If you missed the recent “AI in Action — Accounts Payable’s Biggest Innovations” webcast hosted by Ardent Partners and Medius, it showcased the transformative power of AI within in accounts payable processes. The session featured industry experts Andrew Bartolini, Founder and Chief Research Officer at Ardent Partners, and Kim Albrecht, Chief Marketing Officer at Medius, who shared how AI is reshaping the AP landscape.
In this three-part series, we provide some of the webcast highlights and this link to the full event.
Let’s begin with Part One and the key takeaways that make AI such a game changer for AP.
Key takeaways of the event include:
- Revolutionizing Processes: AI is driving automation in invoice processing, payment management, fraud detection, and financial operations. This helps enterprises streamline workflows, improve decision-making, and achieve cost savings.
- Boosting Adoption: While many AP solutions have been around for years, AI is accelerating their adoption. Research reveals that nearly 75% of AP teams are already using or plan to implement AI-powered solutions by the end of 2024.
- Creating Opportunities: AI enables AP teams to focus on strategic tasks, enhance decision-making through data analysis, and improve user experiences for internal teams and suppliers.
The Path to AI Begins with Automation
It was emphasized that AI capabilities are embedded in existing AP technologies. Organizations must first embrace automation across the invoice-to-payment process to fully leverage AI’s potential. Currently, a significant gap exists between automated and manual processes, but AI is poised to bridge this divide.
The Future of AI in Accounts Payable
As AP and finance professionals head into 2025, AI’s role in AP will continue to grow. Its ability to process vast amounts of data, automate routine tasks, and enhance user experiences, positions it as a critical tool for achieving efficiency and savings.
For those who missed the live event, an on-demand recording is available here.
Part Two of the Unlocking the Future of Accounts Payable series will focus on investing in automation and AI integration as a crucial strategy to staying competitive and mitigating emerging risks.
