

Get the 2023 SSON Report: New Frontiers in Accounts Payable: Automation, Digitization and Impact

New Frontiers in Accounts Payable: Automation, Digitization and ImpactAccounts payable teams continue to prove themselves as strategic business partners, overseeing cash positions and growth opportunities. Technology is helping their influence by enhancing efficiency, precision, speed and agility in finance operations– propelling leaders to invest in tech and integrations.

In fact, 87% of finance and shared service practitioners point to integrating end-to-end processes as a top priority – an 81% increase from the previous year. The need is evident, but surprisingly, less than half of the same respondents are taking advantage of artificial intelligence (AI) in their digitization efforts. When push comes to shove, they’re still struggling with errors and bottlenecks because digitization alone simply isn’t going to cut it. They need more.

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The SSON Report: New Frontiers in Accounts Payable:

Automation, Digitization and Impact explores accounts payable automation's past, present and future.

You’ll learn more about common challenges faced in today's AP landscape, including fraud, payment delays, errors and manual processes. These hurdles remain substantial, particularly for organizations relying on paper-based invoice processing systems, which are more prevalent than you might think in today's modern setup.

39% of respondents said most or all (70-100%) of their invoices processed are either in paper or PDF format.
Global State of AP Automation Survey 2021

But autonomous AP and AI in invoice processing are picking up steam.

Autonomous AP is more than automation. The report shows how it leverages cutting-edge AI capabilities, such as Machine Learning, to eliminate the challenges plaguing traditional accounts payable processes. By harnessing self-learning features, Autonomous AP offers AP teams valuable invoice insights that were previously undiscovered. This enhances productivity and streamlines operations by reducing the burden of time-consuming manual tasks that often hinder efficiency and contribute to employee stress levels.

Download the report with SSON to learn more about:

  • How Autonomous AP differs from the AP Automation of years past
  • Common challenges among finance and shared service leaders
  • The consequences of partial automation and the risks that come with not embracing technology
  • Opportunities that come with autonomous invoice processing and their impact on the greater business
  • Companies that have benefited from implementing AI, including a case study of how NIC Global went from manual to autonomous
  • Key implementation tips for automation from Medius executive

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