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.
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.
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.
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.
Enhancing AP Processes with AI Integration
Integrating AI into AP platforms like Kloo not only simplifies navigation but also improves the overall user experience. This streamlined interface boosts user adoption and operational efficiency.
Optimising Approval Workflows
A user-friendly system accelerates approval processes, ensuring timely and accurate compliance with company policies. The enhanced efficiency of the AP cycle results from easier system navigation and clearer guidelines, leading to improved compliance and effectiveness.
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.