Newsroom/Product update November 6, 2023

Introducing OpenEnvoy Version 12

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We’re delighted to announce the release of OpenEnvoy’s version twelve, which helps companies accelerate financial transformation by using applied AI to improve back-office efficiency, increase profitability, and optimize working capital.

OpenEnvoy is committed to customer-driven innovation. With each release, we partner closely with our customers to understand the challenges they face and the opportunities they see to streamline processes within OpenEnvoy for better business outcomes.

With this release, customers get improved visibility into digitization of invoices, contracts, and all types of documentation needed for full invoice audit. Customers will be able to better track audit outcomes, in terms of both compliance with internal policy and savings delivered. This release delivered an improved navigation experience for end users, as well as other innovations.

This release includes:

Extended Visibility into Documents for Audit

OpenEnvoy instantly audits supplier invoices and validates billing in AR. Audits are based on invoices, contracts, and evidence such as shipping receipts. All documents are captured by OpenEnvoy and digitized at the line level, using applied AI with no need for manual intervention.

Now, the document center provides a single place for customers to view and manage invoice, contract, and evidence documentation.

  • View the source invoice, contract, and evidence captured by OpenEnvoy and the fully digitized versions with all metadata.
  • Make adjustments to the digital version as needed, with full audit trail.
  • Easily view all reconciliations using the document. For example, drill from a contract to view all invoices reconciled against the contract.

Enhanced Reporting on Audit Results

OpenEnvoy lets customers fully audit supplier invoices to eliminate supplier overbilling, fraud, and duplicates. In AR, customers can audit billing to avoid underbilling and customer disputes.

Now, new reports provide insights into audit results and compliance. This capability, developed with the support of the OpenEnvoy customer community, will help customers monitor policy compliance and improve their processes.

  • Get insight into results by audit level policy – invoices by supplier or category that require full audit to contract with supporting evidence vs. those requiring only the traditional 2- or 3-way match
  • Understand exceptions flagged by OpenEnvoy, including overbillings and unsupported spend resulting from gaps in evidence
  • Address any patterns of concern including employees, suppliers, and categories with high levels of exceptions or manual approvals

Usability and Navigation Improvements

Maximizing productivity is critical to Finance transformation. For that reason, we say that “No UI is the best UI.” When users need to access OpenEnvoy to optimize their processes or resolve conflicts, we strive to deliver the best user experience possible.

With this release, the main navigation of OpenEnvoy has become more intuitive, with improvements across work areas.

Additional Innovations

As with every release, our product team has worked hard to deliver many innovations since our last product update:

  • Improved Overbillings KPI - Tracking supplier overbillings identified by OpenEnvoy has been improved. This KPI represents fully reconciled invoices overbilled by suppliers – documentation gaps or potential overbillings are excluded.
  • Integration Enhancements - now it’s easier to manage integrations with more granular sync statuses and integration rules.

As with each of our product updates, we would like to sincerely thank our customers and our global product team for their collaboration and flawless execution.

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