Based on proprietary AI technology, OpenEnvoy eliminates lengthy setup processes and guarantees flawless data extraction.
Oakland, Calif. – August 15, 2023 – OpenEnvoy, which empowers finance teams to maximize cash flow by taking complete control of their inefficient payment processes, announced a significant enhancement in its AI-native AP automation platform. With this technological breakthrough, OpenEnvoy sets an unmatched industry standard by guaranteeing its customers 100% accurate data extraction that is completely touchless, differentiating itself from any other vendor in the industry.
OpenEnvoy's innovation directly addresses the challenges highlighted by industry experts. According to Gartner’s Hype Cycle for Procurement and Sourcing Solutions, 2023, "Optical Character Recognition (OCR) capture technology still does not provide high enough accuracy rates to achieve full automation for paper- or image-based invoices." However, OpenEnvoy's touchless extraction solution extracts every field from image-based documents, such as photographs and PDFs, with 100% accuracy within minutes, defying conventional OCR, example-based AI, template/plugin-based solutions, and supplier e-invoicing portals. This eliminates the need for vendor setup and customer input. Furthermore, the system automatically recognizes changes to a supplier's format without human input, eliminating the legacy experience of vendor portals and onboarding. In addition to drastically reducing document processing costs, OpenEnvoy's solution immediately satisfies international compliance requirements by removing human error from the e-invoicing process.
"At OpenEnvoy, we're committed to reshaping AP automation through continual product innovation," said Matthew Tillman, CEO and co-founder at OpenEnvoy. "Our extraction product exemplifies this commitment, providing our customers with an unmatched solution that requires no human intervention. This guarantee of 100% accuracy is not just a promise, but a core element of our service level agreement (SLA), underlining our dedication to excellence and customer satisfaction."
Key Advantages of the OpenEnvoy Platform:
- Zero-touch Setup: Automated extraction with no user input required.
- Effortless Indexing: Instant, accurate indexing of numerous document types – from invoices to shipping instructions and Bills of Lading – guarantees complete data extraction within minutes.
- Adaptive Learning: OpenEnvoy's unsupervised machine learning automatically recognizes new supplier formats without training, eliminating manual configurations, and streamlining onboarding.
- Unmatched Scalability: Handles millions of documents concurrently through its highly parallelized pipeline, ensuring accuracy at scale.
Existing customers benefit from automatic upgrades that enhance their AP Automation platform. The extraction product revolutionizes data extraction and enables touchless AP automation, setting new benchmarks for accuracy, efficiency, and rapid value realization. OpenEnvoy reaffirms its leadership and innovation through an unwavering commitment to excellence and customer satisfaction.
About OpenEnvoy
OpenEnvoy uses enterprise-grade AI technology to provide finance teams with complete control over their payment processes. Our AP automation solution eliminates overpayments, controls fraud and errors, and maximizes cash flow, all with total visibility. Recognized by Gartner three years in a row as Reference Vendor for AI in AP.
Learn more about how you can generate 10X ROI using our industry-leading AP automation at OpenEnvoy.com, and follow @OpenEnvoy on Twitter and LinkedIn.
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Press Contact:
Gabriela Garner
Vice President of Marketing, OpenEnvoy
press@openenvoy.com
