Artificial intelligence: essential fashion or business? Business News

According to techjury.net, 77% of the world’s population uses artificial intelligence (AI), but only 33% are actually aware they do. The smartphone that’s sitting next to you or maybe in your hand, the video games your kids are playing in the next room, the Spotify station you have in the background and the list goes on – all of them use AI. while you go about your activities.

Business administration operations, such as intelligent email categorization and automated customer support, already use it regularly. But even though so many people around the world, including you, use AI in their day-to-day operations, many are still skeptical of how these technologies can and should be used more intentionally in business.

What is AI and how does it contribute to visibility?

At its core, AI is simply the ability of a technology to use an algorithm (or set of instructions) to process data, optimize the results of those algorithms based on the data it collects, and therefore display a feeling of “intelligence”. He can learn from past processes and improve his algorithm to become the best digital collaborator your team can ask for, working in the background to help your business. And while data is used to increase the automation of your processes, it is also used to improve decision-making by providing insight, intelligent recommendations, and helping your organization do the right thing.

One of the biggest accomplishments we are taking away from the pandemic is that financial visibility is key to ensuring business continuity. Understanding your cash flow and supply chain and finding ways to stay nimble through disruption is critical to the successful growth of an organization. AI informs automation, and automation then generates the data needed to provide real-time insight into cash flow. This type of analytical visibility helps keep vendors operational, cash flow, and business in action.

Sami Peltonen Vice President, Product Management, Basware

How can AI boost e-invoicing and purchasing?

You can see that the best companies are taking action to implement AI, you can see some of the values ​​realized after implementation, and you can rest easy knowing that your workforce will not be replaced by Square headed flashing robots with claw arms. AI functions entirely as a servant, not as a master. And since it runs in the background of your operations, you’ll barely know it’s there – just like you don’t think about what keeps an airplane up when you’re in flight.

Let’s take a look at how AI can work in action in your Provisioning to Payment (P2P) process.

For starters, if you are a multinational corporation with a history of mergers and acquisitions, your financial tools can be varied and disparate. At Basware, we build a layer on top of these existing tools to harmonize your entire financial process, and then integrate it into the existing landscape.

These modern technologies will enable procurement and procurement services to achieve efficiency gains such as:

• Automated conversion of machine-readable PDF files into electronic invoices (electronic invoices) with near 100% accuracy

• Save time and energy in all P2P functions and redirect energy to more strategic initiatives

• Improve cash flow and generate savings through prepayment discounts and optimization of DPOs with faster invoice processing times

• Drastic reduction of manual processing of commercial documents in purchasing and AP

• Identification of increased savings potential by obtaining visibility of more than 100% of your organizational expenses

• Achieve high performing supply chains by analyzing supplier performance and quality

• Significantly increases the quality and accuracy of your data

The AI ​​strategy is here – for the short, medium and long term

According to Forbes, “90% of leading companies already have ongoing investments in AI technologies. More than half of companies that have implemented some sort of AI-based technology report experiencing higher productivity. And Forbes is not alone in these conclusions. NewVantage research from 2020 shows that 91.5% of top companies surveyed report having an ongoing investment in AI. And 54% of business executives surveyed by PWC say their adoption of AI in the workplace has dramatically increased productivity.

For example, our own personal experience associated with search from multiple sources shows how companies are using AI to improve their organizations:

• 36% of executives say their main goal for AI is to optimize internal business operations (Harvard business review)

• 36% of executives say their main goal for AI is to free workers to be more creative by automating tasks (Harvard business review)

• 79% of executives worldwide say artificial intelligence will make their jobs easier and more efficient (The Economist)

• 72% of business decision-makers say AI can enable humans …