Large enterprises spend millions to tens of millions of dollars per year on financial transaction processing and classification. They do so either completely manually or using template-based so-called automation, with humans manually adding every exception and reviewing the results. The Vic.ai platform can completely replace both rules-and-template-based workflows and manual processing. In fact, when using Vic.ai’s autonomous AI solution, finance teams can save up to 80% of their time spent on invoice processing.
But let us back up and get to the bottom of the difference between autonomous invoice processing and invoice processing automation.
Invoice processing automation is a rule-based process that extracts data from an invoice and uses it to populate all the required information into the accounts payable system.
Autonomous invoice processing uses AI to run the accounting process from beginning to end. This includes invoice entry, classification, matching, and approvals. With AI technology, it can extract the number on an invoice, understand and classify the cost, send it to the right person for approval, or automatically approve it if it meets all the criteria.
Invoice processing has a technical challenge – every invoice looks different – ingesting and understanding all invoices can be complicated for a rule-based solution, as the pre-programmed templates limit it. A solution like Vic.ai is not limited to a set of templates, which means that it can handle any type of invoice that it’s never seen before... read more