Zycus, which provides a comprehensive, end-to-end source-to-pay software suite in which it uses artificial intelligence (AI) technology, now has a new series of BOTs from its Zycus Merlin AI Suite, according to a press release.
The BOTs will allow procurement and accounts payable (AP) teams to automate tasks considered mundane or repetitive.
One of the tasks that will be able to be automated is invoice intake, in which key data will be automatically extracted. Businesses will be able to automate the sorting and classifying emails and auto-generating responses via AI. The process of intelligently identifying and analyzing contractual texts will also be automated by the suite.
The BOTs will also allow for identifying contract clauses in an automated way. Review scores will be highlighted at a contract level.
Zycus has been working in AI technology for over 20 years, and its first patent was filed in 2002 using the tech. Zycus’ Merlin AI Suite will take important steps toward AI-led intelligent procurement and will be a “game changer” for procurement and AP operations, the press release states.
By using the Merlin AI Suite, companies will be able to complete many tasks with “little or no human intervention” so that transactions are truly autonomous.
Zycus CEO Aatish Dedhia said AI capabilities are central to Zycus’ product roadmap. He said the standout feature of the company’s product is the deep understanding the company has for the technology, as well as “significant focus and investment” in people, product and technology. The company also offers access to real customers’ data for training.
As AI’s proficiency and prominence grows, it is seen increasingly as a way for businesses to optimize quickness, efficiency and profit, and the challenge will be in developing tools that can address every level of a business’s needs, including fraud detection and more.