How customers leverage AI every day with Medius
Six ways you can benefit, too, with Medius autonomous AP
Artificial Intelligence (AI) is a game-changer in today’s accounts payable solutions, boosting efficiency, accuracy, and overall operational excellence. If it's missing, it's time to reconsider your AP software.
Medius seamlessly integrates AI into its solutions, offering benefits well beyond automation. Customers appreciate AI's user-friendly interface and the benefits that extend to the entire organization. Explore how Medius AI integrates into daily operations, its tangible advantages to Medius customers, and how autonomous AP can benefit you, too.
1 Automated invoice processing
What you can do: Achieve touchless invoice processing with a 99.7% capture rate.
AI feature: Data extraction and validation
How it works
Medius Capture uses advanced AI and machine learning algorithms to extract invoice data from any format, minimizing manual intervention and improving data accuracy.
Benefits
Increased efficiency: By automating data capture, your team can focus on more strategic tasks, boosting overall productivity.
Environmental impact: Reduces paper usage and associated carbon emissions from printing and physical storage of invoices, contributing to a greener office environment.
What you can do: Autonomously guide approvers through the invoice process.
AI feature: Medius Copilot
How it works
Medius Copilot provides approvers with pre-defined prompts and shortcuts for popular invoice processing queries. Approvers can enter free text questions and receive highly accurate, informed responses, ensuring quick, confident, and accurate invoice decisions.
Benefits
Increased on-time payments: Helps approvers make accurate invoice decisions quickly, ensuring payments are made on time.
Reduced burden on AP teams: Automates support for common queries, reducing the workload on AP teams and allowing them to focus on more strategic activities.
2 Enhanced fraud detection
What you can do: Proactively detect and prevent fraud.
AI feature: Fraud & risk detection
How it works
Medius’s AI analyzes vast amounts of data to identify unusual patterns and anomalies (like duplicate payments and unauthorized transactions) that may indicate fraudulent activity. The system continuously learns from historical data, improving its accuracy.
Benefits
Reduced errors: Decreases the likelihood of duplicate payments and unauthorized transactions.
Resource optimization: Minimizes the need for extensive manual audits, helping you shift resources to other critical areas.
Enhanced financial security: Provides real-time alerts and monitoring, promptly addressing potential issues and ensuring your business is secure and protected from financial risks.
3 Improved supplier relationships
What you can do: Give vendors peace of mind with autonomous invoice and payment status updates.
AI feature: Supplier conversations
Benefits
Improved supplier trust: Ensures suppliers are always informed, reducing anxiety and enhancing confidence in your payment processes.
Operational efficiency: Alleviates your AP team from the constant barrage of supplier requests, allowing them to focus on more strategic tasks.
4 Automated compliance and reporting
What you can do: Ensure compliance and simplify audit processes.
AI feature: Automated compliance and reporting
Benefits
Regulatory compliance: Automates compliance checks, reducing non-compliance risk and associated penalties.
Audit efficiency: Generates accurate and comprehensive reports, simplifying audits and saving time.
5 Optimized cash flow management
What you can do: Predict and manage cash flow with AI-driven insights.
AI feature: Predictive cash flow management
Benefits
Better financial planning: Provides accurate forecasts of payment schedules, helping manage liquidity and optimize working capital.
Cost savings: Identifies opportunities for early payment discounts and other financial optimizations, potentially leading to significant financial gains for your business.
6 Improved data-driven insights
What you can do: Make informed decisions based on advanced analytics.
AI feature: SmartFlow
Benefits
Strategic management: Offers insights into spending patterns and vendor performance, enabling cost-saving measures and improved financial strategies.
Enhanced decision-making: Empowers your finance team with actionable data, leading to more informed and effective business decisions.
Customers know by harnessing the power of AI with Medius, you're not just automating your AP processes; you're transforming them into a highly efficient, autonomous system that moves your business toward growth.
AI-powered autonomous AP with Medius: Benefits checklist
Speed and efficiency: AI algorithms process invoices faster than humans, improving turnaround times and efficiency.
Control and visibility: Enhanced data aggregation and visualization offer superior control over financial operations.
Vendor relationships: Timely payments facilitated by AI strengthen relationships with suppliers.
Liquidity: Accurate cash forecasting through autonomous processes improves liquidity management.
Fraud detection: AI-driven monitoring detects anomalies and potential fraud, protecting your finances.
Sustainable growth: AI's continuous learning and integration capabilities promote sustainable development and efficient AP operations.
Medius’s autonomous AP does it all: improves processes, boosts efficiency, enhances security, improves supplier relationships, manages risks, ensures compliance, optimizes cash flow, and provides valuable insights. When AI works magic in the background, you can confidently focus on what matters most to your team.
