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Effective URL: https://www.openenvoy.com/newsroom/openenvoy-releases-new-deep-learning-model-for-account-coding-and-100-capture-of-suppli...
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Effective URL: https://www.openenvoy.com/newsroom/openenvoy-releases-new-deep-learning-model-for-account-coding-and-100-capture-of-suppli...
Submission: On March 07 via manual from IN — Scanned from DE
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News OpenEnvoy Unveils New Deep Learning Model, NetSuite Partnership Product Product Overview Accounts Payable Identify Fraud and Duplicates AP Compliance and Control Supplier Freight Audit Accounts Receivable Visibility and Control Working Capital OpenEnvoy Platform Capture and Extract Contracts and Reconciliation Intelligent Workflow Deployment and Integrations Unleash the Power of AI and Get Value from AP Solutions By Role Finance Leaders Procurement IT Small Business By Industry Manufacturing Retail Transportation and Logistics Media Unleash the Power of AI and Get Value from AP Resources Blog Content Case Studies Ebooks On-Demand Webinars ROI Calculator Events All Events Webinars Help FAQ Customer Support Efficiency Unleashed: Raney’s Accelerated Path to 100% AP Automation Company OpenEnvoy Named a 2023 Gartner Cool Vendor in Sourcing and Procurement Technology Why OpenEnvoy News About Us Careers Contact Us Live Demo Log in Live demo Newsroom/Press releases March 7, 2024 OPENENVOY UNVEILS NEW DEEP LEARNING MODEL, NETSUITE PARTNERSHIP OpenEnvoy Link copied to clipboard https://www.openenvoy.com/newsroom/openenvoy-releases-new-deep-learning-model-for-account-coding-and-100-capture-of-supplier-invoices-announces-new-partnership-with-netsuite OPENENVOY RELEASES NEW DEEP LEARNING MODEL FOR ACCOUNT CODING AND 100% CAPTURE OF SUPPLIER INVOICES, ANNOUNCES NEW PARTNERSHIP WITH NETSUITE San Mateo, Calif., March 7th – OpenEnvoy, a leader in Finance and Accounts Payable automation, has released a new AI model to help companies automate clerical work and eliminate losses to fraud. Problems long plaguing Accounts Payable automation, including change management for suppliers and reliance on Purchase Orders (POs) which aren’t well adopted, can now be managed easily using AI. The new AI model, known as a deep neural network, has been trained on finance data from complex industries such as media, manufacturing, and logistics. With this release, customers can accurately apply General Ledger (GL) account coding at the invoice line level without the need for a PO. “We’re really excited about the amazing accuracy,” said an early access customer. “OpenEnvoy is so accurate that we discovered mistakes that our team has been making for years”, she continued. This release also helps to OpenEnvoy scale its guaranteed capability to capture 100% of supplier invoices cost effectively, including support for global customers. Even non-PO invoices are reconciled to supplier bids and other records using multi-way or “N-way” matching. Finance teams are freed from clerical work, leaving only business decisions such as whether to dispute or short pay overbillings identified by OpenEnvoy. Invoices are then delivered to NetSuite, other ERP systems, or Procure-to-Pay (P2P) systems and paid. In addition to launching autonomous GL Coding, OpenEnvoy established a commercial partnership with Netsuite. Faced with the question of why industry leaders are embracing OpenEnvoy in a crowded AP Automation field, OpenEnvoy CEO Matthew Tillman said “One of the big questions about AI is accuracy, specifically false positives. Our model produces a very low false positive rate with very low signal. This lets customers achieve scale on day one, so that their teams can cut out clerical work and get back to accounting.” Along with the new release and partnership, OpenEnvoy has unveiled a new look. “The new brand identity better reflects the clarity and control that OpenEnvoy brings to Finance. It’s direct, unadorned, and carries a sense of immediacy.” - Parker Moore, Head of Product and Design, OpenEnvoy ABOUT OPENENVOY OpenEnvoy is the Applied AI platform that unifies payables, contracts, receivables, and transactions to free up Finance teams from excess clerical work. OpenEnvoy lets companies use AI to reconcile in real time, eliminating errors and fraud to improve operating efficiency and cash flow with minimal change for IT and suppliers. With OpenEnvoy, customers have identified more than $406M in potential losses. To learn more about OpenEnvoy, www.openenvoy.com and follow us on LinkedIn. Media Contact Jake Adger Vice President of Marketing press@openenvoy.com OpenEnvoy Link copied to clipboard https://www.openenvoy.com/newsroom/openenvoy-releases-new-deep-learning-model-for-account-coding-and-100-capture-of-supplier-invoices-announces-new-partnership-with-netsuite READ WHAT’S NEXT Read about OpenEnvoy Partners with Cargo Chief to Offer Customers a New Way to Reduce Freight Spend and Monetize Their Carrier Rate Data Press releases Feb 9, 2021 OPENENVOY PARTNERS WITH CARGO CHIEF TO OFFER CUSTOMERS A NEW WAY TO REDUCE FREIGHT SPEND AND MONETIZE THEIR CARRIER RATE DATA Read about Accounts Payable Fraud, Overcharging, and Inaccuracies Cost Companies Millions Every Year Press releases Oct 8, 2020 ACCOUNTS PAYABLE FRAUD, OVERCHARGING, AND INACCURACIES COST COMPANIES MILLIONS EVERY YEAR Read about OpenEnvoy Secures $15 Million in Series A Funding Led by RRE Ventures Press releases May 3, 2023 OPENENVOY SECURES $15 MILLION IN SERIES A FUNDING LED BY RRE VENTURES SERIOUS ABOUT PROTECTING YOUR CASHFLOW? Contact us * Services Agreement * Privacy Policy Product * Overview Accounts Payable * Identify Fraud and Duplicates * AP Compliance and Control * Supplier * Freight Audit Accounts Receivable Visibility and Control Working Capital OpenEnvoy Platform * Capture and Extract * Contracts and Reconciliation * Intelligent Workflow * Deployment and Integrations Solutions By Role * Finance Leaders * Procurement * IT * Small Business By Industry * Manufacturing * Retail * Transportation and Logistics * Media Company * Why OpenEnvoy * News * About Us * Careers * Contact Us * Live Demo Resources Blog Content * Case Studies * Ebooks * On-Demand Webinars Events * All Events * Webinars ROI Calculator Help * FAQ * Customer Support