Every company that processes invoices, such as from contractors or suppliers, must have continuous audits to try and catch fraud. But how many invoices can realistically be audited — even with a team dedicated to doing so? 10%? 20%?
Here are a few things you can do right away to catch invoice fraud:
- Ensure you have done business with a company before and someone is not trying to pass off a fake company.
- Compare receipts against a purchase order.
- Check and validate payable addresses.
Organizations must consider how are invoices coming into the company. If it is a very small company and only a few invoices are processed, a single person may be able to handle that. But the ingenuity of even a small company’s employees can be improved by taking the data from the invoices and making it more usable, either in applications, UI dashboards, and many other ways to leverage the data.
How is that possible? With the power of practical Artificial Intelligence (Ai)! In this blog, we’re going to delve into how Applied Ai can help you handle and, more importantly, avoid invoice fraud.
What is Applied Ai? It is the part of Ai for normal people in the real world who want to use Ai to complete real tasks.
A few of those real tasks are the previously mentioned ways to catch fraud. Sure, that can be processed manually. But who wants to scan hundreds of PDFs either while processing the invoice or later in audits?
Having a human go and check for things in an invoice is difficult to always be 100% accurate. They could say they’ve seen this invoice before … it sounds about right.
But that is probably how a man was able to steal $100 million from two big-name tech companies.
Machines can extract information and present it in such a way that the person who needs the data can see and act on it. It doesn’t replace the person who made the mistake, but it enhances their ability to spot fraud.
That’s where the magic of practical Ai can happen.
By taking away the hours employees spend scanning invoice PDFs with the capabilities of Applied Ai, they can process more invoices or talk to more customers. They also would make fewer errors by not having tired eyes.
People want to build momentum in the company they’re a part of … but when they’re bogged down by manual processes, they’re not able to do that.
Let’s help your employees by incorporating Ai into your business! And then you can reap the benefits of more efficient and happier employees.
It’s not about eliminating jobs; it’s about improving the ingenuity of those who have the jobs. And we’ve seen sheer joy in the eyes of those employees we’ve helped by improving their work life.
When you put on the lens of practical Ai, anything is possible! When you realize that what you might be doing is difficult or extremely manual, you can improve business processes and employee ingenuity with all those possibilities.
Let your employees do the work they care about! Improve what they’re good at and make them even more efficient and productive.
How do we make their job easier so they can focus on the problems they were hired to solve?
At ElectrifAi, we are all about helping companies use Ai to solve real business problems. We consider all aspects of listening to the client and the problems they have (often finding problems they never knew they had) and marry them to an algorithm that can solve those problems faster, stronger, better than they ever thought possible.
How do we do this? Through our Machine Learning Model Factory, which has developed the largest library of pre-built machine learning models. These models are ready-to-go to start solving your business problem and help your business grow.
Sure, you can build machine learning models from scratch. You can even build against a pre-built model from other companies. But in both of those scenarios, there is a lot of work and massaging that needs to happen to get the results you want.
Therefore, you want to leverage a company like ElectrifAi who does this process as a service and can get to the heart of the matter quickly, efficiently, and accurately with proven results.
If you want to get an idea of how much is involved in actually doing the work yourself, check out our live video series, This Week in Applied Ai! In Episode 5, Noelle Silver, ElectrifAi SVP of Ai Solutions, gives an in-depth look at the complex process of running invoice analyses.
Want to get started improving your employees’ efficiency and happiness? ElectrifAi can help! Contact us today for a custom demo to see how your data can begin working for you.