Accounts payable teams adopting the Tradeshift Pay solution now have access to a comprehensive collection of tools that allow them to visualize the impact and effectiveness of Tradeshift's payables automation capabilities in comparison to manual processes.
FREMONT, CA: Tradeshift, the global leader in e-invoicing and accounts payable automation, has introduced several updates to Ada, the Tradeshift platform's next-generation artificial intelligence and machine learning layer. Accounts payable teams adopting the Tradeshift Pay solution now have access to a comprehensive collection of tools that allow them to visualize the impact and effectiveness of Tradeshift's payables automation capabilities in comparison to manual processes.
"We do not believe in building black box technology," says Lloyd Humphreys, principal product manager for analytics and artificial intelligence, Tradeshift. "Trusting machine learning with something as important as ensuring your company's suppliers get paid is not something that should be done behind a curtain. That is why we believe that the Automation Dashboards transparency and ability to ease into Ada is the key to supporting exception-free payables departments and teams that can be liberated to do more meaningful work."
The most recent versions contain an Automation Dashboard feature that compares Ada’s performance to person-led operations and provides predictive modeling that shows how the technology might improve efficiency and cost savings outcomes. Even when not in use, Ada’s invoice coding functionality learns from genuine prior transactions to produce complete, precisely coded documents that are ready for approval and posting.
"The best processes to automate are tedious, like coding invoices for a successful ERP ingestion. Even the most passionate data entry clerk would tell you there are more valuable things they could be doing with their time. Ada is the ultimate partner for payables departments looking to move up another level," says Raphael Bres, Chief Product Officer,Tradeshift.
Customers can choose from three presets conservative, balanced, or progressive, recognizing that most people are hesitant to hand over control to Artificial Intelligence entirely. The presets are designed to scale AI based on the customer's level of comfort with the technology. Early adopters of the system saw a 60 percent reduction in manual coding interventions, with one top-performing customer saving nearly a week's worth of work (35 hours) in a single month.
Tradeshift has also included a rule engine to supplement Ada's machine learning capabilities by giving users a variety of customization choices to assist them in tailoring the system to their personal needs. Ada Rules adds another degree of flexibility and control to artificial intelligence deployments by allowing users to apply specific conditions to bills that fulfill a set of criteria, such as atypical invoices from infrequent vendors, huge invoice values, or exceptions to international compliance rules.
Customers of the Tradeshift Pay system might handle tens of thousands of invoices every month, a time-consuming and unrewarding operation for overworked payables staff prone to errors. According to Ardent Partners, payables teams spend an average of 24 percent of their time dealing with invoice exceptions. At the same time, another study found that 3.6 percent of invoices completed manually contain a data entry error.
