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OpenEnvoy Named 2023 Gartner Cool Vendor: Revolutionizing Invoice Automation

Posted on October 11, 2023October 11, 2023 by Matthew Tillman

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

Cybersecurity Companies Don’t Catch All Fraud (Hint: Check Your AP Processes)

Posted on September 28, 2023September 28, 2023 by Future FinOps

You cannot rely on your accounting team as the first line of defense regarding fraud. The truth is that AP teams have limited resources, including the inability to examine every invoice or request. Manual invoice auditing invariably has gaps that render the entire process vulnerable to scams.

According to the 2023 AFP Payments Fraud and Control Survey, 65% of organizations were targets of payment fraud in 2022. Automated invoice auditing assists companies in only paying for what they procure. Gartner reports that 73% of company invoices are unaudited due to the cost. However, the stark reality is that invoice audits can realize a 53% cost saving. Hence, it presents a considerable window for automation and service providers.

Leveraging AP Automation

Leveraging AP automation allows real-time invoice auditing so AP teams can scale rapidly while maintaining quality. Catching fake invoices as soon as they enter the system is the best way to deal with fraudulent activity. You can also communicate with your vendors immediately to resolve potential issues.

It is critical to guarantee the integrity of vendor data. Even the most diligent accountant can’t avoid vendor payment information changes. AP automation removes this manual step. It means your accounting team can immediately flag any fraudulent invoices with altered key vendor details.

Monitoring internal threats and reducing internal fraud is non-negotiable. You will see an immediate increase in productivity as your finance team can finetune its expense auditing and validation approach without blocking any workflows. Automation effectively means more robust controls by your finance team when tackling the danger of internal fraud.

Use AI to Automate AP

Gone are the days when professional service companies in this space charged a variable percentage of the invoice value. Now, clients need a fast return on investment and real-time visibility of their entire supplier network at a stable monthly price.

It is a business imperative if you have many variable costs, from freight to marketing and contract workers. What’s more, distributors and retailers will increase their margins while preventing the impact of an inadequate invoicing process.

You can deploy AI-based automation to compare invoices with purchase orders, estimates, bids, or proposals effortlessly. The team will receive alerts to any inaccuracies, which they can investigate. Sharing information fosters collaboration as you share information with your suppliers.

Advanced workflow automation can integrate directly into your customer’s back-office suite, accessible by a real-time dashboard for analytics into the total discrepancies, their value, invoice accuracy per supplier, and the total savings realized. Your savings are visible in real time, allowing you to strategize further to expand your terms and boost cash flow.

Digitize and Reconcile AP in Real Time

A primary benefit of AI-based automation is preventing suppliers from overcharging. It’s a significant first step, as a Forbes study found that an astonishing 30% of invoices are incorrect. Invoice auditing is thus a priority that automation facilitates faultlessly.

Simply register for the product and use the no-code email sent to integrate effortlessly. Enterprise clients can access prebuilt ERP and accounting system interfaces and client reporting.

Remember that fraud remains a daily problem, even if you opt for automation. Credible vendors may have malicious intent; cyber attackers can change actual invoices, or simply generate false ones.

The fact remains that paper or PDF invoices continue to present a golden opportunity for data changes or payments channeled into an incorrect bank account. These are still relatively mundane attempts compared to more sophisticated attacks, like deepfake tools. It means your company needs all the resources to prevent such attacks and losses and safeguard its revenue stream.

AI-based AP automation is a crucial defense against fraud in today’s business landscape. It allows real-time fraud detection and prevents overcharging by suppliers. While cybersecurity and diligent teams play their roles, automation provides an additional layer of protection. However, businesses must remain vigilant, as fraud tactics evolve. Embracing AI-based AP automation enhances efficiency and safeguards your revenue against fraudulent threats.

How AI Eliminates Cash Leakage for Treasury Teams

Posted on September 21, 2023September 21, 2023 by Future FinOps

Cash leakage is one of the most significant challenges facing treasury teams today. It refers to the loss of cash due to errors or inefficiencies in financial processes. Cash leakage can occur in various ways, including overpayments, duplicate payments, and missed discounts. It not only affects a company’s financial performance but also damages its reputation.

Fortunately, advancements in technology have provided treasury teams with tools to eliminate cash leakage. One of the most promising tools is Artificial Intelligence (AI). In this article, we will discuss how the use of AI can eliminate cash leakage for treasury teams.

AI-Powered Invoice Processing

One of the most significant sources of cash leakage is invoice processing. When invoices are processed manually, there is a higher risk of human error, which can result in overpayments and duplicate payments. Employing AI-driven solutions for invoice processing can effectively eliminate these risks.

The AI-driven approach employs machine learning algorithms to extract data from invoices and match them with corresponding purchase orders, contracts, and other associated documents. This eliminates the need for manual intervention, reduces errors, and ensures that payments are made accurately and on time.

Automated Fraud Detection

Fraudulent invoices are another significant source of cash leakage. Fraudulent invoices can be difficult to detect, especially when they are mixed with legitimate invoices. AI-powered fraud detection can help identify fraudulent invoices and prevent them from being paid.

AI-powered fraud detection uses machine learning algorithms to analyze invoice data and identify patterns and anomalies that may indicate fraud. This helps treasury teams to identify fraudulent invoices early and take appropriate action.

Real-Time Cash Flow Forecasting

Cash flow forecasting is essential for treasury teams. It helps them to identify potential cash shortfalls or surpluses and take appropriate action. However, traditional cash flow forecasting methods are often slow and inaccurate. AI-powered cash flow forecasting can help eliminate these issues.

Analyzing historical financial data with machine learning algorithms to identify patterns and trends enables more accurate real-time cash flow forecasting, empowering treasury teams to take prompt and informed action.

Take Control and Shield Against Cash Leakage

Cash leakage is a significant challenge facing treasury teams. However, advancements in technology, especially AI, have provided treasury teams with tools to eliminate cash leakage. AI-powered invoice processing, automated fraud detection, and real-time cash flow forecasting are just a few examples of how AI can help eliminate cash leakage. By leveraging these tools, treasury teams can take control of their finance operations and improve their financial performance, reduce risk, and protect their reputation.