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 Credit Scoring Models: In-depth Guide [2020 update]

Banks exist to make credit scoring decisions. Key function of banks is to enable individuals and companies to make expenditures before they can afford them. They can not accomplish this key function without becoming a competent estimator of who will pay back and who will default.

Banks always relied on models and experts to make effective credit decisions. Now models are becoming sophisticated enough to replace experts. AI companies are stepping in to provide these models to banks so they can focus on serving their customers. Read more

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