The advent of Artificial Intelligence (AI) has huge implications and potential applications in financial operations, offering unprecedented efficiency and accuracy. However, many organisations are yet to implement any AI into their finance workflows, despite the significant time and cost savings this technology offers.
While Certinia is a renowned ERP system, with the technological advancements we have seen in the last two years, there is still a huge scope to improve financial operations, particularly in the realm of Accounts Payable (AP). Kloo's AI-driven solutions integrate seamlessly with Certinia, offering intuitive interfaces, AI-powered insights for better decision-making, natural language purchase requests and automated invoice processing.
Streamlining Operations with Natural Language Processing
Kloo introduces an intuitive way of handling purchase requests through natural language processing. Users can simply send an email in everyday language to initiate requests, thereby eliminating the need for navigating complex forms and procedures. This approach not only makes the AP process more accessible but also ensures adherence to proper financial procedures, thus maintaining fiscal health and operational efficiency.
Enriching Decision-Making with AI-Driven Insights
The lack of immediate and actionable financial insights in conventional AP processes often hampers decision-making, resulting in approval delays and missed opportunities for cost savings. Kloo addresses this by providing approvers with AI-generated insights at the point of decision, including budget compliance impacts, historical spend patterns, and duplicate spending alerts. These insights, derived directly from the company's spend data, empower approvers to make informed decisions swiftly, thereby enhancing the speed and accuracy of the AP process.
Kloo also provides AP Analytics dashboards which can be queried in natural language to find the data you need when you need it.
Automating for Efficiency with AI and OCR
One of the most time-consuming aspects of traditional AP processes is manual data entry and coding of invoices.
Kloo layers OCR with AI to ensure error-free autonomous data extraction and input. First, the data is extracted by OCR, then undergoes a secondary layer of processing with AI. Artificial Intelligence uses contextual reasoning to 'understand' this data, ensuring all possible fields are populated correctly and using the data extracted by OCR to generate a concise summary of the invoice, offering insights that go beyond mere data entry.
Kloo also leverages AI for invoice matching. Consider this scenario: A purchase order displays a supplier's full name, while the corresponding invoice shows a different version of that name, perhaps an abbreviated form. This seemingly minor difference would pose a challenge for traditional automated systems, requiring manual intervention. However, Kloo's layer of integrated AI can identify these subtle matches through contextual reasoning, allowing even the most intricate invoices to be matched accurately. This leads to a more efficient, error-free process and significantly reduces the time and effort involved in manual data entry and verification.
Impact of AI Features on User Experience in AP
The integration of these AI features into AP processes has profound implications for user experience.
Improving User Engagement
When users find a system intuitive and user-friendly, their buy-in and engagement with the system increase significantly. A streamlined UX, such as that offered by platforms like Kloo, removes the intimidation and confusion often associated with navigating complex financial systems. like Certinia. This user buy-in is crucial for ensuring that tasks are completed accurately and efficiently.
Ensuring Timely Approvals and Policy Compliance
A more accessible and straightforward UX can directly translate to quicker and more reliable approval processes. Business-side users are more likely to timely approve purchase requests when the system is easy to navigate and understand. This not only speeds up the AP cycle but also ensures that Purchase Requests are used correctly and in alignment with company policies. The knock-on effect is a more streamlined, compliant, and efficient AP process.
Kloo for Certinia: Unlock Automation
Kloo is particularly beneficial in scenarios where businesses deal with large volumes of invoices. By combining Certinia's comprehensive financial management tools with Kloo's AI-driven tools, businesses can achieve a degree of speed, efficiency, and accuracy that was previously unattainable. With Kloo, Certinia users can streamline their AP processes, reduce manual workload, and mitigate errors, ultimately leading to improved financial operations and greater business success.
