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.
Compliance Advancements Powered by AI
In Part Three, we explore how AI tools will streamline procurement by validating contract terms against invoices, automating supplier support, and enhancing invoice processing to reduce errors and manual interventions. These technologies aim to improve operational efficiency, foster stronger supplier relationships, and create a seamless user experience.
Albrecht emphasized the increasing focus on compliance solutions, sharing a glimpse of upcoming enhancements planned for 2025:
- Predictive analytics: Building on an already robust analytics engine, future updates aim to incorporate AI-driven predictive dashboards. These tools will not only provide visual insights but also enable proactive compliance management.
- Global compliance management: The roadmap includes capabilities designed to address diverse compliance requirements across regions, leveraging machine learning to keep pace with regulatory complexities.
AI-Enhanced Procurement Compliance
AI is set to revolutionize procurement processes, particularly contract compliance:
- Systems will soon extract granular details like SKU pricing and validate them against invoices, helping ensure contract terms align with purchasing and invoicing data.
- The focus is on reducing errors and enhancing accuracy, creating a seamless validation layer that adds efficiency across procurement workflows.
Supplier Enablement and AI in AP Operations
AI plays a pivotal role in transforming supplier interactions and streamlining accounts payable tasks:
- Real-time supplier assistance: A proprietary AI-powered tool enables 24/7 supplier support, addressing common inquiries like payment statuses and invoice locations. This not only reduces repetitive work for AP staff but also enhances supplier satisfaction.
- AI-driven invoice processing: Tools like Medius Copilot assist in translating invoices, verifying coding, and facilitating approvals. These capabilities significantly reduce manual interventions, which currently impact 30% of invoices.
Operational Efficiencies and User Experience
AI’s ability to create smarter, more intuitive systems is reshaping the experience for both internal and external stakeholders:
- Guided approvals: Real-time alerts and decision-making assistance improve the approval process, offering a smoother experience for occasional users.
- Supplier enablement gaps: Many suppliers, particularly smaller ones, struggle with traditional AP systems. AI is bridging this gap, driving more supplier participation and generating additional data for smarter decision-making.
Real-World Impact
The practical application of these technologies is already evident:
- Medius has leveraged its AI tools internally to address challenges like language barriers in invoices, allowing for seamless translation and coding.
- The tools have helped reduce AP staff time spent responding to supplier inquiries — estimated at 20% or more —by enabling self-service options and improving response accuracy.
Looking Ahead
Moving into 2025, organizations evaluating technology solutions should prioritize AI capabilities that:
- Enhance compliance and analytics through predictive insights.
- Optimize supplier enablement and engagement.
- Deliver a better user experience with intuitive, AI-driven systems.
The adoption of AI in compliance and AP is not just about efficiency, but also about fostering stronger relationships with suppliers, enabling smarter decision-making, and preparing for future challenges.
For those ready to explore these possibilities, tools like Medius Copilot and AI-driven analytics dashboards provide a glimpse into the transformative potential of technology in action.
