How AI drives your business forward

The importance of digitisation to a company's success is common knowledge. But what role does the new dimension of artificial intelligence play, and what departments in particular are affected? Karl Heinz Mosbach, CEO of ELO Digital Office, outlines an example in the area of finance

What does artificial intelligence offer companies? There is a wide range of applications for artificial intelligence, and more and more AI technologies are becoming part of our everyday workflows and business processes. Used the right way, AI saves companies significant amounts of time and money: after all, intelligent solutions streamline business processes for employees with the goal of making companies even more successful.

Today, we still spend too much time manually processing both paper and digital documents. In finance especially, where transparency and fast workflows are essential, these manual processes are often very inefficient. So why shouldn't we leave tasks like entering, verifying, and allocating data to an intelligent capture tool?

A tool capable of processing even unstructured documents, such as paper invoices, in next to no time. First, the invoice is scanned. The tool then finds all relevant information, regardless of its structure. This data is transferred to the ERP software for booking. As this is a self-learning system, the quality of processing improves continuously, meaning new and unknown invoice formats are no problem at all for the capture tool. Combined with the right solutions for digitisation, for example for digital invoice management, this results in even greater time and cost savings in accounting processes.

Companies that use artificial intelligence correctly with a specific aim are equipped to streamline their processes. With intelligent solutions, AI also allows employees to concentrate on their actual jobs, freeing them of tedious, monotonous tasks - be it in finance, HR, or many other departments. The result: more stable and higher performance business processes that enable better scaling and more sustainable company growth.

The potential is huge and will continue to grow in the years to come as the systems are developed. It's critical to keep pace, so invest in and modernise your business processes now with state-of-the-art technologies to remain competitive on an ever tougher market.

These days, applying artificial intelligence is pretty simple - it's all a matter of will. There are so many inexpensive and versatile products available that companies of all sizes can implement these technologies to their benefit. Standardised solutions offering a high degree of business intelligence are also quick to integrate into custom processes.
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