Increasingly, businesses today are adopting hi-tech solutions and are prioritizing tools which can help them with smarter solutions. As a result, more and more companies are adopting accounts payable (AP) automation, in addition to using other emerging technologies such as artificial intelligence (AI) which in return plays an important role in AP automation solutions.
Furthermore, FinTechs are also helping these companies with innovative solutions. Experts however believe companies do not necessarily require to be experts in such topics. Chief Growth Officer of AvidXchange, Dan Drees, said, “They (companies) hear and read about technologies like blockchain, AI and machine learning, he said, and they almost feel like they’re supposed to know everything about it, and that’s creating a little bit of anxiety.”
Companies are therefore constantly aiming to introduce new technology to its platform which is also educating them all along. Drees said one of the most important advantages of the technology is machine learning. When it comes to series of bots, Drees said, advanced technologies “help route payments and make payments in the most efficient way.”
Furthermore, the technologies also help in reporting a problem in payment, it can also allow to make adjustments. Another application can be found in invoice ingestion. The companies receive payments either electronically and also through paper mail. Through advanced technologies, companies will be able to harness techniques for those invoices in a specified way. In addition, it will also help in formatting of the invoices.
Tags : AvidXchange, Dan Drees, Hi-tech Solutions, Business, Artificial Intelligence, AI,