AI promises to do something different than we’ve seen before. While it’s very easy for the human brain to understand a rule, machine learning is very different from a rules-based system. Machine learning is smarter because it uses big data, so it follows trends.
The following is an excerpt from our webinar, “Automating Accounts Payable (AP): How Ignite Spot Accounting Services Automates AP, Removes Human Error, and Improves Client Services.”
For example, if the data comes in labeled as Uber, the system will see that as a transportation cost. Then if it sees something come in labeled with Lyft, it will associate that as a transportation cost as well. A rules-based system can’t do this very well, and it doesn’t scale because you have to copy or recreate the rule for every client.
Machine Learning is Powerful
Machine learning is much more powerful than rules-based automation because machine learning is able to predict and give you a level of confidence with what it’s doing. Then it will know to pull in a person for help when the confidence level is low, instead of when the confidence level is high where it doesn’t need any help.
This is how Vic .ai works. Let’s look at how the system works on real clients.
Ignite Spot chose Vic .ai because it gave them the ability to see the confidence level in the automation as a part of the view. So if the confidence level was showing 30%, you’ve likely found an area that needs a little more focus on some of the details. If it’s showing 100%, the review would not need to be as in-depth. This was a huge part of the decision-making process on why Ignite Spot chose Vic .ai.
Ignite Spot also liked how Vic .ai was able to be flexible with the client’s industry. There’s nothing that says the client must be a gas station or a food and beverage type of business in order for this to be successful.
How Machine Learning Gives the Best Recommendations
Machine learning utilizes large amounts of data and information to give you the best recommendations. Plus, it’s reading the content and looking through the entire sheet to determine the best recommendations for your invoice number, the date of purchase, vendor information, or any other key information. This really helps to make the process more efficient and keeps it running smoothly.
Vic .ai allowed Ignite Spot to mitigate (or almost eliminate) human error that comes into play when information is typed manually or read incorrectly. Something as little as a smudge or a tear in the page could cause human error.
Is your accounting firm investing in the right automation? Tell us your thoughts in the section for comments below.
To learn how Ignite Spot Accounting Services automates AP, removes human error, and improves client services, watch the webinar recording on “Automating Accounts Payable (AP).”