OpenEnvoy, which empowers finance teams to maximize cash flow by taking complete control of their inefficient digitization and reconciliation processes, announced its recognition as a Gartner® Cool Vendor in the 2023 Cool Vendors™ in Sourcing and Procurement Technology report by Micky Keck, Director Analyst. The acknowledgment, featured within the report, highlights OpenEnvoy’s exceptional expertise in Accounts Payable Invoice Automation (APIA), emphasizing the unique AI-native capabilities that set it apart.
According to Gartner, “Cool Vendors have the potential to develop technologies, products, services or business models that enable users to do things that they couldn’t do before, in ways that are materially different from other options in the market.”1
OpenEnvoy’s AI-first platform exemplifies this distinction because it surpasses competitors in all critical AP categories and effectively addresses the longstanding challenges within the industry. Gartner highlights that, despite advancements, Optical Character Recognition (OCR) technology falls short in achieving full automation for paper- or image-based invoices, leading to errors and inefficiencies. Additionally, accurate line-level account coding for non-PO-based invoices remains a persistent issue for traditional solutions, while machine learning solutions often require extensive training. These challenges resonate strongly with industry leaders, such as Kurt Shinn, Director of Finance and Accounting at The Scoular Company, who shared his perspective.
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Kurt Shinn, Director of Finance and Accounting at The Scoular Company, remarked, ‘OpenEnvoy’s AP automation solution has transformed our approach to productivity and internal controls, allowing us to shift our focus from redundant tasks to the critical issues at hand. With OpenEnvoy, we’ve empowered our staff to concentrate on what truly matters, making manual tasks a thing of the past—a significant win for all.'”
Matthew Tillman, CEO of OpenEnvoy, stated, “We are honored to receive the prestigious recognition as 2023 Gartner Cool Vendor for APIA. Our team is committed to driving innovation and addressing the most critical and complex challenges in AP automation. We have taken a novel approach to machine learning which allows us to process new financial documents in milliseconds with 100 percent accuracy, without the need for numerous training examples and supplier portals. It is a testament to our team’s relentless pursuit of truly touchless automation. Beyond the award, our real honor is supporting customers who are serious about eliminating cash leakage and gaining control of their cash flow.”
Why OpenEnvoy Is Cool: “OpenEnvoy leverages advanced artificial intelligence models to automate and audit the accounts payable invoice automation (APIA) process.” The report underscores several unique capabilities, including:
- Touchless Data Extraction: Guaranteed 100% accuracy SLA for data extraction, covering image-based invoices, every field, header, and descriptive block and source documents like contracts and rate cards.
- Highly Performant Infrastructure: Supporting the processing of millions of invoices daily.
- Real-time Audit of Complex Invoices: Ability to audit intricate variable pricing invoices such as freight, advertising, and complex services.
- N-Way Invoice Matching: Support for n-way invoice matching and intelligent account coding for non-PO backed invoices.
SOURCE : PRNewswire