Driving productivity with AI-powered invoice management
Michael Elborn Michael Elborn
July 31 3 min

Driving productivity with AI-powered invoice management

For every retailer dealing with invoices, reading is fundamental. Yet traditional approaches to high-volume invoice processing don’t provide the consistency or accuracy that retailers need. To minimize costs, speed up processing times, and reduce complexity, retailers need to embrace AI-Powered invoice management using Document Intelligence.

Accounts payable is transitioning from a traditional, transaction-oriented back-office function into a strategically important intelligence hub for business-critical financial data. The rising number and complexity of discounts & rebates and other incentives across the global supply chain mean that the speed of invoice processing has never been more important.

Retailers face significant margin pressure from established sources such as rising wages and inventory shrink, along with new distribution models and competition from online rivals such as Amazon. Saving costs and increasing efficiency for back-office operations could be a significant opportunity for merchants.

A simple way for retailers to combat margin pressure is to minimize the average cost of processing an invoice. This can be achieved through AI-powered data entry, automated matching and prioritized exception handling.

Traditional invoice processing vs. AI-powered invoice processing.

In the past, companies have used manual data entry and rudimentary document extraction software to fill the gaps. But manual approaches don’t scale, and traditional software programs depend on outdated machine-reading technology developed for books, which have highly structured, printed pages vastly different from the many potential languages, formats, and structures of invoices. As illustrated above the traditional approach leads to expensive data entry, error-prone matching and missed discounts & penalties.

AI offers a new opportunity for invoice processing. The large-scale data analysis, pattern recognition and prediction of AI enable retailers to manage a high volume of invoices with straight-through processing and faster discrepancy identification. It can help capture time-sensitive supplier discounts and contributes to greater visibility of potential liabilities from duplicate or fraudulent invoices.

At Element AI, our AI-powered Document Intelligence product provides key functionalities rooted in the latest developments in AI, helping you reduce costs and speed up payments. And it’s more than just speed: our product provides powerful insights from invoices at every stage, with relevant data extraction, contract compliance, intelligent prioritization, and constant improvements through user feedback.

For more on the latest in AI-powered invoice management, please tune in to our webinar on Thursday, September 26, 2019 at 11AM ET / 8AM PT. Retail expert Julie Hunt will be discussing how retailers can improve their accounts payable processes using AI. We hope to see you there!

Sign up for our 30-minute webinar here!

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