www.openenvoy.com Open in urlscan Pro
2606:2c40::c73c:671f  Public Scan

Submitted URL: https://cyzb404.na1.hubspotlinks.com/Ctc/RI+113/cYZb404/VV-N6w1x3N8TW1d9drD8J82cxVfQRxk5bngqrN3Gk37W5kBVqW6N1X8z6lZ3krW6MS58S58KxjGVK...
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

Form analysis 0 forms found in the DOM

Text Content

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