What is OpenEnvoy used for?

OpenEnvoy primarily functions as a technology for automating the Accounts Payables process, and in some specific cases, Accounts Receivable. It intercepts invoices and their corresponding supporting evidence from various sources such as email, shared drives, databases, and EDI. The data is then digitized, structured, and deduplicated. Several checks are performed during this process, including deduplication at the line item level, fraud detection, and classification of every field. A natural language processing step is also included to translate and structure complex descriptive text. Once the data processing step, known as "Extraction," is complete (usually within 1 second), the system conducts a full financial audit, also referred to as reconciliation or n-way match. This involves comparing every element of the invoice with downstream delivery information (such as warehouse receipts, bill of lading, and customs information) and upstream contractual documentation (such as contracts, quotes, and purchase orders). The purpose is to ensure that, in the case of a manufacturer, the customer received the exact product, quantity, and agreed-upon price in real-time. This comprehensive audit of the spend typically takes around 3 seconds, which is significantly faster and cheaper than traditional methods used by major auditing firms. Once the matching process is complete, various actions such as accruals, "OK to Pay" approvals, and credit memos are synchronized with the ERP/payment platform. The entire process is designed to be 100% touchless, except in cases where an approval is required for compliance purposes or when fraud/over-billing is detected during the matching process. Unlike other solutions on the market, there are no manual correction interfaces, templates, or vendor onboarding as it’s 100% accurate (SLA'd) without any upfront training. On average, OpenEnvoy pays for itself within a couple of months. Also, it used to be quite difficult to implement, but that’s no longer the case as the time to initial value is one week.