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AI Assisted Back-Office Applications

Where to leverage artificial intelligence AI-assisted applications can greatly drive financial back-office automation by streamlining processes, reducing manual effort, and increasing accuracy. Here are a few AI-powered applications that can be utilized in financial back-office automation: It’s important to note that while AI-assisted applications can automate several aspects of financial back-office operations, human oversight and […]

Read Full June 7, 2023

AI in Data Capture and OCR

Artificial Intelligence (AI) plays a crucial role in data capture and OCR (Optical Character Recognition) applications, revolutionizing the way we process and extract information from various sources. For accounts payable (AP) departments and other financial back-office areas, AI assisted data capture can provide tremendous efficiencies and increased accuracy.

Read Full May 22, 2023

Vendor Management Portals

What are they? Why do I need one? Vendor management portals, also referred to as vendor portals or supplier portals, are cloud-hosted software platforms that allow organizations to efficiently manage their relationships with suppliers, vendors, and contractors. Some of the key features and benefits of a vendor management portal include: Centralized Database: A vendor management […]

Read Full May 11, 2023

AI’s Impact on the Financial Back-Office

Efficiency gains but be vigilant with security and data privacy AI is already having a significant impact on financial back office operations, and its influence is expected to increase exponentially in the coming years. While many will see opportunity others will not be so be so optimistic. Regardless of what side of the issue you […]

Read Full May 8, 2023

Why Procurement Needs Vendor Portals

Increase efficiency, decrease vendor risk and track service levels Vendor portals offer many benefits to procurement departments. We will look at some general benefits these highly collaborative, cloud-hosted portals provide then dig a little deeper at some specific procurement related functionality. Vendor portals and supplier portals offer several benefits to procurement, including: Vendor portals can […]

Read Full May 1, 2023

Know Your Cost Per Invoice?

Cost per invoice = (Total personnel costs + Total overhead costs + Total technology costs + Other costs) / Total number of invoices processed

Read Full April 25, 2023

Common Issues in Financial Back-Office Operations

One of the most common issues found in financial back-office operations is the use of inefficient manual processes. Many of these operations still rely on manual processes for tasks such as data entry, record-keeping, and reporting.

Read Full April 13, 2023

Vendor Onboarding Automation

Vendor onboarding portals, also know as supplier portals, are an essential tool for businesses that want to streamline their procurement processes. These portals can automate many of the tasks associated with vendor onboarding, such as collecting and verifying supplier information, ensuring compliance, managing contracts, and processing payments.

Read Full April 12, 2023