Smart coding, scanning and routing tech will eliminate problems with non-PO invoices, missing accounting codes and information, formatting issues, mismatched data and more
Vroozi, the leading purchasing and spend management platform for enterprise and mid-market companies, is launching Vroozi Intelligence, a smart accounts payable and invoice automation (APIA) platform that automates and simplifies the scanning, capture and approval of business invoices and payments. The launch of Vroozi Intelligence 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.
“With Vroozi Intelligence, we’re saying ‘no PO, no problem.’ Vroozi makes automation easy for everyone.”
Vroozi’s new capabilities will leverage artificial intelligence, machine learning and cognitive data capture to automate invoice matching and coding, exception handling, approval workflows and posting. The AI will be able to identify and auto-fill the necessary information to expedite the approval process and eliminate the headaches and inefficiencies associated with manual invoice management and missing supplier data.
“It’s 2021, and procurement and finance teams are still relying on tedious, manual accounts payable processes to pay suppliers,” said Shaz Khan, Co-Founder and Chief Strategy Officer at Vroozi. “We developed this new technology to empower our customers around the globe to automate PO and non-PO invoice and payments accurately and efficiently so they can spend their time on what really matters: driving their business forward.”
The introduction of Vroozi Intelligence provides the foundation to move to complete automation. Smart account coding at the invoice level paired with smart approvals for invoice processing will eliminate time and pain across the invoice-to-pay lifecycle. The platform includes intelligent, self-learning capabilities that elevate all aspects of accounts payable and invoice automation, including:
- Ingestion, Capture, Variation: The system is designed to handle a large variety of vendor invoice types, multiple languages, and global formats for any sized business.
- Data Extraction and Validation: Artificial intelligence and machine learning structure the data, perform automated trend analysis, watch for fraud and overbillings, and verify and clean data in real-time.
- Exception Handling: The platform automates exception processing and dispute resolution internally and with vendors.
- Coding, Approval, and Payments: Smart coding and approval routing reduces payment cycle times and costs and creates a digital audit trail.
- Rapid Integration: Vroozi Intelligence seamlessly integrates into buy-side and sell-side systems.
- Global Compliance: The platform keeps you current with country-specific eInvoicing and tax laws.
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“Automation is easy when everything matches and invoices are ingested in a format your system supports. But as we all know, that’s not always the case. Procurement and accounts payable teams are constantly chasing approvals, working with paper documents and dealing with non-PO invoices,” said Khan. “With Vroozi Intelligence, we’re saying ‘no PO, no problem.’ Vroozi makes automation easy for everyone.”
Vroozi Intelligence will integrate seamlessly with Vroozi’s existing procure-to-pay platform. General availability will start in January 2022.
Vroozi offers modern and user-friendly purchasing and AP automation for companies of all sizes. Vroozi’s software automates the entire procure-to-pay process, including business purchasing, vendor invoices, payments and business spend management, to help organizations save time, improve operational efficiency and drive financial performance.
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