Blog / AP Automation October 19, 2022

OpenEnvoy Named Spend Matters Future 5 Provider

Spend Matters recently named OpenEnvoy the most impressive AP automation vendor on their Future 5 providers list.

Courtney James

Spend Matters recently named OpenEnvoy the most impressive AP automation vendor on their Future 5 providers list.

Spend Matters recently named OpenEnvoy the most impressive AP automation vendor on their Future 5 providers list. 

This news comes in addition to the announcement of their annual 50 Procurement Providers to Know and 50 Procurement Providers to Watch lists.

The Spend Matters analysts recognized OpenEnvoy for its innovative technology and clear momentum toward solving accounts payables biggest business challenges. OpenEnvoy not only helps companies save money and boost productivity, but also enables them to improve their current revenue streams.

OpenEnvoy Stands as a Cut Above Its Competition

“OpenEnvoy is an OK-to-Pay AP automation vendor that processes all types of invoices, but stands out for its ability to handle high volume, variable cost invoices,” says Xavier Olivera, Lead Analyst, and Editor at Spend Matters.

As macro influences squeeze tighter on companies’ pockets, the need to reduce costs and capture tangible savings has skyrocketed. Such conditions are particularly harsh for companies that operate in environments where margins are thin and financial visibility is low. 

Olivera goes on to say, “[OpenEnvoy] specializes in digitizing and reconciling complex invoices such as those relating to logistics (including freight) and manufacturing industries, providing a differentiated value-add against other solutions in the market.” OpenEnvoy also supports invoice processing for other complex industries, such as media and commodities.

According to Spend Matters’ recent vendor analysis, here’s why OpenEnvoy matters:

To the market:  We approach AP automation at a unique vertical by being able to digitize highly complex invoices from convoluted industries like freight and manufacturing with precision and speed.

To customers: We process fixed and variable cost invoices and provide customers with spend insights via customizable reporting dashboards and comprehensive filtering controls. 

To potential buyers: We guarantee ROI and prevent spend wastage for large enterprise companies looking to automate their invoice processing. 

Over the past 12 months, OpenEnvoy has delivered 20X ROI across customers. As a result, our customers benefit from the product paying for itself in an average of 60 days. 

The Fastest, Most Accurate AP Automation in the Industry

Most modern AP automation solutions focus primarily on increasing productivity as an industry standard, and do not ensure accuracy, minimize risk, or maintain audit compliance. 

“OpenEnvoy addresses these challenges by offering a solution that provides services such as digitization, fraud detection, reconciliation (2/3/4/n-way matching), OK-to-Pay and ERP Syncing (Vendor Master File, Payment Data, etc.) for both freight-related payments and other complex industries. By doing so, OpenEnvoy aims to eliminate wasted spend, human error, and unnecessary complexity”, says Meena Ibrahim, Analyst at Spend Matters

Unlike other solutions in the space, OpenEnvoy delivers speed and reconciliation accuracy that results in a significant cash flow impact, in addition to productivity improvements. 

By delivering on both, OpenEnvoy drives a superior ROI that goes beyond theoretical promises to deliver our customers hard dollar returns faster than any other AP solution on the market.

Are you ready to work with the best accounts payable technology vendor in the industry? Schedule a demo with an OpenEnvoy expert today, visit https://openenvoy.com/contact-us.

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