OpenEnvoy

OpenEnvoy lets suppliers and manufacturers cut cash leakage and administrative work out of accounts payable with AI. The service is designed to increase operating efficiency and cash flow without disrupting suppliers or IT systems. Because it's fast to set up and lightweight, customers can get results without having to overhaul their operations.

OpenEnvoy promises several benefits to financial operations:

• Full Invoice Audit and Reconciliation: Stop losses from overbillings, fraud and duplicates with automated processing that requires no manual labor.
• Touchless Processing: Automate the entire spend process so finance teams can focus on more strategic work.
• Real-time Control and Visibility: Reconcile and approve invoices in real-time to balance DPO with early-payment discounts and ensure customer invoicing is accurate.
• AI-Powered Fraud Detection: Detect anomalies and potential losses by auditing line-level invoices against price lists, contracts and other records.

The service is geared for companies in manufacturing, retail, supply chain and media, where large volumes of invoices and complex freight reconciliation are common. OpenEnvoy can link to existing ERP, procure-to-pay and other systems, and it's designed to be easy to set up with minimal disruption to operations.

OpenEnvoy cites customer success with Raney's Truck Parts, Bliss Point Media and Scoular, which say they've improved efficiency and cash flow management. The service's ability to digitize AP for entire supplier bases and automate work has let companies scale touchless processing and move resources to more strategic work.

Pricing isn't disclosed, but you can contact OpenEnvoy through its website to learn more and schedule a live demo.

Published on August 9, 2024