November 14th, 2024
Recent years have proven that artificial intelligence (AI) integration is a huge topic of business conversation, with the finance industry being no stranger to this. As technology options become more advanced, AI has quickly become a staple of buzzword lists. Information on exactly how it enhances solutions, however, is seemingly harder to narrow down – sure, your solution may offer AI, but what does that actually mean for your operations?
When it comes to supply chain finance, across the globe the industry is in a very different place to where it was five years ago. Involving the managing of financial transactions and relationships between buyers, suppliers and other parties involved at different stages, the industry has boomed in the advent of the pandemic and subsequent years, especially across developing regions that have been able to establish themselves.
Where traditional banking and financing options have stagnated business growth, supply chain financers have been able to insert themselves to galvanise manufacturing operations and economic growth.
But how does AI factor into all of this? In recent years, the technology has gained significant momentum, with solutions able to offer greater automation, speed and accuracy when it comes to managing operations. With so many areas of a supply chain needing documentation and observation, just the human eye is no longer enough. AI has been instrumental in streamlining processes and giving operators and analysts unprecedented access and oversight of operations.
To take an example, invoice processing is just one area that has seen rapid enhancement due to AI automated operations. Traditional processes for invoicing were often time-consuming and error-prone, but AI-boosted processes reduce the processing time, increase accuracy, and can handle a greater workload than just a single financial operator.
AI-powered supply chain finance solutions have also gone a step further in offering real-time visibility into the status of payments and transactions across every link in the chain. This means offering greater insights to bolster effective decision-making, more efficient management and directory for cash flow, and greater fraud detection systems to ensure security at every level.
As AI continues to evolve, we can expect to see even greater advancement for the sector and thereby, stronger business ties and trust between buyers and suppliers. At Zvilo, our single digital platform, Invoz, will soon incorporate AI credit underwriting for maximum scale and efficient risk management. We’ve designed our platform with suppliers in mind, allowing greater access to affordable credit and unlocking capital across our extensive invoicing system to meet working capital needs.
Invoz applies AI to credit scoring and monitors client financial health for borrowing further funds. We have streamlined our client funding process to support clients throughout their business growth and as their needs change. Our team at Zvilo helps manage and monitor risk, providing confidence and transparency to stakeholders, investors and business leaders throughout the process so they can make the best decisions for their operations.
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