Written By: Kelsey Voelker
Ask yourself a question…How much work is TOO much?
You have an immense about of components and people that operate your business process workflows including: paper documents, digital documents, invoices, notes, checks, payment information, supplier information, vendor information, employees….and so much more! It can quickly become overwhelming and inefficient when trying to tackle all of these components in a timely, organized matter.
Its 2019, and technology is more advanced than ever before. You and your colleagues are hearing terms like “artificial intelligence, AP Automation, robotic processes automation” and more, and probably do not have the time to figure out what those terms mean to your business.
It’s time to clue you in. Artificial intelligence is similar to our human brain intelligence, but instead it is the brain of the technology/software in which it lives. Through OCR, data interpretation, automated rules, and configured workflows, this new kind of brain can be taught what is “right, wrong, acceptable, errored, etc.” and then what to do with the information it is given. Similar to how we learn that touching a stove when it’s hot is not the best idea, and it needs to be turned on to cook and turned off when done.
This means, that once you map out your ideal workflow to handle your business AP and financial processing, you can break it down to a step-by-step plan to implement software to train this new brain into automating your plan for you.
Will there be errors and exceptions? Can a machine brain really do everything a human can?
Maybe not quite yet, but it is pretty darn close. Specifically, Miria’s artificial intelligence combines this machine-structured learning with automation rules, and human intelligence to give you what we call Polymorphic Intelligence™.
This technology is a new advancement as we trained our machine brain to capture any document or invoice from multiple sources, digest and interpret the data to extract it into a digitized form, and then learn whether the data is ready for the approval process. If there is an error in the data, our team uses our own human intelligence to train the brain how to fix the error—so the same error is never made twice. Once the data is secured and approved, it gets passed along for processing and is considered a “ready-to-pay” invoice. Using these learned rules and configurations, the information can then be sent directly through to payments based on your vendor management rules.
In addition, you have complete visibility of all data, can track audits, and can interfere at any time when necessary—so data is never lost and considering your intelligence is important too!
So how automated is AP automation?
It does depend on your unique process and finding the best solution to fit that process, but if you know how your process should operate—here at Miria we can ensure that our team brain and our Polymorphic Brain can handle the complete automation of your process for you.
Let automation help you put your intelligence back into your business.