Responsible AI is the only AI you should be utilizing in your financial back office.

At ICG, we believe that trustworthy outcomes are of utmost importance. That’s why ICG is committed to using only responsible AI in all of our solutions. Using guardrails and rules, we create secure, reliable software that utilizes AI to stay on the leading edge of technology.

GET STARTED FOR FREE

What Is Responsible AI?

With the quick onset of AI in the business world, it was common for steps relating to responsibility and safety to be overlooked. Despite all of the power in its potential, AI can still be a volatile force capable of unintended negative results. Responsible AI is the result of creating and deploying AI in a way that allows people and organizations to control the input of data and output of technology, making solutions trustworthy and reliable. This can include instating guardrails in AI technology and taking extra steps to maintain compliance. 

Learn More

Benefits

~

Data Governance

Your data isn’t used to train other models, and will never divulge sensitive information. 

w

Builds Vendor Trust

Rule-based guardrails protect vendor information and reduce hallucinations that can lead to mistakes.

Sustainable

AI is thoroughly tested to create the most efficient, cost-effective solution possible for your organization to use long-term.

AI In Your Back Office

Disputes/Deductions Processing

Use AI to identify disputes/deductions trends and automatically resolve or direct the issue to the correct authority. Where possible, automate the resolution if the item is within tolerance and frequency. AI can also suggest how to prevent similar disputes in the future.

Vendor Onboarding

Automatic identification of vendor risks/red flags, as well as assessing initial and ongoing vendor health. Additionally, automate bank account, COI, and diversity validations.

Anomaly Identification

Automatically determine changes in vendor payments, approvers, invoicing trends, 3-way match discrepancies, GL allocation trends, etc.

In Situ Chat

An AI chatbot readily available to your vendors or internal team to ask questions about trends, invoices, payments, discrepancies, disputes, etc.

Invoice Approvals

Automatically apply GL coding to NonPO invoices and route to the appropriate approver.

Duplicate Checks

Using AI, items identified as potential duplicates can be compared to previous items to verify status. After this, AI can make recommendations, mark it as a duplicate, or automatically process the invoice.

Audit

Use AI to confirm transactions by comparing backup to invoices, disputes, PCard/Expense Reports, new vendor setup packages, etc.

Case Study

Problem: 

Invoices had non-standard data requirements and derivations, resulting in a time-consuming data capture process. Often, the data that needs to be extracted isn’t even on the invoice; it is in the rate confirmation or another similar document. OCR alone isn’t able to contextualize the data it extracts, leading it to struggle with non-standard data. 

Solution: 

Using a combination of AI and OCR, ICG was able to automate the data capture and find all additional information for AP transactions from both invoices and secondary documents provided.

Outcomes:

Early testing across hundreds of vendors resulted in a 90% reduction in cycle time and an accuracy rate of up to 90% for the required fields, which allows resource allocation optimization.