AP Automation: The first finance process to automate in 2020

Thanks to machine learning and the document data extraction, validation and processing technologies it enables, ~80% no touch AP automation is possible for invoices submitted outside of the company’s Electronic Data Interchange (EDI). Additionally, companies should push foe EDI adoption to further increase no touch automation rate.

By adopting these technologies, companies can dramatically reduce manual document processing. Therefore they can reduce costs and errors while increasing compliance and employee satisfaction. According to our interviews with project managers from the Big 4 and solution providers in the space, an average Fortune 500 processes a few millions of documents manually per year and adopting the latest automation technologies can result in savings of hundreds of millions of dollars per year. Read more

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AI in Automation: Which tasks can we automate in 2020?

The advances in AI since the rise of deep learning can usher a new age of automation as machines go beyond human capabilities in a wide range of tasks.

The jobs that can be mostly automated include

  • predictable physical labor
  • white-collar back-office work: data collection and processing

Machines can now perform the activities involved in these jobs better/cheaper than humans. These activities include tasks that involve manipulating tools, extracting data from documents and other semi-structured data sources, making tacit judgments and even sensing emotions. In the next decade, driving is likely to become automated as well, enabling one of the most common professions to be automated. Read more

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