PRGX Launches AI-Powered AP Platform

Data management firm PRGX unveiled an artificial intelligence-powered accounts payable platform.

Called Supplier Connect, the platform aims to foster more collaboration and efficiency in invoice inquiry and dispute management, PRGX said in a Tuesday (April 9) news release.

Supplier Connect streamlines manual processes into AI-driven workflows that handle supplier inquiries and disputes faster and with more accuracy, leading to stronger supplier relationships, according to the release.

“By reducing dispute resolution time by up to 55% and unnecessary repayments by up to 40%, we are setting a new standard for operational efficiency in the industry,” PRGX President and Chief Operations Officer James Sly said in the release. “This platform stands out in its ability to unearth and tackle the underlying issues behind payment inquiries and disputes, resulting in improved cooperation between businesses and suppliers.”

The news comes as AI continues to offer new efficiencies to businesses.

Advancements in deep learning and computer vision technology have changed how invoices are processed, Krishna Janakiraman, head of engineering at Ottimate, told PYMNTS in an interview Friday (April 5).

“If you look at the whole AP automation workflow, it starts from processing invoices or documents such as statements and purchase orders, and then you are coding those documents to accounting dimensions, and ultimately approving those documents for paying,” Janakiraman said.

The change is enabling AP departments to move away from time-consuming processes and toward a more strategic position.

“Leaders are applying AI across the board, not just for processing invoices but also for coding invoices and approving them, all the way to payments,” Janakiraman said.

By applying AI end-to-end across the entire AP function businesses can drive more efficiency and accuracy throughout the AP cycle, setting a new standard, he said.

Janakiraman also told PYMNTS that AI is not only automating tasks but also providing valuable insights that help executives make informed decisions. By analyzing vast amounts of data, AI can find patterns and anomalies that might indicate fraud or errors, helping to protect the security and integrity of AP processes.

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