Information Technology
Medius Unveils Two Groundbreaking AI Solutions to Revolutionize Accounts Payable Efficiency
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.
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.
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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.
Dan Bird , Fight or Flight for Medius
Dan.Bird@fightflight.co.uk +44 7885 670798 /
Medius@fightflight.co.uk +44 330 133 0985
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