GEP, which works in procurement and supply chain strategy, has launched its new accounts payable (AP) solution, which will help automate AP services through cloud technology, artificial intelligence (AI) and machine learning (ML), according to a press release.
The goal is to provide a better user experience for invoicing and a reduced risk of fraud. The release stated the new program will set aside the AP functionality of GEP SMART as its own program.
GEP SMART is the cloud-processing program that helps go through millions of invoices per year, and by setting it aside, it could become the first step for many companies to digitize their processes — a popular move to make amid the new pandemic economy.
By using the new solution, companies will be able to scale operations to offer automated invoicing and reconciliation, global tax and regulatory compliance and better fraud controls, the release stated. They’ll also be able to cut costs on back-office applications, bolster supplier management and use through easy-to-use interfaces, dashboards and customizable workflows, and integrate with already existing enterprise resource planning (ERP) and third-party platforms.
All of it will help companies continue a longer-term digital transformation using the upgraded AP automation and lower costs of ownership.
Dmitriy Lerman, director of AP Product Management for GEP, said the idea is to offer something affordable as a way to transition to digital business.
“Value-driven companies want a modern, proven AP platform that drives digital transformation without breaking the bank or disrupting their entire technology ecosystem,” Lerman said, according to the release. “GEP’s AP Automation solution is not an upgrade of a legacy system. It is a fresh approach that leverages the power of huge advances in process-enabling technologies — it is AI-native and built from the ground up in the cloud, so it is not only an intelligent, very powerful solution, it is astonishingly cost-efficient, easy to deploy and update.”
The pandemic caught many businesses by surprise, as they were still using paper or manual methods for B2B payments, which the current environment couldn’t sustain for fear of transmitting the virus. As a result, many companies have set about transitioning to automation, PYMNTS reported.