Vic.ai launches Autonomous PO matching. An AI solution that streamlines accounting workflows through unparalleled data extraction, matching rates, and automated exception handling.
NEW YORK — June 22, 2023 — Vic.ai, the leading AI autonomous finance platform, today announced the general availability of Autonomous Purchase Order (PO) Matching, an advanced AI solution that manages POs on behalf of accounts payable (AP) teams. This release marks the next evolution of Vic.ai’s end-to-end invoice processing solution, which uses the industry’s most advanced AI to automate manually intensive AP tasks and elevate finance and accounting teams.
“In this tipping-point moment for AI, business leaders need an AI strategy that includes their finance operation,” said Alexander Hagerup, CEO of Vic.ai. “With Autonomous PO Matching, our customers will now be powered by Vic.ai’s best-in-class AI throughout the entire invoice processing lifecycle. We’re proud to deliver innovative solutions as part of our complete AI-driven platform, designed to empower accounting and finance departments to work smarter, not harder.”
Traditional PO matching – the process of comparing information between an invoice and a purchase order to ensure the accuracy of costs and payments – is usually performed manually by AP professionals. The cumbersome process requires individual templates for every vendor, perfectly matched item IDs, as well as time-consuming outreach and tracking across multiple systems and workflows, all at a high organizational expense. Up to 24% of AP teams' time is spent on PO matching, inaccuracies, or incomplete data, which can result in delayed processing, late payments, and penalties.
Vic.ai's pioneering Autonomous PO Matching solution harnesses AI to expedite the traditional purchase order process:
- Employs AI for 2-way or 3-way PO matching, reading item descriptions akin to humans but faster and more accurately, constantly learning from historical data and adapting in real-time
- Elevates match rates by correlating complex documents like multi-line POs and invoices, multiple invoices to one PO, or multiple POs to a single invoice
- Flags any line that falls outside the tolerance for further approval automatically, substantially cutting down on employee correspondence time
- Consolidates PO and expense invoice processing into a single system, liberating AP teams from navigating multiple systems and workflows
- Optimizes efficiency and accuracy within finance departments, guaranteeing verified, transparent, audit-ready records, thus eliminating fraud and ensuring operational compliance
Early customers are already seeing significant value from Autonomous PO Matching. Milwaukee Tool, an industry leader in developing innovative solutions for professional construction users, has been collaborating alongside Vic.ai as the pilot partner for Autonomous PO Matching.
“Innovation is core to our ethos at Milwaukee Tool, from the products we build to the way our internal teams operate. We constantly look for ways to improve our operations and we see AI as a path to a more robust finance organization. We are excited to push the envelope on autonomous PO matching in partnership with Vic.ai,” said Conor Clair, Senior Finance Manager of Accounting. “It presents us with a great opportunity to incorporate AI into our business and augment our decision making.”
Autonomous PO Matching represents another significant advancement from Vic.ai in pushing the boundaries of AI to make finance and accounting teams more efficient, accurate, and intelligent. Vic.ai’s Autonomous Invoice Processing and Approval Flows already generate significant ROI for customers by enabling them to process invoices 24/7 with up to 99% accuracy – boosting productivity, facilitating faster month-end closes, and freeing up resources for higher-value functions. Vic.ai’s in-development offerings include Spend Intelligence, a first-of-its-kind prescriptive AI technology for advanced enterprise-grade cost optimization.
Autonomous PO Matching is available now. Schedule a call to learn more.
Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Vic.ai addresses the most manual and inefficient task in accounting — invoice processing — to improve its speed and scalability and ultimately enable customers to reinvent their accounts payable operations and improve financial management. By processing more than half a billion invoices with up to 99% accuracy, Vic.ai has helped 10,000+ customers achieve nearly $200 million in cost savings and 6 million hours in time savings. Vic.ai is jointly headquartered in New York City and Oslo, Norway. For more information, please visit www.vic.ai.
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