We're all familiar with science fiction films where someone instructs a robot to carry out a task, and it invariably goes awry. The ‘droid goes haywire, wants to take over the world, or turns against its creator. This 'Frankenstein complex' seems deeply ingrained in humans. Lately, we're hearing more and more concerns from journalists, designers, actors, and screenwriters fearing job loss to intelligent software like ChatGPT. However, administrative staff have a different perspective. The more mundane tasks an intelligent software robot can take off their hands, the more time they have for truly interesting matters.
AI and machine learning
Almost all major organizations have digitized their invoice flows, reaping these benefits: streamlined and standardized processes, reducing the need for error-prone manual work. The latest technological developments signal the next step, promising even more savings and speed.
OpenText's Vendor Invoice Management (VIM) software gets a bit smarter with each release, thanks to the integration of AI. Tasks are being automated, with machine learning playing a significant role. Our partner SAP explains:
"Machine learning is a subset of artificial intelligence (AI). It teaches computers to learn from data and improve through experience, rather than being explicitly programmed to do so. In machine learning, algorithms are trained to identify patterns and similarities in large datasets, making optimal decisions and predictions based on that analysis. Machine learning applications get better with more use and become more accurate as they access more data."
3 ways to work smarter
Without much thought, we encounter these smart algorithms daily, influencing our Google search results, Netflix recommendations, and even how our online orders are routed through the distribution center. How does VIM specifically deploy smart algorithms?
- When an invoice is supplied, either as a PDF or on paper, it needs to be scanned to be processed in SAP. VIM accomplishes this through Optical Character Recognition (OCR), transforming text from an image into readable text. VIM's intelligent algorithms are improving constantly, reducing the likelihood of errors.
- Gaining control over procurement involves Purchase-to-Pay (P2P), encompassing the entire process from purchase request to delivery and (automated) invoice payment. Well-configured P2P minimizes the need for manual financial administration. VIM's smart algorithms support the P2P process by enriching data.
- Machine learning also assists in coding invoices. VIM continuously learns from previously entered invoices, identifying similar ones for applicable coding. Based on reliability levels, cost elements and general ledger account numbers can be automatically inserted. If manual data entry is necessary, the end-user is presented with a coding suggestion in Fiori or SAP GUI.
In essence, VIM is like a real-life colleague: the more it works, the better it gets. Unlike in science fiction films, it only does what it's asked to do. It's no wonder financial departments are embracing AI. If you want to learn more about the possibilities innovative invoice processing software offers, check out our brand-new whitepaper detailing the latest developments. Download your copy here: Making automatic invoice processing even smarter.
