Medius, a leading provider of AI-driven solutions for Accounts Payable (AP) automation, has officially announced the launch of two new innovations in Medius Copilot for Accounts Payable Automation (APA) and Medius Supplier Conversations. Although slightly different in what they bring to the table, both these tools are designed to streamline and enhance the efficiency of AP processes. Talk about each one on a slightly deeper level, we begin from Medius Copilot for Accounts Payable Automation (APA), which is essentially an intelligent assistant embedded within the AP automation application, specifically programmed to assist invoice approvers. This particularly covers a contingent of employees who are not AP experts. Furthermore, the solution makes it possible for users to ask questions about invoices, something which treads a long distance in regards to facilitating quick, efficient, and anomaly-free approvals. In case that itself wasn’t enough, then we must mention how Medius Copilot is also well-equipped to reduce the time spent on chasing queries, as well as minimize the risk of delayed approvals so to ensure smoother and faster processing of invoices. Markedly enough, the introduction of this particular solution delivers a rather interesting follow-up to data made available by the Medius Financial Professional Census, where it was revealed that more than 94% professionals today are satisfied with the adoption of AI. Such a discovery opens up a whole new avenue for companies to keep the employees engaged, and therefore, improve retention.
“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,” said Dan Ball, Chief Product Officer at Medius.
Next up, we have the Medius Supplier Conversations, which makes a point to remedy the time-consuming task of responding to supplier inquiries. To understand the gravity behind this issue, we must take into account how as many as 87% of finance professionals are responsible for replying to vendor emails, answering an average of 28 such emails each day. The stated numbers directly translate to an average of six hours a week spent just on replying to supplier inquiries about invoices. On top of that, the finance teams also have to fulfill their objective of reviewing invoices. You see, on an average 30% invoices require manual intervention from the finance team. Such a piece of reality, like one can reasonably guess, forces the relevant employees to choose between risking supplier satisfaction and focusing on a host of other tasks that also need their attention to keep the business running. Fortunately enough, Medius’ latest brainchild addresses that problem by automatically handling all supplier questions and providing immediate and accurate responses via email based on supplier history, payment terms, and trading information. Hence, with there being a significant reduction in the number of queries reaching the AP team, the solution is able to achieve timely resolution of concerns, eventually enhancing the supplier’s overall experience.
“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,” said Ball.
Among other details, we got to mention that both the products arrive on the scene with the knowhow to leverage Medius’ proprietary artificial intelligence technology, technology that is trained on $200 billion of annual transactions to offer unmatched accuracy, transparency, and efficiency.
