Medius Unveils Two Groundbreaking AI Solutions to Revolutionize Accounts Payable Efficiency
The introduction of Medius Copilot and Supplier Conversations solidifies Medius's position as the industry leader in applying artificial intelligence to AP operations, delivering practical and transformative solutions for everyday business challenges.
Medius Copilot
Medius Copilot is an intelligent assistant embedded within the AP automation application, specifically designed to assist invoice approvers, particularly those who are not AP experts. Medius Copilot enables users to ask questions about invoices, facilitating quick, efficient, and anomaly-free approvals. This innovative tool reduces the time spent on chasing queries and minimizes the risk of delayed approvals, ensuring smoother and faster processing of invoices.
According to data from the Medius Financial Professional Census, finance professionals are a particular flight risk, with 58% of finance professionals in the US and 71% of finance professionals in the UK looking for a new job. Fortunately, 94% of respondents expressed satisfaction with the adoption of AI, which can alleviate these strains. By integrating Medius Copilot, organizations not only enhance their invoice approval process but also contribute to employee satisfaction and retention, addressing the high turnover rates in the finance sector.
Dan Ball, Chief Product Officer at Medius, commented: “Medius Copilot is a transformative technology for approvers, helping them deal with exceptions quickly and efficiently. By providing immediate and relevant information, it empowers users to make informed decisions whilst reducing the burden on the AP team."
Medius Supplier Conversations
Medius Supplier Conversations addresses the time-consuming task of responding to supplier inquiries. As many as 87% of finance professionals are responsible for replying to vendor emails, answering an average of 28 such emails each day. This translates to an average of six hours a week replying to supplier inquiries about invoices.
While these inquiries are general emails from suppliers looking to be paid, this randomized deluge of communications is a burden on finance teams that should be focused on making accurate payments and closing out the month. These teams are forced to choose between risking supplier satisfaction and making on-time payments, and they have an overwhelming load of tasks to keep businesses on track.
In addition to supplier inquiries, the finance team frequently steps in to review invoices. On average, 30% of invoices require manual intervention from the finance team.
This AI-powered solution automatically handles supplier questions, providing immediate and accurate responses via email based on supplier history, payment terms, and trading information. By significantly reducing the volume of queries reaching the AP team, it enhances the supplier experience and ensures timely resolution of concerns.
Dan Ball added: "Medius Supplier Conversations meets suppliers where they work, in their email inboxes, and delivers intelligent responses based on comprehensive, contextual data. This not only improves supplier satisfaction but also frees up AP teams to focus on more critical tasks."
Both products leverage Medius's proprietary artificial intelligence, trained on $200 billion of annual transactions, to offer unmatched accuracy, transparency, and efficiency. These solutions embody Medius's commitment to transforming AP processes and delivering measurable outcomes that address the real-world needs of businesses. These innovations aim to make invoice processing as efficient and touchless as possible, freeing up valuable time and resources for more strategic tasks within finance departments.
About Medius
Medius links invoice capture, processing, and payment to replace the worry and wondering of managing AP with calm and confidence. Medius goes far beyond basic automation by using artificial intelligence to do most of the work – so invoices get confirmed, coded and paid and businesses can trust their budgets and forecasts. Medius, on a mission to transform the spend management category using the power of automation and AI, has more than 4,000 customers across 102 countries and processes $200 billion in annual spend through its system. Visit medius.com to learn more.
For more information, please visit medius.com.