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iAPX - The world's most comprehensive patented AI-led Accounts Payable Platform with CDG Technology and Time, Cost and Compliance Triad

Making the complex incredibly simple

10 Biggest Challenges in Accounts Payable Processing

Accounts Payable (AP) processing is the backbone of financial operations for all organizations. But it can become quite complex, and these complexities vary based on the organization's size, industry, technology usage, and other contributing factors.

Data Extraction Accuracy

Maintaining high accuracy levels in data extraction encounters challenges due to variations in data formats (like different file types), geographic-specific formatting, and diverse structural representations. These differences can lead to errors when extracting data.

Invoice Variability

Invoices come in various formats/modes – PDF, JIFF, PNG, Email attachments, paper-based scans, multiple invoices bundled in one file, etc. Handling these diverse modes and formats and managing this complexity effectively is crucial for automation and efficiency in invoice processing workflows.

Handling of Unstructured Data

An invoice is a highly unstructured document across industries and geographies and can often contain unstructured information, presented as free-flowing text, tables, multiple pages, and diverse layouts. Handling unstructured data within invoices involves managing the varied and non-standardized formats across different industries and geographical locations.

Invoice Approval Workflows

Invoice approval workflows involve the process of reviewing and approving invoices within an organization. These workflows can be complex due to the need to define specific rules and hierarchies and implement company-specific approval procedures and thus need to be defined clearly.

Integration with ERP

Integrating with an ERP system presents complexities due to differences in data structures, workflows, and technologies between external tools and the ERP. Achieving seamless data synchronization, aligning workflows, ensuring compatibility, maintaining security, and compliance are crucial challenges.

Regulatory Compliances

Ensuring that invoices being processed are meeting regulatory compliance is key for overall operations management. It involves following laws and standards related to financial data, taxation, privacy, and documentation. Compliance ensures accuracy, proper documentation, tax adherence, data security, and avoidance of penalties or reputational damage.

Security Concerns

Handling invoices implies managing financial information between vendors/suppliers, contract pricing, payment terms, etc. Handling invoices involves sensitive financial data such as vendor details, contract pricing, and payment terms, raising security concerns. Protecting this information from unauthorized access is crucial to preventing financial risks, fraud, and maintaining compliance with regulations. Robust security measures like encryption, access controls, and regular audits are essential safeguards against potential breaches and cyber threats.

Scalability

Scalability in invoice processing means ensuring the system maintains high performance as the number of invoices grows. It involves adapting resources and technology to handle increased workloads efficiently without compromising system responsiveness or reliability. To ensure scalability, organizations utilize scalable infrastructure, optimized software, and technologies that can handle larger workloads efficiently without degradation in performance.

Continuous Improvement

It is the key to the success of the solution, as it needs to learn from the invoices being processed on the solution. To achieve continuous improvement, organizations implement mechanisms that enable the solution to learn from processed invoices, adapt, and evolve over time. This iterative process drives efficiency, accuracy, and effectiveness within the invoice processing solution.

Auditability & Traceability

Maintaining clear audit trails and traceability of invoice flow is key for overall operations management. Auditability and traceability in invoice processing ensure clear records of actions and the ability to track invoice flow, promote transparency, compliance, and efficient management throughout the invoicing lifecycle.

Introducing iAPX

iAPX is the world’s most comprehensive, AI-powered accounts payable platform with CDG (Cognitive Data Graph) Technology. The technology is powered by five global patented algorithms that make our platform eliminate duplication and discrepancies by up to 98%.

iAPX's Triad for Transformation

Effective end-to-end invoice process management
Effective end-to-end invoice process management

Save time and resources by automating your workflow and simplifying invoice management with advanced tools.

Optimize cost to bring transaction transparency
Optimize cost to bring transaction transparency

Ensure vendor accountability, invoice transparency, purchase tracking, cost control measures, and optimized payments.

Ensure compliance and mitigate the risks
Ensure compliance and mitigate the risks

Stay compliant with regulations and policies. Establish approval processes and maintain a clear audit trail.

Why iAPX?

ERP Integration Made Easy
ERP Integration Made Easy

iAPX is adaptable and scalable, capable of accommodating various environments and use cases. It seamlessly integrates with any ERP or accounting solution, ensuring a smooth and streamlined transition for your organization.

Global Compliance Check System
Global Compliance Check System

Stay compliant effortlessly with our built-in global compliance check system, designed to adapt to evolving regulations across diverse regions.

Deep Analytics Dashboard Access
Deep Analytics Dashboard Access

Gain actionable insights through our comprehensive analytics dashboard, empowering data-driven decision-making for optimized AP processes.

User-Friendly Interface
User-Friendly Interface

Our intuitive UI/UX design provides a user-friendly experience, facilitating quick adoption and minimal training for your team members.

Intuitive Document Classification
Intuitive Document Classification

Automate document classification to swiftly and accurately identify invoices from a diverse array of documents, saving time and resources in the process of document sorting and management.

Exponential Cost Savings
Exponential Cost Savings

iAPX is intelligent, accurate, and fast. Experience exponential cost savings by streamlining and automating your accounts payable processes with iAPX.

High-Accuracy Field Confidence Score
High-Accuracy Field Confidence Score

With our field-level confidence scoring, iAPX ensures unparalleled accuracy by meticulously extracting data while reducing errors and enhancing efficiency.

Benefits of iAPX

A stellar AI-powered vendor invoice management solution with unmatched capabilities

AP Process Efficiency
AP Process Efficiency

Automates invoice processing by reducing manual efforts and increases efficiency with data validation.

Precision and Speed
Precision and Speed

Boost efficiency and accuracy by eliminating duplicate invoice processing. Bundle multiple invoices and handle supporting documents for approval.

Targeted Industry Solution
Targeted Industry Solution

Tailored for medium to large enterprise organizations focusing on manufacturing, logistics, government, shared services, insurance, and banks.

Fraud Mitigation
Fraud Mitigation

Reduce fraud risks by implementing smart duplicate, complaint checks and payment integration with the ERP.

Seamless ERP Integrations
Seamless ERP Integrations

Strong integration capabilities, through multiple modes, seamlessly integrate with any ERP like SAP, Oracle.

Intelligent Insights
Intelligent Insights

Provide smarter insights for proactive intervention to enable end-to-end process management and automation.

Continuous Improvement
Continuous Improvement

Improve process efficiency and operational effectiveness with continuous learning and improvement features of iAPX.

Scalable Solution
Scalable Solution

This cloud-native solution is highly scalable and robust, ensuring continuous availability and smartly handling peaks & turfs.

Faster ROI
Faster ROI

iAPX brings a faster ROI, with post-go-live valuation achieved within the first year.

How Does iAPX Work?

iAPX Email box

The easiest way for your suppliers to send invoice documents to the iAPX email box without any intervention from the finance team. Our classification model will classify invoices from the attachments and filter the documents to be sent for further processing

AI Invoice Processing

An intelligent way to contextually capture all the relevant information from single and multi-page invoices from the list of pre-trained fields. The contextual quality enhancer will enhance the quality of the document against blur, skewness, background noise, etc.

Validation & Approval

iAPX differentiated proposition to take the last mile approach with regulatory business checks, 2-way PO match and approval workflow. The multi-hierarchy approval workflow is configurable to varying customer needs and brings much-needed traceability

Human in Loop

An intuitive user interface for the AP users to perform data quality checks during exceptions, and build e2e traceability to each transaction while the AI supercharges the processing of each transaction

Open API

In a world filled with increasing process complexity and specific use cases across various domains, we want to provide customers with the flexibility and trust to integrate iAPX with the ERP of their choice

Under the hood

Our CDG (Cognitive Data Graph) Technology has at its core 12 globally patented algorithms that clearly differentiate iAPX from others available within the industry. 12 algorithms enhance the entire process, resulting in high quality and eventually cost efficiencies.

  • Contextual Document Identifier (CDI)
  • Contextual Quality Analyze (CQA)
  • Contextual Quality Enhancer (CQE)
  • Contextual PO Invoice Matching (CPM)
  • Generative Invoice Q&A (GIQ)
  • Contextual Line item Expense Categorization (CLEC)
  • Contextual Document Capture (CDC)
  • Contextual Table Detection (CTD)
  • Contextual Document Splitter (CDS)
  • Continuous Feedback & Learning (CFL)
  • Contextual Anomaly Detection (CAD)
  • Contextual Invoice Expense Categorization (CIEC)

Ready when you are!

Connect with us and schedule a product demo.

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