SAN MATEO, Calif., March 7, 2024 /PRNewswire/ -- OpenEnvoy, a leader in Finance and Accounts Payable automation, has released a new AI model to help companies automate clerical work and eliminate losses to fraud. Problems long plaguing Accounts Payable automation, including change management for suppliers and reliance on Purchase Orders (POs) which aren't well adopted, can now be managed easily using AI.
The new AI model, known as a deep neural network, has been trained on finance data from complex industries such as media, manufacturing, and logistics.
With this release, customers can accurately apply General Ledger (GL) account coding at the invoice line level without the need for a PO. "We're really excited about the amazing accuracy," said an early access customer. "OpenEnvoy is so accurate that we discovered mistakes that our team has been making for years", she continued.
This release also helps to OpenEnvoy scale its guaranteed capability to capture 100% of supplier invoices cost effectively, including support for global customers. Even non-PO invoices are reconciled to supplier bids and other records using multi-way or "N-way" matching. Finance teams are freed from clerical work, leaving only business decisions such as whether to dispute or short pay overbillings identified by OpenEnvoy. Invoices are then delivered to NetSuite, other ERP systems, or Procure-to-Pay (P2P) systems and paid.
In addition to launching autonomous GL Coding, OpenEnvoy established a commercial partnership with Netsuite.
Faced with the question of why industry leaders are embracing OpenEnvoy in a crowded AP Automation field, OpenEnvoy CEO Matthew Tillman said "One of the big questions about AI is accuracy, specifically false positives. Our model produces a very low false positive rate with very low signal. This lets customers achieve scale on day one, so that their teams can cut out clerical work and get back to accounting."
Along with the new release and partnership, OpenEnvoy has unveiled a new look.
"The new brand identity better reflects the clarity and control that OpenEnvoy brings to Finance. It's direct, unadorned, and carries a sense of immediacy" said Parker Moore, OpenEnvoy's co-founder and Chief of Design
About OpenEnvoy
OpenEnvoy is the Applied AI platform that unifies payables, contracts, receivables, and transactions to free up Finance teams from excess clerical work. OpenEnvoy lets companies use AI to reconcile in real time, eliminating errors and fraud to improve operating efficiency and cash flow with minimal change for IT and suppliers.
With OpenEnvoy, customers have blocked more than $406M in potential losses.
To learn more about OpenEnvoy, www.openenvoy.com and follow us on LinkedIn.
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