Transcepta Ramps Up AI In eProcurement

Transcepta, a procure-to-pay platform, is ramping up its use of artificial intelligence (AI), the company said late last week.

In an announcement, the company said its leveraging of AI and predictive analytics technologies can enable smarter procurement decision making.

“Artificial intelligence and predictive analytics are transforming business processes and setting the expectation from customers for seamless function and automation,” said Transcepta CEO Ray Parsons in a statement.

Its AI capabilities can enable invoice validation and processing features, with 99 percent accuracy in predicting data for missing fields on purchase orders or invoices, the firm said.

But Transcepta isn’t the only company to deploy AI the area of procure-to-pay. Last month Euler Hermes inked a partnership with Flowcast to integrate AI into the trade credit insurance process in an effort to mitigate risk of B2B trade. The technology has also permeated across B2B FinTech, with companies like Xero, which operates a small business cloud accounting platform, also deploying AI.

In Xero’s case, the use of machine learning promotes automation in accounting and data entry while also using AI to integrate with chatbots, which have become another popular use case for artificial intelligence in business finance and accounting.