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One of the first use cases for AI in procurement , with leaders in the industry harnessing AI to automate the classification process , to improve accuracy levels . With the use of AI organisations can improve their data handling and categorisation of millions of unique transactions ; shorten the spend analysis cycle time ; and connect disparate spend data into a single hierarchy .

Those that harness AI in spend classification report a 97 % accuracy in classification data , uncreasing precision and driving value .

A well established use of AI in procurement , professionals are using the technology to extract invoice data to streamline and automate the process , as well as control workflows and verify data . Typically , AI isintegrated into existing systems and used alongside natural language processing ( NLP ).

AI-based invoicing is also transforming and improving traditional accounts payable ( AP ) workflow from error-prone and manual to efficient and automated .

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22 March 2024