Touchless invoice operations, Oracle AI, Machine learning, financial management, efficiency, cost savings, accuracy, compliance, artificial intelligence, automation, real-time visibility, seamless integration.
In the ever-evolving world of finance and accounting, it’s imperative to seek out innovative solutions for streamlining operations, while also reducing costs and enhancing efficiency. And since invoice processing has traditionally been a time-consuming task that’s prone to errors, now is a great time to upgrade your invoicing operations with the help of Artificial Intelligence (AI) and Machine Learning (ML).
AI uses modern technology to build systems that can mimic functions associated with human intelligence, and ML creates a pathway to AI through algorithms that enable better decision making by automatically learning insights and interpreting data patterns.
Ready to get started? Oracle AI & Machine Learning will let you embrace the future of touchless invoice operations and revolutionize your non-PO invoice processing. . And since Oracle has expanded the ERP Cloud functionalities in the Accounts Payable module, your organization can easily take advantage of innovations in artificial intelligence and machine learning.
The Benefits of Touchless Invoice Operations
From increased efficiency to reducing operational costs, Oracle AI & Machine Learning will transform your business for the better and set you up for long-term success in the future.
Here’s how:
Enhanced efficiency: You’ll enjoy faster invoice processing and streamlined workflows, which means reduced approval cycles and expedited payment timelines. Plus, the risk of human error and manual discrepancies is greatly reduced.
Improved accuracy and compliance: You’ll get accurate data extraction and entry, along with automatic validation and cross-referencing to ensure compliance. You’ll also reduce the risk of fraudulent activities.
Seamless integration: Oracle's touchless invoice coding AI tool is seamlessly integrated with Oracle Cloud ERP Applications ensures data consistency.
Benefits of Using Intelligent Account Combination Defaulting
This feature of Oracle’s touchless invoice operations is designed to streamline the payment process, improve accuracy, and enhance overall efficiency. It automatically predicts and enters accounting code segments for invoices not associated with purchase orders.
Why is this important? Historically, adding the accounting string (code combinations) to the non-PO accounts payable invoices has been time consuming and prone to human error. The Oracle AI and machine-learning capabilities help the accounts payable user by automatically predicting and populating the accounting string at the invoice line level.
The best part is that the accounting segments will remain blank when the AI and machine-learning system’s confidence score threshold has not been met. So, you can avoid erroneous data entry while giving the user an opportunity to enter data manually.
Here’s what it can bring to your organization:
- Reduction in manual data entry
- Accelerated invoice processing
- Reduced “think time”
- A greater focus on data accuracy versus data entry
- Reduced stress on workers
- Accurate reporting
- Increased productivity
You’ll also want to consider these important factors when aiming to make the most of this feature:
Prediction and accuracy: The accuracy of the predictions depends on the invoice data and the segment. A few segments like Account and Cost Center are more challenging to predict, so these segments may have lower prediction coverage and accuracy. The average expected prediction is between 60% and 70%, while the accuracy rate is around 97% within the predictions.
Prediction improvement: The machine-learning model relies on a regular stream of consistent data to make better predictions. This feature leverages multiple invoice attributes from the invoice header and invoice line level to develop an efficient algorithm.
Overriding the defaults: The accounting codes that are populated by the Intelligent Code Combination Defaulting are not final. The application allows the user to change the values defaulted by this feature, and the segment values changed by the user will not be overwritten by the Al. The machine-learning algorithm takes the corrected value as an input and is trained on the latest valid values by itself. This feature also has the flexibility to keep the originally predicted and defaulted values by removing manually entered values and re-navigating back to the same screen.
Learning and more learning: When a default segment value changes, the machine-learning algorithm recognizes the change and begins to modify its model. But it needs even more examples to predict default values based on the new values. Keep in mind that the time the model needs to learn the new pattern depends on the volume of invoices with consistent data.
The future of touchless invoice operations is bright
By automating the non-PO invoicing process, your business can benefit from game-changing upgrades like increased efficiency, reduced costs, and enhanced accuracy and compliance. And with Oracle's cutting-edge technology, you’ll be empowered with real-time visibility, data-driven insights, and seamless integration, which translates to a competitive advantage in the marketplace. This transformative technology is truly a must-have for businesses that want to thrive in the future.
Ready to dive in? An AXIA consultant can guide you through the process by assessing your current business landscape, identifying your organization's requirements, addressing potential gaps, and opening discussions at the right time. So you can bypass the blockers and make your project a success! Contact us today to schedule a free consultation.
