Leveraging AI in Finance Platforms

Finance technology is evolving rapidly, and the integration of Artificial Intelligence stands out as a pivotal factor in maintaining competitiveness and fostering innovation. For providers of Enterprise Resource Planning (ERP), Accounts Payable (AP), and Procure-to-Pay platforms (P2P), the opportunity to harness AI's potential through partnerships, presents a compelling strategic advantage. This article outlines the critical benefits and strategic rationale behind embedding Kaunt’s AI technology into financial platforms, highlighting the transformative impact on operational efficiency, cost reduction, and competitive positioning.

Empowering Finance Platforms: The Strategic Edge of AI Partnerships

Finance platforms can achieve significant advantages by partnering with superior suppliers offering best in class AI solutions. Developing solutions in-house is becoming increasingly outdated; modern APIs and partnerships with leading-edge technologies offer a streamlined path to cutting time to market, slashing R&D expenses, and swiftly enhancing products and services. Such collaborations not only meet market demands more rapidly and outpace competitors but also shift the burden of maintaining technology and infrastructure to the partner. This approach ensures costs are predictable and transparent, with the technology continually refined by specialists in their field, providing a competitive edge in a rapidly evolving market.

Autonomous AI Invoice Coding with Precision

Kaunt AI revolutionizes invoice processing by offering General Ledger and Custom Dimensional Coding, autonomously coding invoices with over 95% accuracy. This capability is significant, considering the varied complexity of invoices that can include an unlimited number of lines per invoice and unlimited dimensions (e.g., cost center and approver) per line. Beyond these remarkable features, Kaunt's technology stands out for its ability to fully code between 70 and 85% of all invoice volume, demonstrating unparalleled efficiency and accuracy in handling diverse invoice complexities.

Full Coding: Precision Across All Lines and Dimensions

Kaunt AI's full coding capability is a testament to its sophisticated technology. By fully coded, we mean that every aspect of the invoice is meticulously processed — each line and every dimension — with high accuracy, regardless of the invoice's complexity. Whether an invoice contains 1, 150, or even 500 lines, Kaunt ensures that the entire document is coded correctly. This level of detail and precision in coding is unprecedented, setting a new standard for automation in invoice processing.

Assisted Coding: Enhancing Accuracy with Human Collaboration

In addition to its full coding prowess, Kaunt AI also excels in assisted coding, which covers 100% of invoice volume. Assisted coding means that Kaunt AI suggests a coding proposal for approval by an accounts payable (AP) clerk, even in instances where the accuracy might not meet the highest threshold. This approach allows Kaunt to function as an intelligent assistant, proposing how each invoice should be coded. The technology's suggestions can automatically be routed for approval or sent directly for payment, depending on the organization's preferences. This blend of AI-driven proposals and human oversight ensures that even the most challenging invoices are handled efficiently, coupling the best of technology and human expertise.

A Self-Improving AI: The Feedback Loop

One of the most innovative aspects of Kaunt AI is its self-improving mechanism. The technology isn't static; it's designed to evolve continuously through a feedback loop. As Kaunt processes invoices, it automatically re-trains itself, picking up new patterns and data, which are then instantly deployed into operations. This dynamic learning process ensures that Kaunt's coding accuracy improves over time, adapting to changes in invoicing practices, new dimensions, and the evolving needs of businesses.  

This feedback loop is crucial for maintaining high accuracy rates in coding, as it allows Kaunt AI to stay ahead of the curve, learning from every invoice it processes. The AI's ability to self-improve means that it becomes more efficient and more aligned with the specific coding practices and requirements of each organization over time, ensuring a personalized and highly effective coding process.

Streamlined AI Deployment with Minimal Training

The prospect of integrating new technologies often raises concerns about lengthy deployment times and the steep learning curve for existing systems. Kaunt addresses these challenges head-on, requiring less than 24 hours of initial training on customer-specific historical invoice data before it can start real-time invoice coding. The process requires no rule-based approach or humans in the loop – it’s fully automated invoice coding. This swift deployment process ensures that finance platforms can quickly benefit from AI capabilities without the usual downtime or productivity loss associated with new software integration, and platform maintenance.

A Global Solution for Diverse Financial Ecosystems

Kaunt’s AI technology is agnostic to for example tech stacks, languages, currencies, general ledgers, and invoice formats, making it a universally applicable solution for finance platforms worldwide. This technology agnosticism ensures that regardless of the geographical location or the specific configurations of the finance platforms, partnering with Kaunt offers a seamless and flexible integration, broadening the potential market reach and applicability across diverse financial ecosystems.

Comprehensive Support for All Invoice Formats

The versatility of Kaunt’s AI to support any invoice format, including electronic invoices, PDFs, and picture files, addresses a critical pain point in invoice processing. This comprehensive support ensures that finance platforms can accommodate the needs of all their users without requiring multiple solutions or manual interventions, thereby enhancing user satisfaction and operational efficiency.

Cost-Effective SaaS Integration

Kaunt's SaaS model, integrated via an open API (docs.kaunt.com), presents a cost-effective solution for finance platforms. This model not only facilitates a hidden AI component within existing financial platforms, enhancing the user experience without disrupting familiar workflows but also introduces a performance-based pricing model that is both economical and scalable. Such financial flexibility allows finance platforms to adopt AI capabilities without incurring prohibitive costs, ensuring a better ROI on technology investments.  

Adding to its appeal, Kaunt’s commercial model is exceptionally attractive for finance platforms seeking to maximize their investment. Platforms are only required to pay a performance fee, which can be as low as 3 cents per invoice for large volume partners. This fee structure is all-encompassing, covering not only the advanced AI coding of unlimited invoice lines and dimensions but also Kaunt's infrastructure and support. Remarkably, there are no additional fees or costs applied on top of this transactional invoice fee, ensuring transparency and predictability in expenses. This model epitomizes financial prudence, allowing platforms to leverage cutting-edge AI invoice processing technology while maintaining control over costs.

Unparalleled Security and Compliance with Kaunt

Kaunt's commitment to security and compliance is exemplified by its certifications: ISO/IEC 27001, 27701, and ISAE 3402 Type 2 (SOC 2 type 2 equivalent). These accreditations assure platform partners of the highest international standards in data protection, privacy, and operational integrity. For partners, this means not just peace of mind but also a competitive edge in a market where trust and security are paramount.

Strategic Partnership for Competitive Advantage

In a market where differentiation is key to attracting and retaining customers, finance platforms must continually innovate to stay ahead. Partnering with Kaunt offers a strategic advantage, enabling platforms to leverage cutting-edge AI capabilities without the significant investment in research, development, and training that an in-house AI initiative would require. This partnership approach allows finance platforms to focus on their core offerings while still providing state-of-the-art AI functionalities, ensuring they remain at the forefront of technological advancements in the financial sector.

Conclusion

The integration of Kaunt AI into ERP, Accounts Payable, and Procure-to-Pay platforms represents a strategic decision that aligns with the future direction of finance technology. By partnering with Kaunt, finance platforms can enhance their service offerings, improve operational efficiency, and maintain a competitive edge in a rapidly evolving market. The benefits of such a partnership extend beyond immediate operational gains, paving the way for future innovations and solidifying the platform's position as a leader in the finance technology space.

Get your Proof of Concept (POC), technology benchmark on actual customer data, and business case calculation. Engage directly with Kaunt's engineering- and product team at optimize@kaunt.com.