Artificial Intelligence

What is RPA and How Can You Improve Your Business’s Accounting Efficiency.

As companies continue to search for cost-effective solutions to increase performance, Robotic Process Automation ( RPA) becomes one of the most prominent breakthroughs. According to a new study by Deloitte, 53% of the companies surveyed already have incorporated or started to integrate robotic process automation into their invoice management approach. This is anticipated to accelerate to a universal implementation within the next five years.

Robotic Process Automation is robot technology that can complement people to simplify the routine, rule-based, and operating procedures. By communicating with current IT systems, RPA software is capable of obtaining and evaluating those tasks and then automating them continuously. Introducing a digital workforce in place, employees would also be able to devote more time to the client and other higher priority activities.

 

 

What is RPA?

Robotic Process Automation ( RPA) is considered to be the technique for mechanization of company processes by automation to minimize human interference.

If each of these words must be sorted out one by one, Robotics are entities that imitate human activity. A process consists of a series of steps leading to productive work. For instance, making your favorite beverage or dish, etc. Automation is any robotic action that does not require human interaction. If we sum up all these concepts, it is also known as Robotic Process Automation. It imitates human behavior to execute a series of steps leading to concrete action without any human interference.

 

RPA boosting your business’s operating efficiency

Since the Payable Accounts (AP) are critical for the competitiveness and financial results of the business entity, AP procedures are manual and time-intensive for many North American organizations. Leading companies are adopting software techniques to boost AP performance, adding to reduce departmental expenses and growing profits within the enterprise. Technology helps AP agencies to retain a solid bottom line for their support. Large organizations with broader financial and technical capabilities have historically powered AP automation, but today automation is adopted in back offices by businesses of all sizes.

 

AP challenges faced by organizations without a proper RPA solution

Organizations strive to maintain an effective invoice mechanism without the correct AP technologies.

Figure 1 depicts the leading organizational challenges :

  • Unproductive procedures and manual data entry.
  • Manual transfer of invoices for authorizations.
  • Constantly losing or missing invoices.
  • Major receipts of invoices being in paper format.

In their own words, the companies cited several difficulties when asked to identify their most significant AP problems. They referred to the handling of obsolete, outdated AP applications with entirely manual AP units. Many have used an ERP or an invoicing control program for their applications for the manual submission of invoices information. Many have been criticizing their applications. One respondent who uses an ERP tool also described its AP Department as “paper-intensive” despite the AP program, which was focused on its tool creating the “no constant method of obtaining and authorizing invoices.” Others found ERP based instruments “unsatisfactory” and “glitchy.”

 

 

 

Benefits of using an RPA for your Accounts Payable

Automation of AP tackles a variety of limitations in the AP Division. Figure 2 shows that many businesses can increase approval periods by using AP automation, to improve the productivity of workers.

It points out the major organizational and strategic benefits :

  • Improving supplier relationships
  • Simplifying the auditing process
  • Reducing fraud and duplicate payments
  • Overall resulting in lower AP costs
Organizations have recognized the beneficial effects and see automation technology as an ability to transform and improve their AP systems technologically and functionally.

 

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Artificial Intelligence, Branding, Development, Marketing

Artificial Intelligence Preparing B2B for the Future

For a very long time, B2B companies have been making a huge mistake. They didn’t pay much attention to customer experience until recently. In the era of mobile applications and web applications providing fast and seamless customer service, the B2B companies were lagging behind. Whether it is real-time responsiveness or an understandable interface, the B2C industries have shifted the expectations of customers to B2B as well.

This recent development has forced B2B companies to work on their customer experience. Fortunately, this task is simplified with Artificial Intelligence. It is a technology that goes beyond achieving conventional tasks. That’s why; many companies are laying the foundation for AI software integration. The advancements in AI are already redefining the marketing process for B2B. So, it is a matter of time until the customer experience will also be taken over by AI.

From engagement with customers using chatbots to delivering executive reports, AI helped the marketers succeed in various segments boosting the business. So, here we have gathered the fundamental concepts that are used by B2B to improve customer experience.

1: Chatbots:

A chatbot is a simplified computer program that can simulate conversations with human visitors on a platform. This technology can be used to provide customer service, recommend products, and to keep the customers engaged. If you are wondering how the chatbots improve customer experience, then consider a scenario, for example.

You need to talk to a customer care executive, but there is no one available because they are dealing with other customers whose queries are not as critical as you. Then the executive will be stuck, and you will feel disappointed by the service.

Instead of letting this happen, Artificial Intelligence deals with small queries using chatbots. This way, the executives will have enough free time to deal with higher-level queries and resolving significant conflicts amongst users. Chatbots reduce the time a customer waits for a response so that they have a positive experience.

2: Executive Alerts:

This is a tool that provides critical insights about the brands, their competitors, and the overall industry. AI is integrated with this tool so that anomalies in the data types can be detected across platforms such as social media and search engine marketing. Having the Executive Alert system is like a personal assistant for B2B. The system proactively engages with customers and tracks their activities to send alerts. The alerts can be anything.

For instance, you are going out to watch a football game in a stadium. AI tracks your location and sends you executive alerts of other activities that might be happening within the perimeter. Such a system is also used by companies to prevent offensive content from being posted on their website. They detect keywords like violence, alcohol, or crime and alert the website management team to review the action. Or a good example will be the release of a new discount offer on your favorite shopping app. The alert system will notify you instantly so that you can grab a fantastic opportunity to buy a product or service.

3: Product Recommendation:

Artificial Intelligence is changing the game of promoting the products and services provided by a company directly based on customer behavior. This includes the products sold by B2B enterprises. Product suggestions are made according to consumer behavior. When a B2B company is offering a wide range of services, product recommendations becomes a primary marketing tactic.

The AI bots suggest products and services to the customers by analyzing their activities. It often happens that sometimes customers just turn away from the platform because they couldn’t find the product they want to buy. This can be changed by using AI bots integrated with CRM e-commerce. The bots display content or items that are appealing to the customer. This is the best way for customer retention and building a loyal base.

Right now, Netflix is using AI to provide movie and web series recommendations to the views so that the customers spend more time watching content.

4: Content Moderation:

Artificial Intelligence is such a versatile technology that is used to moderate content on the web. By content moderation, we can identify offensive content on our website and pull it out much faster than any human. The bots can crawl through hundreds and thousands of comments, image uploads, articles, and videos to detect if there is any content that is potentially upsetting or disturbing.

Currently, the AI bots are used alongside human moderation, but hopefully, in the near future, the content moderation might be a standalone task for AI.

We all have seen headlines, live streams of crimes, and offensive content posted on social media. And the worst thing is that such content can’t be taken down unless it has already caused significant damage. It is all because the manpower required for this task is infeasible. As a result, many companies, including B2B, are affected. Negative comments about any business, even if it’s not true, it spread like a wildfire that needs to be avoided at all costs. And all this can be prevented if there is a smart AI content moderation technology available.

AI Helps in Transforming B2B:

It’s easy to fathom how much AI can do for a business if it is appropriately implemented. Some key benefits of AI for B2B include:

  • Providing better and more quality leads
  • Simplifying the account selection process for lead generation
  • Hyper personalization of marketing campaigns for B2B can be done with AI
  • Gives a broader online shopping experience
  • AI can support SEO process by interpreting the data patterns more efficiently

Some Final Words:

With the advancements in AI, many companies are already reaping its benefits. It still doesn’t have any prominent effect on business processes. But if you want to keep up your business with the future, then AI software integration will be the most imperative technique to achieve your goals. From keeping you up to date with the latest trends to ensuring your safety, AI will take over every task and automate it effectively.

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