Artificial intelligence in invoice handling

In our world we define artificial intelligence (AI) as a software with simular ability as humans to react and to learn from experience. Artificial intelligence should ensure that all invoices that are approved are paid, and those which contain error or fraud are not paid, - that easy, says R&D Manager Kai Mydland in Eye-share AS.

Eye-share is one of the market leaders in Norway for software which electronically processes incoming invoices and other documents. The company has delivered its services to over 500 customers both in Norway and internationally. Today, we offer a total solution for electronic processing of all types of documents, from scanning, interpretation and workflow, to integration with existing business systems, Mydland explains. Our focus in many years have been in automatization, so we are very good at it.

eye-share can itself, without artificial intelligence, automatize most of the processes connected to document processing. This is done through automated verification and classification of data entering the system, together with automation related to accounting and approval. With help of artificial intelligence our solution can suggest improvements and more efficient ways to solve tasks. A potential for smart solutions through artificial intelligence is endless and we also get a lot of useful input from our existing customers, says Mydland. Imagine that the system notifies you that at the end of the month you are missing an invoice that you normally receive and to which you should allocate funds for. Or that you receive notification when an amount or other information is significantly different than it usually was. With help of AI you can discover pattern and suggest better ways to work. We have a variety of such proposals that we are now working on. It is an incredibly exciting subject area for us who work with research and development and use of new technology, says Mydland.

Further on, will artificial intelligence become an important focus area. At the same time we have an understanding that artificial intelligence cannot be used uncritically, says Mydland. We are very keen to listen to our customers, and they will always be concerned with good control for their business. We generally see that our customers want a high degree of automation, while also wanting good control of the finance department, explains Mydland. Here we must take into consideration both parts.

Eye-share gives businesses the opportunity to spend more time on core business and achieve good results, because the processing and approval of documents goes on their own. In practice, this means that eye-share uses historical data to find out how an invoice should be split into different accounts and who should approve it. If the customer wants it, eye-share can carry out all processing automatically, right up to bookkeeping, a process that otherwise would have required manual follow-up. The most unique thing about our solution is that it notifies about nonconformities and suggests automation when manual actions are no longer a necessesary, says Mydland.

Eye-share's vision is to deliver the best user experience through a simple and flexible solution. The best user experience is when everything happens completely without human intervention, says Mydland with a smile. Full utilization of artificial intelligence in eye-share will revolutionize the treatment process for incoming invoices. The machine is in many cases better than the human in detecting patterns of action and deviations, and this will quickly increase the degree of automation among all our customers. We are looking forward to see the effect of this, concludes Mydland.

 

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