Vroozi intelligence was announced by Vroozi, one of the leading spend management and accounts payable platforms. The new technology aids automation payment (AP) by ensuring that workflows are error-free, that all cash is handled and risk is avoided. It incorporates artificial intelligence (AI) to assist in the robust and effective processing of PO and non-PO invoices.
Vroozi Intelligence reduces the time it takes to process an invoice from ten days to seconds. Even the most difficult invoice forms or layouts are matched, coded, resolved, and routed for approval using artificial intelligence, machine learning, and cognitive data.
“We’re transforming accounts payable from a data entry back-office function to a strategic centre of excellence and high productivity profit driver,” said Shaz Khan, Co-Founder and Chief Strategy Officer at Vroozi. “According to a Credit Suisse Report, the total addressable market for Global B2B Payments is a staggering $125 trillion largely because of antiquated data sets, systems, and processes within organizations and a lack of automation and interoperability. We are excited to help mid-market companies bridge these gaps with a powerful platform that digitizes B2B invoices and payments in a matter of seconds.”
The new solution will help customers in several ways. The invoices will be automatically sent to the inbox and customers will be able to receive them within a day. To ensure optimum scanning and capture success rates, vendor invoices are scanned and analyzed in a range of formats, languages, and global formats. To automatically identify fraud and overbilling, AI and ML technologies organize the data and undertake trend analysis.
A digital audit trail is created with automatic exception processing and approval routing. The platform provides users with country-specific tax laws and e-invoicing.
The user-friendly approach makes Vroozy adaptable to all kinds of firms. Platform is used in day-to-day processes, including business purchasing, vendor invoicing, payments, and expense management. The platform helps organizations operate efficiently and enhance financial performance.