Basware launched InvoiceAI, a suite of five AI enhancements that use agentic AI to autonomously process invoices and save finance teams over 200 hours per year.
“Finance teams are under massive pressure to reduce costs while improving operations. Here's the difference: regular AI is like a calculator -- you have to key in an equation to get an answer. Agentic AI doesn't wait for instructions. It sees a non-PO invoice, understands what needs doing, and recommends a course of action. Non-PO invoices represent a persistent challenge, but with Agentic AI, the 200 hours per year spent processing them manually can be eliminated," says Perttu Nihti, chief product and technology officer at Basware.
Key takeaways:
· Based on Basware’s invoice processing data, 40% (two in five) of invoices in global organizations arrive without purchase orders. This would leave enterprises facing approximately a $549 billion ‘blind spot’ in unmanaged spend.
· Agentic AI gives finance teams a solution, providing the visibility and control they need to manage this hidden spend.
· Agentic AI can transform invoice processing for finance teams -- autonomously reading, validating and matching PO and non-PO invoices to reduce bottlenecks without requiring lots of manual touchpoints.
· Agentic AI acts like a skilled AP clerk who thinks, decides, and solves problems.
· InvoiceAI includes five AI enhancements to optimize invoice lifecycle management (from delivery through to approval and payment):
SmartCoding automatically assigns the right codes to invoices, so finance teams don’t have to do it manually.
SmartWorkflow routes invoices to the right person for approval, without human input.
SmartPDF turns paper or PDF invoices into digital data that can be processed instantly.
AP Business Agent gives staff real-time guidance on the next best step when handling invoices.
AP Data Agent allows staff to get simple answers about their invoices and produce reports using natural language processing.
· InvoiceAI helps CFOs and AP teams by increasing the number of invoices that are processed without issues.
