Ardent’s FinTech Influencer Series highlights innovative voices in the world of Accounts Payable (“AP”) automation. This series is the go-to spot for progressive thoughts on how technology, transformational thinking, and revolutionary ideas are changing how AP work gets done. Continuing our FinTech Influencer Series, today we are speaking with Brian Anderson, Director, Global Accounts Payable, Yahoo.
Ardent Partners: Welcome Brian and thank you for spending some time with me today. Let’s get started. Please tell me about your role and responsibilities as Director, Global Accounts Payable at Yahoo.
Brian Anderson: We have 3 locations processing under 1 system and procedure umbrella. I look to identify internal/external barriers and smooth processes out while maintaining global integrity. I also coordinate with multiple departments on process ownership overlaps on projects and improvements.
Ardent: For those who may be new to space, can you please provide a definition of Robotics and Machine Learning (ML) and how they differ from one another?
BA: Robotics replaces repetitive manual effort of running reports, connecting various data points, and formula building with an automated solution. Machine Learning analyzes singular or multiple data points with logic to provide output results. The difference here is ML will not only provide output results but learn from the results to improve upon the logic and future output results. The goal of both solutions is to automate the manual data collection and output with an automated process ready for human analysis.
Ardent: How can robotic automation be used in AP to replace manual, routine tasks?
BA: It can be used for report result processes, assigning tasks, and processed audit review.
Ardent: As more companies automate AP, what impact does this have on the skillet required by AP employees?
BA: AP employees will shift from a transactional to analytical skill set.
Ardent: Unemployment rates are at historical lows and enterprises are having difficulty retaining and attracting new talent. Have these staffing concerns led more businesses to automate?
BA: Yes, of course. Today’s low unemployment rates have impacted businesses’ ability identifying a high quality workforce. Thus automation can assist with fulling in the gaps.
Ardent: How are Robotics and ML in AP being utilized today by Yahoo and what benefits and results have been achieved?
BA: These tools are used for invoice process audit, inquiry assignment, outstanding payment process, fund forecasting, duplicate review, and vendor set up.
Ardent: What plans do you have for leveraging AP Robotics and ML in the future?
BA: We are currently working on a solution for audit support.
Ardent: Thank you for your time and best of luck on your presentation at the Exchange Summit on May 9th – 11th in Miami.
