If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
With modern software powered by machine learning, we're turning finance teams into revenue heroes by giving them workflow tools that finally match in robustness those used by their sales and marketing departments. Vanessa Vreeland Indriolo, head of acquisitions and strategic investments for Fifth Third Capital, said "We've been impressed with the YayPay team's innovative approach to streamlining how small and mid-sized businesses manage accounts receivable and understand their cash flow. With advancements in technologies like robotic process automation, AI and machine learning, this is about to change very quickly. Most of all, I'm excited about the times ahead as we grow our team, advance our capabilities, and turn finance teams into revenue heroes!
Accounts receivable processes were designed to keep the bill collecting organized, but today, with B2B payment terms expanding longer and longer, AR has risen, out of necessity, into a more strategic part of the enterprise. For companies large and small today, the first step in strategizing the AR department was to digitize and automate: offer electronic invoices, support electronic payments and enable automated process management. The executives said they are trying to make YayPay a company that can hand some of the smaller businesses in the market the power that the largest corporations have to strategize AR. And while automation may enable AR professionals to get more time to track down unpaid invoices, other disruptive technologies, like machine learning and AI, can empower these professionals with the data and strategies they need to be most successful.