Blog/AP Automation July 10, 2024

Real Stories of Autonomous AP at Manufacturing  Companies

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Real Stories of Autonomous AP_cover

OpenEnvoy turns Accounts Payables of manufacturing companies into fully autonomous operations.

This is a collection of customer stories.  But first, some context.

OpenEnvoy was created to meet the high-volume and complex needs of Accounts Payable in manufacturing companies. 

We collaborate with Controllers to free AP departments from laborious, error-prone clerical work, and a lack of controls and automation for complex scenarios like BOM, partial payments, and demurrage. 

Manufacturing companies choose OpenEnvoy because our AI-driven solution offers faster and more accurate automation than any other option available. Fraud, over-billings, and duplicate payments are completely eradicated as OpenEnvoy establishes end-to-end controls previously unattainable.

What sets us apart is not only our high performance but also the ease of integrating and customizing our solutions. Our integrations are swift and hassle-free, often completed in weeks rather than months or years, and require no heavy lifting from IT departments. We seamlessly connect with any ERP, whether in the cloud or on-premises, without nickel-and-diming on integrations. Our solutions are fully customizable to meet the unique needs of manufacturing and freight use cases.

AP teams thrive from the moment they onboard, with fast and painless implementation. Our system handles all the heavy lifting, ensuring continuous benefits for years to come.

Here are some stories from our customers benefiting from Modern AP Automation..

"We partner with our customers to radically simplify their work using AI. We deliver better-than-human accuracy and ensure compliance. Above all, we make money for our customers."

Matthew Tillman
CEO & Co-Founder
OpenEnvoy


Raneys Industry 2

Raney’s Truck Parts is an aftermarket parts and accessories provider for the heavy-duty trucking industry. In this competitive market, it’s critical to remain lean in Finance while avoiding excess costs from supplier overbilling.

With OpenEnvoy we’ve been able to scale touchless processing without the burden of ‘no PO no Pay.’ We’ve been able to shift team members from manual clerical work to proactively disputing overbillings and pursuing other ways to hit the goals of our growing business.”

Eric Anderson
Co-founder
Raney’s Truck Parts

2 months to go-live 100% automation of invoice capture and GL coding

Line-level audit to POs and price lists

Issues identified and resolved in 54% of invoices

No process change for suppliers 200% increase in AP efficiency Optimized payment timing and cash flow Single repository for invoices, bids, contracts, and price lists

Learn more

 


Scoular Industry 2

Since its founding in 1892, Scoular has been defining the global supply chain for agribusiness. They are the second-largest container exporter of agricultural commodities. 

While the company stands as a global leader in connecting agriculture supply and demand, they were challenged with processing variable cost freight invoices at scale. By leveraging a full-forensic audit down to the line-item level, the team can pinpoint invoice overbillings or variances before payment, enabling them to connect with providers immediately and resolve issues in real -time.

We are now able to concentrate on the issues rather than doing redundant tasks. Our staff can focus on issues that OpenEnvoy highlights for us. Eliminating manual tasks is a plus for everyone.”

Kurt S.
Director of Finance and Accounting
Scoular

Line-level forensic audit $1.9M in duplicates identified $3.7M in overbillings flagged 6 months to ROI
Improved employee engagement Full visibility into dispute status  From post-audit to preventative with no added headcount 20x project ROI

Learn more

 


CMA Industry 2

CMA CGM, a leading European shipping company, launched a project to automate core Finance processes with AI, including management of invoices across both Accounts Payable and Accounts Receivable.

We selected OpenEnvoy because of its advanced AI/ML platform that processes large volumes of documents with complex freight reconciliation in real-time, accurately, at scale like no other vendor can." 

Rafaela Nunes
Senior Director of Technology Innovation & Data Strategy
CMA CGM America

 


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“AP real-time auditing solutions allow organizations to validate whether a payable is accurate and genuine without the need for manual review.

Companies deploying these solutions find that they typically pay for themselves within a year of use.

Cash is difficult to get back once it is paid out, and in the case of fraud, may be impossible." 

Gartner® Hype Cycle for Procurement and Sourcing Solutions, 2023. Authors: Kaitlynn Sommers, Micky Keck, Lynne Phelan, Naveen Mahendra, Cian Curtin, Chaithanya Paradarami. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.


“Real-time audit can let companies identify 5% or more in supplier overbilling ... especially in variable cost categories like media, direct materials, and freight. Applied AI opens up speed, accuracy, and control in AP as a substantial lever for operating margin expansion.” 

Mark Verbeck
Former CFO
Cyara, Coupa Software, Saba Software, Blade Network Technologies

RX

OpenEnvoy is the Applied AI platform that unifies payables, contracts, receivables, and transactions to free Finance teams from clerical work. OpenEnvoy provides customers with AI that eliminates coding errors, over-billings, and fraud to improve operating efficiency and cash flow without impacting suppliers or IT.

With OpenEnvoy, customers have eliminated more than $500M in losses.

To learn more about OpenEnvoy, visit www.openenvoy.com and follow us on LinkedIn.

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