From Ok Google, Alexa to chatbots, Artificial Intelligence (AI) is simplifying our lives, making everything smarter, better, and quicker. But, has AI disrupted your accounts payable processes? Yes, definitely !! Automated Invoice processing using AI is a very fascinating area in the accounts payable process with significant benefits. This is because invoice processing automation would free up back-office finance/procurement teams to focus on higher value-added tasks. Let’s understand how artificial intelligence can help automate invoice processing for your vendors on the ServiceNow platform as well as how AI-enabled cognitive invoice data extraction can transform Accounts payable processes for your organization: https://aavenir.com/3-ways-ai-can-optimize-vendor-invoice-processing/

1. Can AI optimize vendor
invoice processing?

2. Challenge
Large organizations receive invoices from multiple
suppliers through multiple channels as structured
XML documents from Electronic Data Interchange
(EDI), PDFs and image files via email and
increasingly rarely as hard copy documents.
Some key challenges include:
• Multiple invoice data points leading to error
• Data mismatch
• Cost per invoice processing
2

3. AI-enabled Cognitive Invoice Capture

4. 4
Extract key-values (e.g. bank account, ordered item)from the hard copy or image invoice.
If the extraction process does not achieve the required confidence-level in the results, it is
sent to employees for a manual check.
AI-enabled Cognitive Invoice Processing in Action
Cross-check the invoice information with PO, GRNs, and contract data using 2-way/3-
way validation.
Automatically inserts invoice information into the unified system and classifies the invoices
by the cost centres, business units or product categories.
Automated approvals using advanced workflow conditions to settle the invoice.

5. Benefits of AI-
powered
Invoice
Processing

6. Benefit #1
Consider that, for one invoice, manual data
extraction took over three and a half minutes, while
AI-enabled extraction took just under 27 seconds.
Future invoices from the same supplier will require
even less time to process, as the platform now
recognizes it and no longer requires human
validation.
The solution gets smarter with every new invoice it
processes; therefore, our example company will
eventually have the option of fully automated
invoice processing.
Faster Invoice Processing
6
Annual

7. Benefit #2
AI and Machine Learning detects and captures
invoice data using neural networks to increase its
understanding and capabilities with every
document it processes.
Unlike a human data entry clerk, smart invoice
processing software does not come with the risk of
making errors due to, for instance, the fatigue of
carrying out a dull repetitive task.
Enhanced Data Accuracy
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Annual

8. Benefit #3
With AI & Machine Learning taking care of the
manual tasks, your Accounts Payable team can
shift their focus on value-generating activities, such
as
• Financial planning
• Tracking company spend
• Deriving actionable insights from analytics
• Collaborating with other corporate functions,
such as Procurement
• Strengthening vendor-customer relationships
Increased Productivity
8
Annual

9. Benefit #4
Greater financial impact is seen with on-time
invoice approval leading to early payment discounts
from suppliers, increasing profit margins.
Improving Bottom-Line
9
Annual

10. Automate Accounts Payable
10
Annual
AI-enabled invoice approval workflow with
automated invoice data extraction and verification
to improve accuracy and efficiency.
Aavenir Invoiceflow
Download Product Brief

11. Get Free Resources
Accounts Payable
Automation Value
Kit
Free Download
Assess Accounts
Payable ROI
Test Drive
Invoiceflow
Accounts Payable
Buyers Checklist
Check Other
Resources
11
Annual
Calculate Savings
Free Demo Free Download Explore Now

12. Our S2P Product Suite on ServiceNow
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Annual
Visit: www.aavenir.com

13. Delivering Future
of Work
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