Basware’s Smart Coding Technology Leverages Machine Learning to Increase AP Efficiency Today and Prepare Companies for the Future of Finance
Espoo, Finland, 1 February 2018 – Basware, the leading provider of Purchase-to-Pay solutions, is helping companies prepare for the future with smart coding technology, a new functionality that pushes the boundaries of machine learning to automate the processing of non-PO invoices.
Smart coding eliminates the need for a human to manually code invoices when there is no purchase order (PO) created to match to that invoice. Using a new state-of-the-art machine learning algorithm, smart coding technology automatically searches and analyzes historical data and invoice coding templates to recommend the proper general ledger (GL) coding of non-PO invoices. These invoices would otherwise get trapped in a time-consuming, manual workflow. By leveraging and learning from company financial data, the technology is able to continuously improve the accuracy of its recommendations – increasing efficiency, productivity and accuracy of invoice handling.
Smart coding also helps companies collect and aggregate more financial data for the future by automating processing across another invoice format.
“Emerging technologies like machine learning, artificial intelligence and blockchain feed on large datasets – it’s what these tools need to be effective,” said Sami Peltonen, vice president of Purchase-to-Pay, Basware. “Smart Coding prepares us for the future, by ensuring all of an organization’s financial data is quickly and accurately captured – regardless of invoice type – underscoring the need to implement this technology today.”
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