Vic.ai, a leading provider of AI-powered AP Automation and Intelligence,announced it will offer autonomous invoicing in the Coupa App Marketplace, connecting businesses with certified, pre-built solutions. Coupa Software certified Vic.ai's Autonomous Invoice Processing solution for use within the Coupa Business Spend Management (BSM) Platform its cloud-based platform that empowers companies around the world with the visibility and control they need to make smarter spending decisions. Vic.ai's Coupa-certified invoicing solution replaces legacy OCR template and rules-based invoice processing methods using next-generation AI technology to deliver fully coded invoices to the Coupa BSM Platform. Every invoice is analyzed by Vic.ai's proprietary AI to extract and predict all relevant invoice information, including vendors, dates, amounts, cost accounts, and dimension values – all without the use of templates. Once coded, invoices are sent to Coupa for approval and payments.

During manual invoice processing, invoices received from a supplier are matched, verified, and approved. The entire process is elaborate and takes several days. But that's not all – each invoice must be manually entered into the system to be posted for payment. Finally, the payment is made. The entire process can take weeks.

Around 18 billion invoices are issued each year in USA and Europe alone. Form-like documents such as invoices, purchase orders, tax forms and insurance quotes are common in everyday business, but current techniques for processing these still employ a large amount of manual effort and time, or use OCR based heuristics for extraction. Although OCR has been fairly successful in helping digitisation of machine-printed text, the cost for such services are can multiply exponentially. By building a program to automate such an application would tremendously decrease the amount of money and manpower spent in physically processing these invoices making them more accessible and beneficial to the overall business and demand for these products. Furthermore, these automated systems will tremendously reduce the manual or human errors that creep in.

ChatGPT, the state-of-the-art language model developed by OpenAI, is poised to have a significant impact on the B2B industry. This powerful technology has the potential to disrupt traditional business processes and open up new opportunities for companies across a wide range of industries when it comes to intelligent document processing. One of the key areas where ChatGPT is likely to have an impact is in automating routine tasks and customer interactions. Another area where ChatGPT is likely to be disruptive is in the generation of written content. This technology can be used to quickly and accurately generate reports, product descriptions, and other written materials.

Even apart from the enduring dream of human-like intelligence, the future of AI is expected to play a deeply significant role in consumer and business markets. Artificial intelligence's impact on the world has already been felt in a variety of ways, from chess computers to search engine algorithms to a chatbot so convincing that a Google researcher thinks it's sentient. Obviously, the future of AI can't be predicted any more than tomorrow's lottery numbers can. But even as the research in the field drives the technology further and further, we can put our futurist caps on and speculate about what the world might look like in an AI-driven future. Fiction can have an impact on real-world scientific research.

Hyperautomation has pushed the boundaries of traditional automation capabilities. Rather than relying on a single technology or task automation, enterprises now can access a bundle of advanced technologies that enable process mining, intelligent business process management (iBPM), artificial intelligence (AI), robotic process automation (RPA), and machine learning (ML). It is about achieving the ideal technology process design to automate and provide a seamless customer experience. According to Coherent Market Insights, the global Hyperautomation market is set to exhibit a CAGR of nearly 18.9% during 2019-2027. This is understandable as organisations are adopting automation technologies to go beyond the routine and be innovative. Let's take a look at how Hyperautomation technologies change the way enterprises work?

The global automation market size is expected to generate $214B by the end of 2021, of which $29B (14%) will come from manufacturing and factory automation. This is because numerous processes in manufacturing are repetitive, rule-based, and can be automated using RPA bots. For instance, bill of materials (BOM), data migration and analytics, invoices, and inventory reporting are highly repetitive and time consuming tasks if done manually. A typical rule-based process can be 70%-80% automated. RPA bots handle rule-based repetitive tasks and minimize the need for human interference.

We are delighted to feature this guest post from Raphael Bres, Chief Product Officer at Tradeshift. From the fiction of'WOPR' in the 1980s film "War Games" to the terrifyingly real almost-apocalypse of 1983's Soviet nuclear false alarm incident, humanity has plenty of reasons to be fearful of the consequences of putting computers in charge. Perhaps that explains our wariness of ceding control to artificial intelligence (AI) in a host of much more run-of-the-mill processes. But this reluctance to hand over the keys -- of a self-driving car, a business or even missile silo -- betrays a fundamental misunderstanding of how AI is designed to work. Too often AI is presented as it is in dystopian fiction, as an overlord, when it's actually more like a workhorse, and a highly effective one.

PO Matching is the process of connecting a purchase order (PO) issued by a client indicating types, quantities, and agreed prices for products/services to the invoice issued by a vendor for it's delivery. The goal of PO matching is to ensure timely vendor payments, correct accounting of costs and easy detection of fraudulent practices. PO matching involves several steps, including the receipt of invoice, capture of data, verification with purchase order, matching the parameters, and resolution based on various parameters. Invoice processing and PO matching are complex, time-consuming, and resource-intensive processes when performed manually, especially in scaled-up business activities. Even in departments where there is digitization of information in the form of Enterprise Resource Planning (ERP) applications, a significant amount of human labour is required; from the time an invoice is raised or received to its entry into the ERP application, accounts payable personnel perform a seemingly endless list of chores.

For the past few years, headlines have abounded about how robots are going to take over -- specifically people's jobs. It's true robots have been taking on more mundane tasks, but there's more to the story. A recent McKinsey report found that more companies were pursuing automation in 2020. However, many of the organizations surveyed said they were automating with an eye toward their personnel, complementing existing talent to allow for growth. For modern finance teams interested in automating tasks, below is a look at two types of automation technology.