OpenEnvoy Named 2023 Gartner Cool Vendor: Revolutionizing Invoice Automation

In the world of technology, few accolades hold as much prestige as being named a Gartner Cool Vendor. This recognition signifies innovation, game-changing solutions, and the potential to disrupt established norms. For the team at OpenEnvoy, being recognized as a Gartner Cool Vendor in 2023 is not just an accolade but a testament to our mission and the transformative power of technology.

The Birth of OpenEnvoy

When we embarked on our journey with OpenEnvoy, our mission was clear – we wanted to create a product that solves problems without requiring excessive manpower. Our starting point was a straightforward question: “Why do people need to manually handle invoices?” We were convinced that there had to be a better way.

We delved into the world of Invoice Automation, an industry comprising approximately 220 companies. To our surprise, we discovered that a prevailing answer to the manual handling of invoices was, “Because it’s the easiest solution.” That response sparked our determination to challenge the status quo and explore innovative alternatives.

The OpenEnvoy Solution

In the realm of Accounts Payable (AP) and Invoice Automation, there have been various attempts to integrate AI into existing software. However, none have achieved the same transformative impact as our solution: 100% touchless invoice processing. It’s not just about automating tasks; it’s about redefining how we approach workflow.

Gartner’s recognition of OpenEnvoy goes beyond merely affirming the viability of AI for Invoice Automation; it acknowledges that AI has the potential to replace traditional workflow concepts across various software categories. This is a monumental shift in the way we think about technology, automation, and productivity.

Gratitude to Early Adopters

We owe a debt of gratitude to our early customers who believed in our vision and took the risk to pioneer this new generation of post-workflow software. It’s their trust and partnership that have brought us to where we are today. We couldn’t have done it without you, and we’re excited to continue this journey together.

The Future is Now

Being recognized as a Gartner Cool Vendor is not just an achievement; it’s a responsibility. It motivates us to continue pushing the boundaries of what’s possible in Invoice Automation and beyond. This is just the beginning. With your support and innovation as our guiding principle, we’re excited to see where the future takes us.

Stay tuned for more updates, and thank you for being a part of the OpenEnvoy story.

Read the press release here.

Warm regards, 

Co-founders Matt Tillman and Parker Moore

Say Goodbye to OCR and Human Input: Automated Data Extraction for Financial Documents

The extraction of data from invoices and other financial documents has long been a tedious and error-prone process, requiring the use of optical character recognition (OCR) software and manual data input from humans. However, advancements in artificial intelligence (AI) and machine learning (ML) have made it possible to automate this process entirely, eliminating the need for OCR and human input. Automated data extraction is a game-changer for businesses of all sizes, as it saves time, reduces errors, and improves efficiency. Let’s take a closer look at how it works and the benefits it provides.

How Automated Data Extraction Works

AI and ML algorithms are used to analyze documents and extract relevant data. The software can identify key fields, such as invoice number, date, vendor, and amount due, and extract the data without the need for OCR or human input.

Intelligent software can handle various document types, including invoices, purchase orders, receipts, and contracts, and can extract data from both structured and unstructured documents. It can also learn and improve over time, becoming more accurate and efficient as it processes more documents.

Benefits of Automated Data Extraction

Automated data extraction provides numerous benefits for businesses, but let’s look at the top four.

Maximize Time Savings

By eliminating the need for manual data input, automated data extraction saves businesses significant amounts of time. This time can be better spent on more critical tasks, such as analyzing data and making informed decisions.

Eliminate Human Errors

Manual data input is prone to errors, which can lead to costly mistakes and delays. Automated data extraction reduces the risk of errors by eliminating the need for human input and improving accuracy.

Improve Efficiency

Efficiency is the hallmark of automated data extraction, which significantly optimizes the data extraction process. This boosts the overall efficiency of the finance department and reduces delays in processing invoices and other financial documents.

Enhance Data Quality

The quality of data is vastly enhanced with automated data extraction, ensuring that it is accurate and consistent. This improves the reliability of financial data, making it easier to make informed decisions.

The Future of Automated Data Extraction

Although automated data extraction is still evolving, new advancements in AI and ML are making the process even more efficient and accurate. As businesses continue to digitize their processes, automated data extraction will become even more critical, allowing them to process large volumes of data quickly and accurately.

In this evolving landscape, AI-based automated data extraction will prove instrumental in helping finance teams regain control of cash flow by virtually eliminating errors, achieving the highest levels of data quality, and realizing substantial cost savings through the elimination of human intervention. This transformational technology is set to reshape the way businesses operate, and those who embrace it will not only stay ahead of the competition but also thrive in the digital age.

Learn how OpenEnvoy is transforming data extraction with a 100% accuracy SLA and touchless process.