What is machine learning? In an article by SaS, machine learning is described as a method of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that machines should be able to learn and adapt through experience.
Machine learning is quickly becoming a topic of interest across a variety of industries and the application potential is remarkable. This technology can be used in anything from fraud prevention to data management and beyond, but in the case of this article, invoice processing. Let’s be honest, accounts payable and receivable are not the most intriguing or dynamic of processes but their importance in keeping the world turning is undeniable. Machine learning applications are slowly starting to modernize the way these usually tedious day-to-day actions are performed and organized.
First, let’s take a look at a scenario that most invoice professionals can relate to. An invoice comes in and needs to be reviewed BUT was sent to the wrong department so Sally needs to send an email to John asking where this particular invoice needs to go. Later that afternoon, John replies that this invoice should have been sent to Kevin and his team. Sally sends the invoice to Kevin but Kevin needs to re-route the invoice as it is above a predetermined amount that needs a special two-way approval. Kevin then sends the invoice to Jim and Stacy for their dual approval. After a few days of sitting in an inbox, Jim and Stacy finally return the invoice to Kevin. After some review, Kevin has an additional question on the invoice that can only be answered by John. A few more hours go by and John gets Kevin the answers he needed. Finally, the invoice can be moved to the next step of the intracompany process.
The circus scenario above can continue on for many steps, be multiple steps less, or any variation of run around you can think of. Now, imagine that you have a platform in place you use to process all of your invoicing needs and this platform utilizes machine learning that can help you to streamline your processes. What would have happened differently in the above scenario to avoid all the manual redirects, lost time and miscommunications? How could you benefit from a platform that is constantly learning and adapting procedures to eliminate disconnects altogether.
The initial invoice comes into the platform and the OCR (recognition) software automatically notices that this particular invoice was not directed to the proper department from a variety of determining factors. The system asks you what you would like it to do in the future if this scenario happens again and learns from your input. Wouldn’t it be amazing if the platform did this automatically for each “out of the box” step in our mock scenario above? Think of the time saved throughout the approval process alone as well as the increase in efficiency by having a system that is constantly learning and evolving to your business needs.
This is just a particular instance where machine learning can help increase the efficiency of an organization’s invoice processing procedures by making better business decisions without human intervention.
How can we make this dream a reality? Together. NetChain Squared, intelligently and instantly moves money, data, and information. Our network allows you to instantly and electronically pay invoices, while sending the necessary rich data needed to apply the payment, reducing cost and waste, and improving controls and efficiency, without ever needing to ask for bank account details. Netchain is the first platform, to analyze internal and external economic variables. It will tell you the optimal moment to pay your invoices, creating an unprecedented ability to optimize the commercial impact of your team. We extend our intelligent network so you can receive instant notification when an invoice is raised in your company’s name. Accept, and the invoice is automatically created in your system and sub-ledger. We go beyond payments to the complete procure-to-pay and order-to-cash life cycle, automating full end-to-end financial operations, and showing the real power of artificial intelligence and machine learning. Our machine learning technology adapts to your organization’s preferences and business rules and is always learning and evolving to provide the most efficient process for your team. Gone are the days of human errors, fraud, and risk. Our system operates on and enforces the company’s business rules. Netchain Squared has the flexibility to allow manual intervention, but the power to only trigger it when you want it.