There is a significant growing interest in Artificial Intelligence (AI) and Machine Learning (ML) technology to harness immense power and enhance efficiency. They are reshaping how companies used to carry out operations through the introduction of automation such as real-time analytics and sensors.
Acumatica 2020 R2 has been launched recently with a multitude of new features and functionality to give businesses a unique ability to function effectively. One of the most existing features of 2020 R2 is that it leverages artificial intelligence and machine learning to automatically create accounts payable documents right from vendor bills.
How AI and ML Turned ERP into a System of Results?
Traditionally, enterprise management solutions are typically used for data streams within the organisation to track general transactions, inventory data, customer interactions, and more. But now Acumatica ERP is making rounds all over with constant attention to gathering information and further utilising it for informed decision-making.
What happens when you sit for long hours and collect data manually? The result might be a delay, human errors, and data duplication. Well, it’s time to choose the ERP solution that combines AI and ML within its core functionality to provide relevant data and insights that modern businesses need to sustain in today’s digital era.
Incorporating AI and ML within your company’s business strategy can offer multiple benefits, including:
- Generate reports and analytics on fingertips
- Reviewing and organising all data within a single database
- Automate complex processes and reduce manual tasks
- Anticipate future trends and updates
- Evaluate plenty of data faster and in real-time
All of these benefits can bring any business into a line of profitability and effectiveness. However, choosing a suitable cloud ERP system and the vendor is very important. If you want to achieve such results and looking for a scalable solution, Acumatica Cloud ERP is worth a shot.
How Accounts Payable Automation Can Help Save Users Time?
Acumatica 2020 R2’s new features and enhancements provide unmatched business management solutions to take your business to the next level of growth in the digital economy. Accounts Payable (AP) Workflow Automation is one such feature that leverages artificial intelligence and machine learning to reduce time spent in manual data entry.
Particularly, users can utilise an Outlook plugin to send a bill directly to Acumatica for examination, and then the software uses artificial intelligence to auto-detect vendor identities, quantities, amounts, and other information given on the bill. This feature will prove to be very useful for businesses that process a plethora of AP bills and currently dependent on manual data entry.
In addition to the accounts payable automation solution, Acumatica 2020 R2 involves other financial automation features such as users can connect their accounts to financial institutions to streamline transactions and automate bank reconciliations. Users can also simplify expense management, such as credit card reconciliations and workforce reimbursement through automated expense receipt creation and approval routing.
Ultimately, it is no surprise that these features will help save users both time and energy by removing office tasks and redundant data entry processes. They are powered by ML and AI technology that offers an exceptional experience to the users and in other scenarios that drives productivity, such as allowing users to catch errors before they arise which saves a lot of time during reconciliation.
Final Thoughts
The integration of AI and AP automation solutions in the Acumatica ERP system doesn’t mean that it takes out the human element completely. While machines can analyse patterns and anomalies, the human brain is powerful enough to understand the insights and reports within the business context.
Using a cloud ERP system, you can quickly accumulate information and generate reports with a click of a button. But AI and ML take accounts payable and other tasks one step further that can help businesses reduce repetitive activities and make insightful decisions.