According to the Purchase to Pay Network, up to 30% of Accounts Payable’s time is spent answering supplier queries related to invoice status or payment reconciliation. In addition, most firms described query resolution and management as a major pain-point. This is costing UK companies £2.25bn every year. Email is by far the most prevalent form of business-to-business communication and while email is a convenient form of communication, the average response time for Accounts Payable teams can vary from 8 to 30 minutes. By automating this high-cost, mundane activity, Accounts Payable individuals will be empowered to do more with their time.
Through our partnership with solv.ai, we offer an all-new exciting AI-powered chatbot to increase the efficiency of how accounts payable queries are handled. We recognised the low adoption rates for web-based portals, as they typically present a complicated user interface and poor user experience. This is because web-based solutions are usually coupled with additional modules and burdensome access management. Therefore we have collaborated with our partner to offer something different; with resolvr, suppliers communicate easily using tools they are most familiar with such as Skype, Slack, Facebook or email.