Fighting Fraud in Procurement
Welcome to this week's edition of APxAI, your bitesize roundup of the latest on AI and innovation for AP professionals.
Here's what we're reading this week:
?? One in Three Finance Leaders Use AI Daily
?? An AP Horror Story
?? Staying Ahead of Fraud in Procurement
??The Benefits of Digital Invoicing
1/3 of Finance Leaders Use AI Daily
A recent survey by KPMG has revealed that 36% of leaders in the financial services sector use generative AI daily in their operations. These leaders report that common uses of AI in their businesses include financial planning (44%) customer data analytics (38%) and fraud detection (35%).?Despite this widespread usage, nearly a third of these leaders admit a lack of confidence in their organisations' ability to fully exploit the technology's potential.
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An AP Horror Story
The risk of fraudulent activity has always been an unfortunate reality in the AP process. In a recent case in British Columbia, Canada, a former bookkeeper has been accused of defrauding her employer of more than $1.8 million by submitting fictitious accounts payable. This unfortunate incident highlights the importance of well-designed approval workflows and robust financial oversight in AP. It serves as a compelling reminder to businesses of the risks associated with inadequate internal controls.
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Staying Ahead of Fraud in Procurement
Procurement fraud is an ever-present threat that demands innovative defensive strategies. The use of advanced analytics and machine learning is critical for detecting irregularities and anomalies that precede fraudulent actions. These technologies can sift through vast quantities of data to identify suspicious patterns, providing a crucial layer of security in modern procurement strategies. By leveraging these advanced tools, organisations can protect themselves against the financial and reputational damage caused by procurement fraud.
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?The Benefits of Digital Invoicing
In this interview with PYMNTS, Kevin Baker, head of merchant services for EMEA at Bank of America, explores the advantages of digital invoicing. Baker highlights that businesses transitioning to digital solutions experience up to an 80% reduction in processing times and a 25% decrease in costs related to invoicing errors and disputes. These statistics showcase the critical efficiencies gained from digital invoicing, advocating for its adoption as a strategic move to optimise operations and enhance financial transparency within organisations.
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