Long processing times and a high percentage of exceptions are the biggest challenges in Accounts Payable. Basware’s new SmartCoding provides advanced machine learning (ML) to help overcome this challenge for you.
The new Basware SmartCoding is an advanced machine-learning (ML) based solution for creating invoice coding proposals for non-PO invoices. SmartCoding uses a wide historical set of supplier invoices combined with multiple invoice dimensions to automatically code invoices, therefore reducing the need for manual coding.
The new SmartCoding generates more consistent invoice coding and prevents mistakes by users in the process. Users are guided throughout their journey to make the best possible business decision on invoice coding proposals. Data quality for reporting purposes improves and advanced machine learning continuously improves the accuracy of coding proposals.
Key benefits:
- Efficiency
Having accurate coding proposals will speed up the non-PO invoice coding process. Top 5 proposals and confidence indicators guide users to make the best and most efficient decisions.
- Control
Basware SmartCoding helps your users to stay in control. Finance departments have control over how SmartCoding works by defining thresholds to steer the machine learning and has always control over the final decision on the invoice coding.
- Increased data quality
Advanced machine learning improves continuously the accuracy of the coding proposals. The model learns through the usage, and you will eventually have more accurate and consistent usage of your coding dimensions.
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