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Transcepta Network Leverages Artificial Intelligence to Transform Accounts Payable and Procurement Processes

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ALISO VIEJO, CA--(Marketwired - Apr 6, 2017) - Transcepta, an artificial intelligence-driven platform providing brands with faster, smarter and more accurate procure-to-pay connectivity and collaboration, offers a range of solutions powered by artificial intelligence (AI) that deliver efficiency and profit gains for clients. The company's supplier network and associated applications are part of the broader trend of AI shaping not only high-tech applications, but also changing how companies make decisions. Transcepta offers a suite of services for clients and their suppliers that use machine learning and predictive analytics to improve accuracy, transaction delivery speed and decision making. Transcepta leverages predictive analytics and machine learning to create systems that are self-improving through the continual addition of data inputs over time. Its services are helping to streamline processes and boost the bottom line for some of today's leading companies.


The Impact of AI on B2B Payments

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The revolutionary movement of the digital payments landscape is well underway, with new entrants and technologies in the B2C and peer-to-peer lending (P2P) sphere evolving continuously. However, there has been one sphere where the rate of innovation hasn't yet been reflected by other industries, specifically the B2B payments domain. According to CB Insights, the B2B payments sector is set to become a $20 trillion business by the end of this year. A multitude of payment providers, including PayPal and various other Fintech startups, have already sought to reduce the burden and repetitive processes associated with B2B payments. But the decisive question here is why has it taken so long for B2B payments to make its way to the digital age. "Today's $3 trillion worldwide SMB credit gap is narrowing because the criteria to secure loans are changing, and increasingly, embracing alternative data sources."


Council Post: How AI Can Help To Prevent Accounts Payable Fraud

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Chief Product Officer at Kanverse.ai. According to the "2020 Report to the Nations," published by the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated 5% of annual revenue due to fraud. For organized scammers, accounts payable (AP) departments are often perceived as a poorly guarded cashbox they can target for scams or other malicious attacks. In most cases, payments are processed through these departments, which makes this function vulnerable and a prime target for theft. There are several common types of AP fraud, but fortunately, there are also steps organizations can take to reduce their risk.


Artificial Intelligence & Robotics: Emerging Trends in AP

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Using virtual technology to take on the work of humans when interacting with applications will transform the procure-to-pay function. Automating process through robotics will allow you to perform repetitive tasks continuously and flawlessly all the time with minimal set up. Technology ensures error-prone payable processes and eliminates much of the mundane and time-consuming tasks such as data-entry. Also, robotics in AP will accelerate cycle times, easily manage tasks in volume, ensure consistency in operating procedures and streamlines audit & compliance activities. Human work can be combined with robotic process automation to streamline the supplier management and to tightly align accounts payable with other departments.


What's the Difference Between Sourcing and Procurement?

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In the context of purchasing goods and/or services by an organization for its operations, the words sourcing and procurement are often interchangeably used. While the two terms are indeed related, there are definite differences between them. In this article, we'll see what procurement sourcing processes are, how they are different and how they work together to enhance the overall operational efficiency of an organisation. Procurement is the placement of orders with suppliers, confirming the orders, making the payment, and ensuring correct and timely delivery of the ordered product/service. It is the foundation of supply chain management.