OpenEnvoy

Autonomous Finance for complex spend.

Contact for Pricing

Description

OpenEnvoy offers an AI-powered platform designed to transform finance operations by automating accounts payable (AP) and accounts receivable (AR) processes. It assists businesses in eliminating manual work, optimizing cash flow, improving accuracy, and maintaining control over their financial workflows. The system focuses on transitioning organizations from manual to autonomous AP, tackling issues such as overbillings, errors, and delays, while also enhancing vendor relationships.

The platform provides solutions for identifying fraud and duplicates, ensuring AP compliance, offering supplier visibility, and facilitating freight audits and e-invoicing. For accounts receivable, it automates cash application and order entry. OpenEnvoy emphasizes real-time data capture, extraction, and reconciliation, complemented by intelligent workflows and seamless integrations with existing ERP systems like Oracle and SAP, to provide actionable insights and prevent cash leakage.

Key Features

Autonomous AP Automation: Enables a shift from manual to fully autonomous accounts payable processes without portals, templates, or delays.
Fraud and Duplicate Identification: Automatically detects and flags potential fraud and duplicate invoices in real-time.
AP Compliance and Control: Helps maintain adherence to compliance standards and provides robust control over AP operations.
Supplier Visibility and Control: Offers enhanced visibility and management capabilities for supplier interactions and data.
Freight Audit Automation: Automates the auditing of freight invoices to ensure accuracy and prevent overcharges.
E-Invoicing Support: Facilitates efficient processing of electronic invoices.
Automated Cash Application: Streamlines and automates the cash application process in accounts receivable.
Order Entry Automation: Automates the order entry process to improve speed and reduce errors.
Real-time Data Capture & Extraction: Instantly captures, extracts, and processes data from financial documents.
Intelligent Workflow Engine: Utilizes AI-driven workflows for optimized and efficient financial processing.
No-Code ERP Integrations: Offers fast and easy, no-disruption connectivity to major ERP systems including Oracle, SAP, and Microsoft Dynamics.
Generative Analytics for Insights: Leverages Applied AI to provide deep financial intelligence and drive better decisions.

Use Cases

Transitioning from manual to autonomous accounts payable processes.
Automating accounts receivable to reduce DSO and accelerate cash flow.
Identifying and preventing financial losses from overbillings, fraud, and duplicate payments.
Improving accuracy and efficiency in invoice processing and financial data management.
Enhancing supplier relationships through streamlined and transparent payment processes.
Gaining real-time visibility and actionable insights into financial operations.
Automating freight invoice auditing for logistics and transportation industries.
Streamlining order entry and reconciliation for improved operational speed.