IT services and talent management company NAM Info has entered the artificial intelligence (AI) space with the debut of an accounts payable (AP) and Accounts Receivable (AR) AI co-worker.
According to a Saturday (Oct. 29) news release, the product — dubbed APAR — was developed with AI-based accounting solutions company Finance Tech Unlimited.
The tool is “focused on the talent management industry requirements, where multilayered partnerships are a necessity considering the demands of the various industries for technology developing community,” NAM said in the release.
It can help businesses with the optimal use of working capital, efficient AR collection, and plugging revenue leaks.
Vinay Mahajan, CEO and president of NAM Info, said the company developed APAR in the interest of “identifying and creating logical relationships between billing and payments.”
Earlier this year, PYMNTS pointed out the importance of digitizing AP and AR functions, noting that more than 2.2 trillion B2B invoices will be exchanged by 2035.
And while the pandemic fast-tracked digitization, 89% of small businesses still process paper-based or PDF invoices, while 80% of AP workers spend a quarter of their day clerically handling tasks that can be automated.
As PYMNTS said at the time, AP platforms that employ AI and machine learning (ML) can interpret unstructured files to find and process invoice data with no need for human intervention. Small businesses that adopt the technology now will benefit from system upgrades and enhancements in the future.
Therefore, automating AP could profit companies in employee retention as well as worker productivity and cost savings down the road, continually enhancing return on investment.
PYMNTS also noted that streamlining the AP process offers companies the potential to improve employee satisfaction by reducing stress and overwork, while also reducing or even eliminating late payments.
