Corcentric Unveils GenAI Enhancements to Streamline Invoice Processing

Corcentric, a provider of procurement and finance solutions, integrated generative artificial intelligence technology into its services.

The enhancement, centered around using supervised machine learning and OpenAI’s GPT, aims to deliver enhanced levels of accuracy and efficiency to accounts payable (AP) invoice processing for its customers, Corcentric said in a Tuesday (March 5) press release.

The service is designed to eliminate businesses’ need for manual invoice management, a process that is often fraught with errors, undiscovered fraud and inefficiencies, according to the release. Corcentric’s latest advancement helps overcome these challenges by facilitating touch-free improvements in invoice processing.

One feature is the AI’s capability to extract customized or unique data, refining invoice verification processes, enhancing error and fraud detection mechanisms, and handling poor-quality invoices, per the release.

“By augmenting our advanced AP invoice processing services with the latest responsible AI capabilities, we allow our customers to avoid having to rectify and validate issues — including those that occur frequently — that can arise within AP processing,” Corcentric Chief Product and Technology Officer Manish Jaiswal said in the release.

Corcentric’s Intelligent AP Automation solutions have data capture features that amplify speed, efficacy and productivity, reducing costs for customers, according to the release.

The company’s Business Innovation Lab continually integrates generative AI into various document management services, the release said.

Offering a suite of Managed AP solutions that blend service, technology and financing, Corcentric is an extension of its customers’ back-office operations, per the release.

PYMNTS Intelligence found that the automation of AP and accounts receivable (AR) can cut delays by days and improve invoice tracking methods.

Ninety-three percent of chief financial officers said digital technologies or automation to support AP processes have led to reductions in the days of delay related to invoice tracking, according to the PYMNTS Intelligence report “Why CFOs Recognize the Need to Automate AP/AR Workflows.”

Implementing automated AR/AP workflows also frees up employees’ time to focus on more strategic tasks. By eliminating manual data entry and processing, employees can redirect their efforts toward activities that add value to the business, such as customer relationship management or financial analysis.

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