Corcentric Intelligent Applications
AI-driven insights that set your business up for long-term success
Corcentric Intelligent Applications
AI-driven insights that set your business up for long-term success
Lower your costs and simplify critical business processes
Corcentric Intelligent Applications are built on an AI-powered platform which serves as the foundation for all our next-generation products. Our platform augments human capabilities with intelligent solutions to reduce your workload and empower faster, more informed business decisions.
Corcentric Intelligent Applications
With Intelligent Applications, we support your digitization journey by transforming outdated finance processes—so you can achieve real-time data visibility, optimized processing time, and reduced operational costs.
Through our AI-powered technology, you gain visibility into the full processing cycle through “one source of truth”.
Intelligent AP Automation
Our Intelligent AP Automation solution sets your business up for success by increasing AP speed, efficiency, and productivity with intelligent data capture to maximize accuracy and decrease costs. Through artificial intelligence and machine learning, Intelligent AP Automation minimizes your workload, reducing AP processing time from days to minutes.
- Document Management: Identify, split, and rename documents, in real-time, across a fully automated process.
- Process Optimization: Increasing speed and visibility at every stage, AI accurately identifies discrepancies and anomalies, and automatically codes invoices—with minimal human intervention.
- Straight Through Processing: Reduce processing time through detailed line-item extraction, two- and three-way matching, and double verification.
Meet Gopher, Our Intelligent Assistant
When you need to know, you need Gopher! Our Intelligent Assistant leverages AI to automate complex business processes, empowering you to make more informed decisions from anywhere, at any time. With key information right at your fingertips, you can collaborate seamlessly across your organization and take action while on the go.
- Natural Language Processing: Save time and reduce training needs by interacting with Gopher in plain statements and questions.
- Flexibility: Access data and keep workflows moving while on the go through conversational interactions on Microsoft Teams—without ever logging into the platform.
- Adaptability: Custom knowledge base configured to your company’s most asked prompts and data retrieval needs.
See how AI impacts the cost of processing a single invoice:
$13
Manual data entry
SOURCE: AIIM AP & P2P REPORT
$4
Template based OCR
SOURCE: MAX PALMER, DUE
<$1
Combined AI data capture
SOURCE: CORCENTRIC AI EVALUATION
“Unlike a chatbot, it is a two-way assistant that sends notifications in Teams to remind us of our tasks to do. As the Assistant improves, we discover new use cases. This is what will differentiate a classic chatbot from a real smart tool that brings added value to our teams.”
Resources
Our latest insights.
report
Investing in Payments Systems for the Digital Economy
In an uncertain economy, CFOs are making technology investments that are crucial for long-term success.
REPORT
IDC MarketScape: Worldwide SaaS + Cloud-Enabled Procurement Applications 2023
Corcentric named a Major Player in the procurement applications space in 2023 Procurement IDC MarketScape assessment.
White Paper
Shortening the Cash Conversion Cycle
Whether you are a buyer or supplier, learn how managed services can help you free up working capital.
How Accounts Payable Automation software makes the difference
450k
buyers
$105b+
platform transaction volume
1.4m
suppliers
Accounts Payable Automation FAQs
AP automation (accounts payable automation) is a cloud-based technology that automates accounts payable invoice processes. Organizations use AP automation to automate time-consuming manual AP work, such as invoice processing, PO matching, and payment reconciliation. AP Automation helps companies save time and improve financial controls.
AP automation streamlines the workflow of invoices through your business by eliminating paper and manual processes, thereby reducing costs, increasing efficiency and accuracy, and providing visibility into the status of every invoice and expense.
With AP automation, you can optimize the workflows, from invoice receipt to approval routing to PO-and-Receipt of Goods matching. This seamlessly then captures final approval and a full payment process.
Corcentric’s SaaS solution, Cor360 Payables Automation, takes this a step further by automating the entire transaction process, from electronic purchase orders to automated B2B payments.
There are a number of benefits realized when you automate processes through our accounts payable management software. Details of these benefits can be found in our Definitive Guide to Accounts Payable Automation. Digitizing AP processes enables you to:
- Eliminate manual tasks and improve cash flow by processing invoices up to 70% faster
- Reduce invoice processing costs by up to 80%
- Eliminate keying errors by eliminating manual handling of invoices
- Handle 100% of payment disbursements electronically
- Scale your AP department for growth without increasing the number of FTEs
- Improve supply chain visibility
- Ensure greater compliance and accurate audits
- Significantly reduce the opportunity for fraud
- Capture early payment discounts
- Spend less time handling disputes
- Free up your AP team’s time so they can focus on value-added tasks.
The average cost to manually process an invoice is $15.96 compared to $2.94 per invoice for best-in-class AP teams that have implemented automation. Automation enables AP to process invoices up to 70% faster, thus cutting both cost and time.
Resources
Our latest insights.
infographic
Digitizing the Procurement Process
CFOs know that investing in digital technology for procurement is the best way to mitigate supply chain disruptions in the future.
Get the Infographic >
infographic
Digitizing the Procurement Process
CFOs know that investing in digital technology for procurement is the best way to mitigate supply chain disruptions in the future.
Get the Infographic >
infographic
Digitizing the Procurement Process
CFOs know that investing in digital technology for procurement is the best way to mitigate supply chain disruptions in the future.
Get the Infographic >