Innovation and AI are in our DNA
Medius has been investing in Artificial Intelligence (AI) since 2016 because
changing how the world manages spend is our mission.
AI at work in Medius
Best in class data extraction and validation
Data extraction and validation is often the task requiring most manual work when processing an invoice. The quality and accuracy of data extraction and validation is therefore the key to full scale automation. Medius Capture has been refining its AI and Machine Leaning algorithms since 2016, learning from hundreds of millions of invoices to deliver 99.7% touchless capture rate.
Touchless Capture
Highly accurate and reliable data capture that learns after just two invoices allows for Touchless Capture to be widely enabled, so invoices with very high levels of data confidence simply bypass manual verification and fly through for processing, where SmartFlow takes over to automatically code and distribute invoices.
SmartFlow
Medius AP Automation features SmartFlow, a powerful AI model that auto-fills coding, tax and approver values with 95% precision after just two invoices, bringing about unheard-of efficiency and powering the industry’s highest rates of straight through processing.
Fraud & Risk Detection
Medius Fraud & Risk Detection intelligently identifies and surfaces potential bad actors and errors to protect your business against fraud and risk, with complete oversight through our unique Fire Station console and reporting capabilities. You can track every instance of potential fraud and risk and see all mitigations and impact across the invoices’ lifecycle.
Your intelligent workmate
Medius Agent, our innovative AI workmate, helps approvers by delivering useful information about an invoice and offering pre-defined prompts for popular invoice processing queries, delivering shortcuts to provide intelligent, contextual support so users can make quick, confident and accurate invoice approval decisions. Approvers or suppliers can enter free text questions and Agent has the intelligence to deliver highly accurate and informed responses.
Conversational optimization
Medius Agent also provides proactive recommendations to optimize system settings to improve performance, driving up automation rates and continuous improvement of key metrics. The conversational nature of the interface means users can simply ask Agent to alter or apply the recommended settings for them.
99% automated* eInvoicing
Processing eInvoices and EDI invoices with ease, leveraging AI to provide smart visualization of otherwise complex eInvoice structures and formats, powering complete automation across the endless variations of electronic invoice formats. (*patent pending)
Touchless Payments
Straight-through processing extends into your payments, furthering the reach of autonomy across the Medius Spend Management suite. Trusted suppliers can be given the green light for automatic payment approval, getting those important vendors paid faster and freeing up the AP team for other valuable tasks.
Breaking down AI buzzwords in accounts payable
With so many different claims about what AI can and cannot do, it’s easy to get confused about the limits and meanings of AI and how it impacts the way accounts payable operates. To get a clear picture of how artificial intelligence is changing the way the world looks at invoices, you need to move beyond buzzwords and get a better grasp of the fundamentals that make AI so powerful. Not sure where to start? Head over to our blog to learn more.
Benefits of Medius AI-powered autonomous AP
Move faster and smarter
Unlike their human colleagues, AI algorithms don’t get tired or overworked. They can apply the correct coding and routing based on previous patterns and clues within the invoice. That means you can expect to get your invoices captured, coded and paid faster and more efficiently.
Get superior control and visibility
AI-powered accounting software aggregates and generate visualizations of important financial data, centralizing information in a way that makes it easier to manage. This gives you greater control over cash flow and the ability to leverage data in more meaningful ways.
Improve vendor relationships
At the core of keeping your suppliers happy is making sure they're paid on time. AI-backed e-invoicing and touchless processing increase processing times, so payments get out the door on time, every time.
Increase liquidity
AP teams that focus on an autonomous process can forecast earlier and more accurately. Real-time, accurate cash forecasting means better planning and management of liquidity and working capital.
Improve fraud detection
AI can track and raise the red flag for anomalies throughout the entire invoice lifecycle. Technology compiles these alerts for review, which lets AP teams stop fraudsters in their tracks and put an end to mistakes before they impact the company's cash.
Build sustainable growth-focused AP
AI algorithms learn from every invoice processed, increasing in accuracy and efficiency. AI also creates a cohesive environment for all your accounts payable processes, integrating seamlessly with your ERP system and other financial applications. You can also keep tabs on vendor performance for future supply chain strategy.
“Medius provides state-of-the-art AI and machine learning that is superior to the system we had in place. It actually grows 'smarter' with every invoice.”
Michael Weare
Project Manager, Granngården
It’s time to reset the standard for AP automation
Medius goes beyond automation to deliver AI-driven, autonomous AP. We believe autonomous AP is the great differentiator. The ability to compile data and manage invoice processing without human oversight goes beyond anything other automation systems are capable of, making the difference between removing manual tasks from AP staff and removing people from the AP process altogether, where they can shift their focus to more valuable tasks.
Discover what autonomous AP means at Medius and how we envision the future of AI and accounts payable here.
Automated AP is good. Autonomous AP is everything.
Accounts Payable Moving from Automated to Autonomous
New Frontiers in Accounts Payable: Automation, Digitization and Impact
IDC and Medius: Modernizing accounts payable
