In a bid to fast-track business-to-business transactions and eliminate the age-long tradition of manual business processes, an artificial intelligence (AI) invoice processing/ payment is been introduced.
Samson Aligba, founder of Hyphen, has said that the introduction of Zero-Touch Invoice Processing was the biggest ease-of-doing-business innovation of this era as it offers several transformative benefits for businesses.
Aligba, who spoke with journalists, said that the innovation had brought lots of benefits, which include: “enhanced efficiency, improved accuracy, streamlined workflows, and real-time visibility.”
In terms of enhanced efficiency, Aligba said that by automating the entire invoice processing cycle, businesses can save significant time and resources previously dedicated to manual tasks.
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“This newfound efficiency enables staff to focus on higher-value strategic activities, thereby fostering productivity and growth. Another highlight of AI-powered technology is Improved Accuracy. The reliance on AI for invoice recognition and reconciliation eliminates the risk of human error, ensuring accurate and error-free financial records.
“Also, businesses can rely on precise data for decision-making, forecasting, and financial reporting. Also included in the benefits of the latest in B2B transactions management are streamlined workflows and real-time visibility which reduces the need for manual processes, approval, and payment tasks.
“This streamlining of workflows, we gathered, accelerates transaction cycles, reduces bottlenecks, and enhances overall operational agility. Real-time visibility is another important value of Zero-Touch Invoice Processing. By leveraging open banking, businesses gain real-time access to financial data, enabling instant visibility into cash positions, outstanding invoices, and payment statuses,” Aligba said.
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