JACKSONVILLE, Fla., June 27,
2024 /PRNewswire/ -- Medius, a leading provider
of AI-driven solutions for Accounts Payable (AP) automation, today
announces the launch of two innovative products: Medius Copilot for
Accounts Payable Automation (APA) and Medius Supplier
Conversations. These cutting-edge tools are designed to streamline
and enhance the efficiency of AP processes, marking a significant
milestone in the realization of the Medius Agent project.
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.
For more information, please contact:
Dan Bird, Fight or Flight for Medius
Dan.Bird@fightflight.co.uk +44 7885 670798 /
Medius@fightflight.co.uk +44 330 133 0985
This information was brought to you by Cision
http://news.cision.com.
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SOURCE Medius