Voice of the Industry

One way to improve e-invoicing is through the use of artificial intelligence

Wednesday 30 September 2020 08:04 CET | Editor: Oana Ifrim | Voice of the industry

Maciej Sikora from Comarch provides key insights on how e-invoicing can benefit from artificial intelligence 

Moving away from paper-based invoice exchange and going digital is big enough of a transition that some companies, those that have already taken advantage of the opportunities that come with it, may think of their e-invoicing platforms as the ultimate document management tools. The benefits speak for themselves: higher quality of data, reduced operational costs, improved cash flows – the list goes on and on. 

But isn’t there a way to make today’s document exchange solutions even better? Surely, e-invoicing platforms can be further improved. After all, they are software, so it is not a matter of “if,” but “how.” 

To this, we say – let’s use artificial intelligence!

Relax, no reason to feel alarmed. It’s not that you should have some self-directed virtual force running your accounting department all of a sudden. What we’re talking about are the latest Artificial Intelligence/Machine Learning technologies that can provide significant enhancements to the existing e-invoicing functionalities as well as become foundations for brand-new data exchange features. Let us explain how it works.

The general idea behind AI/ML technologies is we should give computers access to data, allow them to analyse it, identify recurring patterns, and determine (based on the previous) whether the business rules currently in use can be improved, and if so, how. 

How does it apply to e-invoicing? Well, having enough computing power to process thousands of invoices (both structured and unstructured) at the same time, not only can AI/ML-driven document exchange systems easily identify and verify every transaction you ever made, but they can also save you a lot of trouble. 

The latter refers to the fact that such platforms are designed to improve matching invoices to purchase orders, help assign invoice lines to cost centers or GL accounts for non-PO invoices, as well as to detect anomalies, that is, look for possible vulnerabilities and prevent fraud.

As you can imagine, this leads to some brand-new business opportunities that would otherwise be impossible if it wasn’t for AI and Machine Learning technology. Once you become aware of all the benefits such systems produce, it will probably be difficult for you to stay within the boundaries of traditional document exchange systems.

If you want to know more, we suggest you check out the latest e-book series by Comarch called “It’s Still e-Invoicing, Only Better,” which deals with the latest advancements in electronic document exchange, including the latest AI/ML-powered e-invoicing features. Plus, it is available for free, so it would be a shame not to take this opportunity.  

About Maciej Sikora

Maciej is a writer at Comarch who specialises in creating thought-provoking marketing content about the latest IT and IoT innovations; intensely focused on exploring the effects of storytelling on digital marketing, thus trying to make the world a better place using emotionally-fueled narratives.



About Comarch

For the past 25 years, Comarch has been a global provider of advanced, software-defined technologies that help companies from all industries optimise their key business processes. The company’s vast portfolio includes systems and services for efficient data and document exchange such as Master Data Management, Electronic Data Interchange, Online Distribution, and e-Invoicing platform. Each of the products is fully compliant with the latest local regulations and allows enterprises to improve their business performance, gain a competitive advantage, and reduce operational costs. Comarch’s clients include top professionals from various sectors: retail (eg METRO-NOM, Tesco, Carrefour) FMCG (eg BIC, Johnson & Johnson, L’Oréal, Unilever), pharma (eg GlaxoSmithKline, Sanofi) and many more.

 


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Keywords: Maciej Sikora, Comarch, e-invoicing, artificial intelligence, innovation
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech