InvoiceIQ
InvoiceIQ
Decision Engines InvoiceIQ is an end-to-end Intelligent AP Automation that digitizes multi-layout, worldwide paper invoices with over 85% accuracy and constantly learns new vendor formats on the fly. It orchestrates data between vendors, AP systems, and the AP team in a seamless manner.
Statement Credits Audits
Decision Engines seamlessly discovers and digitizes credit memos from all vendor communication, reconciles and applies them to vendor accounts after the report is approved by an expert.
Auto Code Invoices/SOWs to Correct GL Accounts
Decision Engines bots auto codes SOW to the correct GL account and if it isn’t confident requests the accountants for help in coding.
Wholesale Price Change Automation
Decision Engines fronts the requests, seamlessly adapt to the variation in request formats, manage cases, and update the SAP system updates automatically.
Purchase Order Contract Risk
Globally Decision Engines will receive all purchase orders that need to be escalated. The required fields will be digitized, validated, and sent to executive leadership.
Intelligent Accounts Payable
Decision Engines digitized multilingual, multi-format scanned invoices and seamlessly integrates with PO and Payment systems to minimize lag, errors and ensure cash flow can be accurately managed without BPOs
Auto Reply Invoice/Payment Status Queries
Decision Engines after digitizing the required fields from the invoices, validating with the payment dates either in the master data or from the contract, an auto-reply is sent to the vendor on the Invoice/ Payment status queries.
Eliminates 90% of the errors around payment delays, missed credits, and duplicate payments
Decision Engines InvoiceIQ is an enterprise-scale, end-to-end Intelligent AP Automation that digitizes multi-layout, global paper invoices with over 85% accuracy using a suite of AI Bots, continuously learning new vendor formats on the fly, and seamlessly orchestrates data between vendors, AP systems and the AP team.
With Decision Engines, you can automate all your business processes, from start to finish. We offer a self-service business-driven cloud platform that provides end-to-end process automation, replacing manual tasks and using artificial intelligence to perform autonomous decision-making.
Real-Time Learning
For invoice layouts that are complex or fields that have not been identified with high confidence, the invoice is sent to an exception queue for processing by a business user. Once the business user has corrected the data, the process resumes to the next step and at the same time, the bots learn from the corrections so they can process these invoices more accurately next time around.
Multi Layout
Enterprises have a constant influx of new vendors and ever-changing invoice formats. This requires existing static solutions to be constantly reconfigured or retrained before they can be automated.
Multi Format
INPUT FORMAT: InvoiceIQ can process almost any kind of invoice file format used by enterprises today.
OUTPUT FORMAT: InvoiceIQ can transform digitized data to a wide variety of output formats expected by downstream systems such as CSV, CXML, XML, JSON, XLS, Custom
Global Capabilities
Enterprises typically have a complex network of suppliers and vendors around the globe. This necessitates multiple invoice intake centers around the world to deal with geo-specific scenarios.
Multi-Lingual
InvoiceIQ supports 18+ Languages across Asia, Europe, Americas to truly enable a singular global invoice intake point. With image-level language detection, invoices no longer need to be sorted by mailbox or BPO so OCR tools can convert them to text.
Multi-Locale: Country Specific Date/Amount Formats
Almost all AP OCR tools are not designed to address localization aspects of dates, amounts, etc. which are critical for global enterprise finance operations. This causes lots of downstream exceptions or takes human intervention due to errors in payment dates, the amount due, etc.
InvoiceIQ accurately determines invoice locales and normalizes data into native data types taking into account country-specific date, currency, and amount formats so date and amount related fields are accurate with no additional effort.
Seamless Integration – End-To-End Automation
InvoiceIQ integrates seamlessly with any ERP, RPA, or custom applications using APIs, File exchange, or Screen automation to ingest Invoices, Purchase Orders, Master data, etc., or push digitized structured data downstream systems after processing. The solution comes with Prebuilt connector bots to popular enterprise systems such as
Auto Scaling
InvoiceIQ is built on modern serverless, cloud architecture that is designed to scale up or down based on invoice intake volume.
Seasonality
Invoice volume usually spikes at the beginning or end of the month, quarter or year, or even certain months of the year. InvoiceIQ’s Elastic automation features enable enterprises to handle these variations without additional hardware or cost.
Security
Data security is paramount when processing sensitive vendor and financial information. InvoiceIQ is deployed as a secure SaaS application and is aligned with SOC2 security standards. Some of the notable aspects include:
• Shared Nothing deployment.
• Dedicated VPC and compute infra that is not open to the public internet.
• All Data is encrypted at rest and in-flight aligned with SOC2
• Data can be retained or trimmed as per customer needs
Intelligent Risk Management
InvoiceIQ can be used to mitigate risks in the payment process using bots that are can learn approval behavior, detect anomalies in invoice amounts, etc.
Some of the use cases are
• AI-driven Invoice approval risk scoring to alert Approvers to high-risk invoices
• Intelligent Duplicate invoice alerts
• Contract discovery for NON-PO or Service Invoices
Intelligent AP Service Desk
Due to long cycle times, error rates, and inadequate case management features in existing solutions, vendors usually are in the dark about their invoice status, expected payment dates, etc. They end up sending duplicate invoices, payment or invoice status queries, and also documents such as credit memos to the same AP inbox. This requires lots of time-consuming manual work to sort through these emails which if not done properly cause further payment delays, duplicate payments, missed credits, etc.
Vendor Inbox Management
InvoiceIQ case management bots can front these email queries, understand the request and automatically respond back to the vendors with the appropriate response or trigger other automation based on the request.
This eliminates 90% of the errors around payment delays, early payments, missed credits, duplicate payments, etc., and also dramatically improved vendor experience.
Get started on your automation journey
Decision Engines automate knowledge work in collaboration with your team, resulting in significant operational savings.
