Brizo-consulting and Finmatics Partnership
Brizo-consulting and Finmatics partner up to leverage AI in the world of SAP Vendor Invoice Management
Bundling the SAP expertise of Brizo-consulting and the AI know-how of Finmatics was a golden opportunity to bring the benefits of AI and Machine Learning technology into easy reach for SAP customers. Because of the enormous potential, the partnership was sealed in 2019 and developments for a successful application were quickly started.
How it started
For those of us familiar with the vendor invoice management process the challenges are well known:
- The process is labor intensive and error prone due to repetitive manual data entry
- The process is slow, resulting in long invoice receipt to payment processing times causing unnecessary cash discount losses and dunning charges
- The process is not environmentally friendly or secure, since it involves large amounts of paper copies
- Working remote is not an option as physical access to paper invoice documents is required
Potential gains from AI
With the latest advances in AI and Machine Learning it has become obvious that AI has enormous potential to offer for almost every company. SAP customers are no exception, as Brizo-consulting has become well aware of in her 20+ year track record in SAP invoice processing. With these potential gains in mind, Brizo-consulting was faced with the question which AI technologies could be made available to enable her customers to reap these benefits and enhance their existing business processes.
Vienna based Finmatics was founded in 2016 with the mission to leverage the AI potential for finance and accounting with easy-to-use AI software. Through the years the company grew quickly and built an impressive track record. Expanding this mission, Finmatics have already successfully leveraged an AI deployment for impressive names like the Avis Budget Group, KPMG, Gas Connect Austria and Wiener Stadtwerke – just to name a few.
Procure2Pay, AMP Invoice Management and AI
A proud example of the success story that was born from the partnership can be illustrated for the SAP Procure2Pay process. In this process, Brizo-consulting and Finmatics have successfully applied the use of Finmatics Artificial Intelligence and Machine learning algorithms to the SAP vendor invoice management process.
Vendor invoice documents are uploaded through the SAP integrated AMP cockpit. Next, the document information is extracted with the help of AI technology, and finally, the extracted document information is made available in a user friendly way, offering easy vendor invoice management from within the SAP environment.
Interested to see how AMP can benefit your business? Have a look at our 5 minute demo video or book a demo appointment to learn how the AMP Intelligent Invoice processing solution offers SAP companies an easy way to benefit from the latest advances in AI to better manage the Procure2Pay process and to gain the added benefits from document digitization.