The economy continues pushing organizations to have leaner, more agile operating models. Because of this, finance teams are being forced to achieve more with less, and Gartner has recently recognized OpenEnvoy for making that possible.
OpenEnvoy was recognized as a leading real-time AP auditing vendor in the 2022 Gartner Hype Cycle Procurement and Sourcing Solutions Report.
OpenEnvoy delivered 20X ROI across customers over the past 12 months, with the product paying for itself in an industry-leading average of 60 days.
The solution offers immediate process improvements for customers with high-volume variable cost invoices. “Companies deploying these solutions find that they typically pay for themselves within the first year of use,” says a Gartner analyst.
Gartner suggests business leaders bump up AP invoice automation and real-time auditing on their priority list. “Accounts payable (AP) real-time auditing tools detect fraud, errors, overbilling, and other issues that cause organizations to pay invoices and expenses erroneously…AP real-time auditing solutions allow organizations to validate whether a payable is accurate and genuine, without the need for manual review.”
Gartner Names OpenEnvoy’s Features as Best-In-Class for Real-Time Auditing.
The benefits of OpenEnvoy’s real-time auditing for finance teams:
- Enhance visibility of purchasing policy compliance with real-time data dashboards and comprehensive filtering controls to monitor corporate spend.
- Reduce the manual workload of reviewing every payment using custom rules to accelerate the approval of matched invoices and flag discrepancies in real time.
- Eliminate overspend and avoid clawback of duplicate payments with a forensic-level audit that flags duplicate and discrepant invoices before payment, so teams never overpay their vendors again.
- Ensure complete contractual compliance in minutes, not months, with a full pre, post, and secondary audit.
Take Heed of Advice From Gartner’s Global Analysts
In a digital age, the speed of business creates the need for tools like AP real-time auditing to enable finance teams to reduce costs and improve revenue. According to recent research, over 80% of finance leaders want to spend more time using technology, and 78% believe it will be hard to achieve financial goals without such tools.
AP real-time auditing significantly and directly impacts finance, treasury, and compliance. For example, finance leaders can easily enforce spend policies when transactions are reconciled through automation, regardless of complexity. Additionally, AP automation significantly reduces errors compared to manual spot-checking.
As finance leaders look for ways to improve their organization’s financial health and reduce wasted spend, the wisest thing to do is to start validating the accuracy of invoices before payment.
To accomplish this a heavy lift at a high level, with speed and accuracy, a real-time AP auditing solution like OpenEnvoy is an undeniable necessity.
Are you ready to go beyond digitized accounts payable processes to achieve operational excellence? Schedule a demo with an OpenEnvoy expert today, visit https://openenvoy.com/contact-us.