Vroozi, the leading spend management and accounts payable automation platform for enterprise and mid-market companies, announced the general availability of Vroozi Intelligence, a smart accounts payable and invoice automation (APIA) platform. In this release, Vroozi Intelligence brings artificial intelligence to the AP department to help automate PO and non-PO invoice processing accurately and efficiently. The new technology helps AP ensure processes are error-free, all cash is managed and risk is averted.
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Vroozi Intelligence drastically cuts the time it takes to process an invoice from an average of 10 days, according to Ardent Partners, to seconds. Leveraging artificial intelligence, machine learning and cognitive data, the technology does the work to match, code, resolve exceptions, and route for approval even with the most challenging invoice formats or layouts. The Vroozi platform constantly learns and adapts so that most repetitive invoice processes can become touchless.
“We’re transforming accounts payable from a data entry back-office function to a strategic center of excellence and high productivity profit driver,” said Shaz Khan, Co-Founder and Chief Strategy Officer at Vroozi. “According to a Credit Suisse Report, the total addressable market for Global B2B Payments is a staggering $125 trillion largely because of antiquated data sets, systems, and processes within organizations and a lack of automation and interoperability. We are excited to help mid-market companies bridge these gaps with a powerful platform that digitizes B2B invoices and payments in a matter of seconds.”
With the new Vroozi Intelligence APIA solution, customers benefit from:
Fast implementation: With a click of a button, supplier invoices are automatically sent to your inbox, enabling customers to see results within a day, not weeks or months.
Reduced data entry: Automated ingestion, capture and variation capabilities designed to handle a large variety of vendor invoice types, languages and global formats, ensure accurate scanning and capture success rates.
Fraud and overbilling detection: AI and ML technology structures the data and performs trend analysis to automatically detect fraud, errors, duplicate invoices and verify clean data in real-time.
Automated exception handling, approval and payments: Smart account coding, automated exception processing and approval routing reduces payment cycle times and costs and creates a digital audit trail.
Guaranteed global compliance: The platform keeps you current with country-specific eInvoicing and tax laws.
This release is the company’s latest investment in its account payable automation solution, which received the highest analyst scores of any vendor in the Spend Matters AP Automation Fall 2021 Solution Map for SME personas.
About Vroozi
Vroozi® – the leading Procurement and Accounts Payable automation platform – makes business purchasing easier, more efficient and effective. Vroozi’s proven solution digitizes the procurement and vendor invoice management processes by bringing powerful, enterprise-grade functionality to companies of all sizes