Newsroom/Press releases July 26, 2023

Gartner Names OpenEnvoy Leading Vendor in AP Real-time Auditing and Invoice Automation

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Recognized three years in a row by Gartner for revolutionary AI-Powered AP Automation

Oakland, Calif. – July 25, 2023  – OpenEnvoy, which empowers finance teams to maximize cash flow by taking complete control of their inefficient AP processes, today announced that it has been recognized as a leading Vendor for AP Real-time Auditing and AP Invoice Automation in the Gartner Hype Cycle for Procurement and Sourcing Solutions 2023 report.

The Gartner report indicates, “The expanded scope of Accounts Payable Invoice Automation (APIA) includes advanced capabilities, such as n-way matching, fraud detection, regulatory compliance and payments.”

OpenEnvoy’s proven and powerful AI technology includes all of these key capabilities and allows finance teams to control every AP detail and opportunity, while ensuring contractual compliance. Even the most complex invoice auditing and reconciliation processes with high-volume variable cost invoices are simplified and automated with OpenEnvoy’s platform.

Additionally, Gartner states, “APIA technology is not new, but machine learning (ML) technologies, increasing government invoicing regulations and workforce expectations have changed the scope of customer expectations. Customer use cases have evolved well beyond simple document digitization and approval, forcing organizations to upgrade to solutions that solve modern problems.” 

Recognized for its unique capabilities, OpenEnvoy delivers unmatched speed and accuracy enabling customers to attain greater benefits with a reduced invoice processing cycle time:

  • Digitize and reconcile variable cost invoices from contract to delivery with 99.6% accuracy.
  • Eliminate overpayments by removing duplicates at the line-item level in real-time.
  • Automate GL coding through advanced ML in seconds. 
  • Remove complex workflows, and costly manual work, optimizing finance operations.
  • Gain real-time spend visibility and control fraud with actionable insights.

“It is an honor to be recognized by Gartner as an industry leader for the third year in a row,” says Matthew Tillman, CEO of OpenEnvoy. “Our commitment to building AI-first products provides customers with proactive controls, immediate cash flow, and real-time visibility.”

In 2021, Gartner recognized OpenEnvoy as a category leader in real-time audit for eliminating payables fraud and again in 2022 for AI in AP Automation.

Gartner, “Hype Cycle for Procurement and Sourcing Solutions“, Kaitlynn Sommers, Micky Keck, et al., July 19, 2023.

Gartner, “Hype Cycle for Procurement and Sourcing Solutions“, Kaitlynn Sommers, Micky Keck, et al., August 1, 2022.

Gartner, “Quick Answer: How Do You Reduce Fraud in the Accounts Payable Process?”, Akif Khan, Micky Keck, Jonathan Carel, December 6, 2021

Learn how OpenEnvoy is transforming accounts payable by requesting your AP automation demo with an expert here

About OpenEnvoy

OpenEnvoy uses enterprise-grade AI technology to provide finance teams with complete control over their payment processes. Our AP automation solution eliminates overpayments, controls fraud and errors, and maximizes cash flow, all with total visibility. Recently, Gartner named OpenEnvoy Reference Vendor for AI in AP and Payables Fraud Prevention.

Learn more about how you can generate 10X ROI using our industry-leading AP automation at OpenEnvoy.com, and follow @OpenEnvoy on Twitter and LinkedIn.

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All trademarks and product names are the property of their respective companies.

Press Contact:

Gabriela Garner
Vice President of Marketing, OpenEnvoy
press@openenvoy.com 

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