Basware has announced the launch of InvoiceAI, a suite of five AI developments that uses agentic AI in order to autonomously process invoices.
Following this announcement, Basware launched InvoiceAI in order to autonomously process invoices and save finance teams time and resources.
In addition, based on Basware’s invoice processing data of 272 million invoices last year, 40% (two in five) of invoices in global organisations and enterprises arrive without purchase orders. These processes would leave institutions in a situation where they have to face approximately a USD 549 billion ‘blind spot’ in unmanaged spend. With this in mind, Agentic AI aims to give finance teams a solution, providing the visibility and control they need in order to manage this hidden spend.
Gaining visibility and accuracy on invoices, boosting compliance, and ensuring on-time payments
According to the official press release, Agentic AI aims to transform invoice processing for finance teams, providing autonomous reading, validating, and matching PO and non-PO invoices in order to reduce bottlenecks without requiring lots of manual touchpoints. At the same time, when an invoice arrives without a PO number, AI is set to read it, understand what it's for, suggest the right coding based on similar past invoices, and route it to the right approver.
Moreover, Accounts Payable departments spend 10% of their time handling non-PO invoices, and through the process of embedding agentic AI into finance operations, enterprises are expected to gain visibility and accuracy on every invoice, boosting compliance and on-time payments.
InvoiceAI includes five AI developments that aim to optimise Invoice Lifecycle Management (from delivery through to approval and payment):
- SmartCoding – designed to automatically assign the right codes to invoices, so finance teams don’t have to do it manually.
- SmartWorkflow – is expected to route invoices to the right person for approval, without the need for human input.
- SmartPDF – will turn paper or PDF invoices into digital data that can be processed instantly.
- AP Business Agent – is set to provide staff with real-time guidance on the next best step when handling invoices.
- AP Data Agent – will give staff the possibility to get simple answers about their invoices and produce reports using natural language processing.
Furthermore, InvoiceAI will help CFOs and AP teams by increasing the number of invoices that are processed without issues, and for invoices that do require intervention, InvoiceAI is set to provide clear recommendations for handling the two in five non-PO invoices in one central hub.
